D. Medical in worldwide OEM pact with Twobiens
D. Medical Industries (NASDAQ, TASE:DMED) has entered into an original equipment manufacturer agreement with Twobiens, a leading South Korean supplier of diabetes treatment and drug delivery products, for the worldwide distribution of its Spring Universal Detach Detect Infusion Sets under Twobiens’ private label.
The three-year agreement contains annual sales targets and minimum order quantities estimated at a total of $5 Million. Twobiens will be responsible for all costs and expenses under the accord and the company’s subsidiaries will retain all of their proprietary and intellectual property rights.
“In parallel with managing the ongoing strategic restructuring process that was announced in March 2012, we are pursuing major OEM and other high volume sales opportunities, such as this exciting new partnership with Twobiens,” CEO Efri Argaman said in a statement.
“This partnership is expected to increase the pace of bringing our novel technology to more people with diabetes,” he added. “At the same time, we continue to explore various licensing and other opportunities designed to maximize shareholder value.”
Twobiens supplies various kinds of insulin pumps and disposables such as infusion sets, insulin pen needles and insulin syringes.
CEO Kyu Dong Choi said patient interest in ground-breaking new products for diabetes management, like the Spring Universal Infusion Set, is increasing rapidly and Twobiens is very pleased to be able to market and sell the product under its private label.
“We are also impressed by D. Medical’s strong record of achievement in clinical and commercial product innovation,” he said. “Indeed, we are now working together to examine ways that we might potentially extend our commercial relationship beyond Spring Universal.”