The company's Italian distributor has purchased electrodes for a total of €60,000 so far.
Medical device company LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) has signed a four-year distribution agreement with a one-year extension, with a distributor in Italy following the successful completion of trials of its bed-sore electrodes by the relevant authorities in that country. The contract follows a memorandum of understanding between the two sides from April this year.
The Italian distributor has undertaken to purchase electrodes worth €4.6-18.2 million, subject to the potential reimbursement offered by the Italian health authorities. LifeWave has the right to cancel the agreement in the event that the distributor fails to purchase the stipulated minimum quantity of electrodes. The distributor has purchased electrodes for a total of €60,000 so far.
Last week, LifeWave's parties at interest invested NIS 3.65 million as support for the strategic program set out by its new CEO Dr. Michel Afargan. The company's share gained 16.3% by mid-afternoon on the Tel Aviv Stock Exchange (TASE), giving it a market cap of NIS 206 million.
Published by Globes [online], Israel business news - www.globes.co.il - on December 3, 2007
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