The distributor will obtain approval from the Korean FDA.
BSP - Biological Signal Processing Ltd. (TASE:BSP) has signed an exclusive agreement with CMP Trading Co. Ltd. for the distribution of the company's HyperQ Stress System in South Korea. HyperQ is a non-invasive diagnosis and monitoring of Ischemic Heart Disease.
CMP will buy at least 227 HyperQ systems through the end of 2011, depending on regulatory approval from the Korean Food and Drug Administration. BSP predicts a minimum of $3.4 million revenue from the deal, with each system selling for between $15,000 and $20,000.
BSP CEO Dr. Amir Beker noted, "This second distribution agreement consolidates BSP's position in the Asia-Pacific markets. We view Korea as one of the most receptive countries to innovative technologies."
BSP's share rose 17.4% by early afternoon on the TASE to NIS 1.15, giving a market cap of NIS 16.2 million. The share has lost half its value since January.
Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2008
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