Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT) portfolio company IOptima Ltd. has signed its first commercial deal in Europe for its IOptiMate non-invasive laser treatment for glaucoma. Spanish distributor W.M. Bloss SA Medical Technologies Inc. will buy at least ten of the devices in the first year of the three-year contract.
Revenue over the first year will not be less than €250,000.
Distribution in Spain will use the pay-per-procedure business model. IOptima will receive 40% of annual revenue and Bloss will receive 60%. Bloss will be responsible for obtaining all necessary regulatory permits for use of the IOptiMate in Spain. Bloss also commits to increasing the number of IOptiMate's installed by at least 10% a year.
Biolight CEO Ami Eyal said, "IOptima is realizing its vision by signing its first commercial contract in Spain. IOptima's business model includes payment of €600 per glaucoma procedure. This agreement is an important milestone for the company, and we're in the process of signing more cooperation agreements."
Biolight owns 87% of IOptima. Biolight's share price rose 4.1% by midday to NIS 0.378, giving a market cap of NIS 33 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2010
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