BioLight Announces IOPtiMate™ Distribution Agreement in Hong Kong and Macao
Receives commitment to purchase at least 9 systems in first 3 years
TEL AVIV, Israel, December 8, 2014 /PRNewswire/ --
BioLight Life Sciences Investments Ltd. (OTC: BLGTY, TASE: BOLT), a firm that invests in, manages and commercializes biomedical innovations in ophthalmology and cancer diagnostics, today announced the signing of an exclusive distribution agreement for the sale and marketing of the IOPtiMate™ system in Hong Kong and Macao, including the purchase of at least 9 systems during the initial term of the agreement.
The IOPtiMate™ system 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 eyeball, allowing for substantial reductions in post-operative complications and use of eye drops compared with alternatives.
A leading medical center in Hong Kong recently purchased the IOPtiMate™ system and an additional IOPtiMate™ system has been installed on a trial basis at a second medical center in Hong Kong. BioLight recently began marketing to leading physicians and medical centers in China after receiving approval in March 2014 from the China Food and Drug Administration (CFDA) to market and sell the IOPtiMate™ system.
This distribution agreement in Hong Kong and Macao, along with the distributer commitment to purchase at least 9 IOPtiMate[TM] systems, is the result of an intensive marketing campaign by BioLight in Asia for the IOPtiMate™ system as part of the Company's focus on markets with unmet needs for better solutions to treat glaucoma.
Suzana Nahum-Zilberberg, BioLight's chief executive officer, said, "Entering into a strategic distribution agreement in Hong Kong and Macao is an additional significant advancement in our plan to penetrate developing markets in Asia, where there is no available solution for a large population of patients. Our recent first sale in Hong Kong, additional trial basis installation, regulatory approval and distribution agreement entered into earlier this year in China, as well as marketing activity underway in China and additional Asian countries, represent important progress in establishing a presence in Asian markets."
Glaucoma, which creates pressure within the eye and causes damage to the optic nerve that may lead to full or partial blindness, 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 based on assessments, the global market for drug therapy and surgery is estimated at $4 billion annually.