D Medical Industries Ltd. (TASE:DMDC) portfolio company Nilimedix Ltd. has signed an exclusive three-year distribution agreement with an Italian company for Nilimedix's insulin pump.
D Medical did not disclose the value of the agreement, or the quantities of purchases by the distributor. The agreement will be automatically renewed for one-year periods, unless either party notifies the other to terminate the agreement.
The International Diabetes Federation estimates that there are 3.9 million diabetics in Italy, 8.8% of the population.
D Medical owns 93% of Nilimedix. D Medical's share price rose 2.4% in early trading to NIS 32.50, giving a market cap of NIS 194 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 16, 2010
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