InsuLine Medical Ltd. (TASE: INSL) is expanding in Europe. The company, which develops and markets technology and products for improving the effectiveness of insulin injections for diabetics, has signed an agreement with 24Care BV for the exclusive distribution and sale of its InsuPad product in the Netherlands and Belgium.
With the signing of the agreement, 24Care bought 10,000 starter kits and 10,000 Fenster kits for NIS 5 million, half of which was paid up front.
"As we announced two months ago, we have now completed the collaboration for the distribution of the product in the Netherlands and Belgium with the signing of the agreement with 24Care," said InsuLine president CEO Ron Nagar. "We believe that this collaboration will increase the InsuPad's user base this year. The signing of this agreement part of the implementation of the company's strategy of building diversified revenue channels in European countries. We intend to continue expanding activity in other countries and with different business models, creating value for the company's shareholders."
Published by Globes [online], Israel business news - www.globes-online.com - on March 5, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014