Medical devices holding company D Medical Industries Ltd. (TASE:DMDC) portfolio company NiliMedix Ltd. has obtained EU CE Mark certification to market its NiliPatch disposable insulin pump.
D Medical's share rose 9% in early trading, until trading was suspended at 10:30 am head of the announcement. The share was up 7.2% at midday to NIS 1.13, giving a market cap of NIS 162 million.
The NiliPatch is a continuous subcutaneous insulin infusion based on proprietary pressure triggered release mechanism. It contains a very small disposable pump on a t patch attached to the skin. The NiliPatch is derived from the company's ADI Insulin Pump, which has already obtained CE Mark and US Food and Drug Administration (FDA) clearance.
The NiliPatch can be used as a patch without an infusion tube or on a belt with an infusion set. Its advantage lies in its disposability, which improves convenience and ease of use, because the syringe does not have to cleaned, sterilized, and refilled.
Marketing approval of the NiliPatch in Israel will depend on the importance of the market to NiliMedix, and whether it wants to invest in expediting the approval process. The FDA approval procedure for the NiliPatch would be a prolonged and complex process that could take months.
Published by Globes [online], Israel business news - www.globes-online.com - on August 27, 2009
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