D Medical Industries Ltd. (Nasdaq: DMED); TASE:DMDC) subsidiary Spring Set Health Solutions Ltd. has obtained US Food and Drug Administration (FDA) marketing approval for its Spring Universal Infusion Sets for insulin pumps.
D Medical says that the Spring Universal Infusion Set is compatible with most insulin pumps currently available on the market. The device's core is a proprietary Detach-Detect blocking safety mechanism, which sounds an alarm if the base of the infusion set detaches from the user’s body, causing an occlusion.
D Medical CEO Efri Argaman said, “Launching our Spring Universal Infusion Sets in the US, which represents an estimated annual market of $730 million for infusion sets alone, via multiple distributors will allow us to introduce and promote the Spring brand name in the world’s largest market for insulin delivery products at relatively low cost and low risk. With mass production for this important product already in place through our subcontractor, UPG (Suzhou) EPZ Co. Ltd., we expect the US commercial launch to commence later this quarter."
D Medical sites figures by the American Diabetes Association that there are 26 million diabetics in the US, 8.3% of the population. 1.4 million of these diabetics suffer from Type 1 diabetes and 350,000 currently use insulin pump therapy. The company also cites a Centers for Disease Control and Prevention report, which estimates that 1 in 3 Americans will have diabetes by 2050 if current trends continue.
D Medical's share price rose 4.5% on Nasdaq on Friday to $3.48, giving a market cap of $27 million, and rose 8.2% by midday on the TASE today to NIS 12.58.
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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