Chronic wound treatment developer LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) has signed a deal with the German army , which runs hospitals for soldiers and veterans there.
According to the deal, the German army will finance clinical trials of Lifewave's products, with the goal of continuing to develop the scientific principles at the base of the device.
Lifewave did not say what the amount of the German army's investment in the device will be.
In the first half of 2010, Lifewave reported revenue of NIS 540,000 and a NIS 2.9 million loss. As of the end of the first half, the country had NIS 1.1 million in cash.
Lifewave has been preparing for several years to carry out wide-ranging clinical trials of its device, in order to prove its effectiveness. The cost of the trials is high, so the contribution toward their financing is important for the company.
Shares in Lifewave rose 5.9% in late trading today.
Published by Globes [online], Israel business news - www.globes-online.com - on October 5, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
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