Receives purchase commitment of 100 or more systems in one of largest global markets
TEL AVIV, June 2, 2014 -- IOPtima Ltd., a subsidiary of BioLight Life Sciences Investments Ltd. (OTC: BLGTY, TASE: BOLT), announced today that it has signed an exclusive distribution agreement for the sale and marketing of the IOPtiMateTM system in China, one of the world’s largest glaucoma markets. As part of the agreement, IOPtima received a commitment that at least 100 systems will be purchased during the initial term of the agreement.
The IOPtiMate™ system is a state-of-the-art system that is based on CO2 laser technology that enables the performance of a unique filtration surgery to treat glaucoma without penetrating the inner part of the eye. This allows for substantial reduction in post-operative complications and use of eye drops, compared with alternative treatments.
IOPtima's partner in China is a well-known distributor that represents leading global brands in the diagnosis and treatment of ophthalmic diseases. Leading ophthalmologists and medical centers throughout China are among their consumers. The four-year agreement includes a minimum purchase commitment, and may be extended to an additional four years should the minimum purchase obligation be met. Under the agreement, the distributor is responsible for all local marketing, advertising, and sales activity of the IOPtiMate™ system, including on-site installation, training, and support. Revenues will consist of system sales and per-procedure fees. In March 2014, the China Food and Drug Administration, (CFDA), approved the marketing and sale of the IOPtiMate™ system, and initial sales are expected to begin following training and evaluation in key local medical centers over the next few months.
Ronen Castro, IOPtima’s chief executive officer said, “Entering into a strategic distribution agreement in China allows us to begin commercial activities in one of the world’s largest glaucoma markets and is a major step for our company. The distributor’s commitment to purchase at least 100 IOPtiMate™ systems during the initial term of the agreement reflects their full belief in our technology and its unique solution. This agreement is a significant advancement in our plan to penetrate developing markets in Asia where there is no available solution for a large population of patients.”
About Glaucoma
Glaucoma is a condition that is often associated with a buildup of pressure inside the eye. The increased intraocular pressure (IOP) can damage the optic nerve, which transmits images to the brain. If damage to the optic nerve from high eye pressure continues, glaucoma will cause permanent loss of vision. Without treatment, glaucoma can cause total permanent blindness within a few years. Glaucoma is considered the second most common cause of blindness worldwide. According to estimates commonly accepted in the field, there are now about 67 million people worldwide that suffer from the disease. Glaucoma is usually a chronic disease requiring lifelong treatment, and the global market for drug therapy and surgery is estimated at $4 billion annually
About IOPtima
Founded in 2005, IOPtima Ltd. develops, manufactures, and sells surgical devices for the minimally invasive treatment of glaucoma. With a mission to address the unmet needs and common safety problems in glaucoma surgery, the company developed its flagship product, IOPtiMate™, a state-of-the-art surgical system. The procedure, a CO2 Laser-Assisted Sclerectomy Surgery (CLASS), provides long-term relief from elevated intraocular pressure while reducing or omitting the reliance on glaucoma drugs. IOPtima is part of the BIOLIGHT group, www.bio-light.co.il.
CONTACT:
IOPima, Ltd.
Nurit Radin, VP Marketing & Sales
[email protected]
Tel: 972-73-2753400