Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT) portfolio company IOptima Ltd. has signed a five-year distribution agreement with Canada's Clarion Medical Technologies Inc. for the company's IOptiMate non-invasive laser treatment for glaucoma.
Distribution will be based on a pay-per-procedure model, with IOptima and Clarion sharing the proceeds in equal shares. Clarion specializes in the distribution of laser-based treatments to hospitals, private practices, and aesthetic spas throughout Canada.
Clarion will be responsible for obtaining regulatory permits to install and use of the IOptiMate in Canada, which should take about three months. Clarion will also bear half the marketing, distribution, installation, and maintenance costs of the system.
Clarion will also buy the smart cards necessary for operating the IOptiMate, and has undertaken to purchase at least 50 smart cards in each order. It must install a minimum number of systems within the first year.
Biolight's share price rose 3.8% by early afternoon to NIS 0.44, giving a market cap of NIS 35 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 8, 2010
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