D Medical Industries Ltd. (Nasdaq: DMED); TASE:DMED) subsidiary Spring Health Solutions Inc. has signed its first distribution agreement in the US for its Spring Universal Infusion Sets for insulin pumps with RGH Enterprises Inc. The company did not disclose the size of the contract or its terms.
D Medical CEO Efri Argaman said, "The annual market for infusion sets is estimated to total $730 million in the US alone - yet there has been little or no design innovation in this category in recent past."
D Medical cites the American Diabetes Association as saying that there are 26 million diabetics in the US, 8.3% of the population, of whom 1.4 million suffer from Type 1 diabetes, and 350,000 rely on insulin pump therapy. The US Centers for Disease Control and Prevention says that one third of Americans will have diabetes by 2050 if current trends continue.
D Medical's share price rose 2.3% on Nasdaq yesterday to $3.54, giving a market cap of $27 million, and rose 5.4% in early trading on the TASE today to NIS 12.
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2011
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