Itamar Medical Ltd. (TASE:ITMR) has signed an agreement with F. Hoffmann-La Roche Ltd. to develop a version of Itamar's EndoPat noninvasive cardiovascular diagnostic device for the Swiss pharmaceutical company to use in animal, which is crucial for advanced trials of drug development.
Itamar Medical will develop a customized version of the EndoPAT over three years at a cost of €1.6 million, of which Roche will fund €1.35 million. Roche has the right to review and decide on stages of development of the device and will pay the balance of the financing. Itamar Medical will keep the intellectual property rights of the device, except for certain components that Roche will supply.
Itamar Medical and Roche Products Ltd. have terminated a separate agreement, signed in March. Itamar Medical earned $373,000 under this deal, much of it already received.
Itamar Medical's share price rose 2.8% in morning trading to NIS 2.23, giving a market cap of NIS 274 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 19, 2010
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