Aesthetic medicine company EndyMed announced today that it had signed a distribution agreement in South Korea for its Newa Skin Care System home-use wrinkle reduction device. The distributor will sell the device together with the company's cosmetic products. The agreement is for two years, and is worth a minimum of $2.5 million, of which $900,000 will be in the first year.
South Korea is a leading market in Asia for aesthetic medical treatments, and EndyMed's products are already approved for sale in the country.
EndyMed's share price rose 3.16% on the Tel Aviv Stock exchange today, giving the company a market cap of NIS 55 million, after falling 40% in the past month. The fall was due to, among other things, a NIS 5 million share offering. A few weeks ago the company launched a laser-based depilatory device.
EndyMed recorded revenue of $13.6 million in 2015, compared with $10.6 million in 2014. In the first quarter of 2016 its revenue was $2.6 million, compared with $2.8 million in the corresponding quarter of 2015.
Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2016
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