InsuLine jumps on German indemnification deal
The InsuPad already has CE Mark certification, and Insuline is in the process of registering it in Germany's healthcare products catalogue
20 January 13 16:09, Globes' correspondent
The share price of InsuLine Medical Ltd. (TASE: INSL) jumped today, after it obtained conditional indemnification from German insurer Barmer GEK for the company's InsuPad insulin patch for diabetics. InsuLine's share price rose 19.3% to NIS 2.64, giving a market cap of NIS 210 million. If the clinical trial underway demonstrates that the InsuPad is effective, Barmer will indemnify purchases of the product for €98 plus €1.66 per patient per day for the product's kit of 30 disposable elements, for a total of €690 a year.
The InsuPad already has CE Mark certification, and Insuline is in the process of registering it in Germany's healthcare products catalogue
InsuLine said that the indemnification is higher than its current estimates, as stated in its financial reports to date, and which it used to register the InsuPad in Germany's healthcare products catalogue.
InsuLine cautioned that there was no assurance that the final indemnification that Barmer or other insurers will pay will be the amount stated in the approval, and that the final indemnification could be less.
Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2013
