PETACH-TIKVA, Israel, March 8, 2016 /PRNewswire/ --
The InsuPad device enables consistent and better insulin absorption utilizing Injection Site Treatment and Stabilization (ISTS) technology
Insuline Medical (TASE: INSL.TA) which develops, manufactures and markets medical device products to improve the efficacy of insulin therapy, has announced that it has signed a non-binding Memorandum of Understanding (MOU) with Sterifarma do Brasil, for the distribution of the InsuPad in Brazil. As of 2015 Brazil had 14 million diabetics, requiring $22 billion in treatment costs.
The InsuPad's ISTS technology induce increased and consistent local blood perfusion at the injection site, resulting in improved and consistent drug absorption. Use of the technology allows patients to achieve improved glycemic control with reduced risk of hypoglycemia.
Sterifarma has been engaged in the distribution of medical devices to clinics and hospitals for over 20 years and, according to the MOU, will retain exclusive marketing and sales rights of the InsuPad in Brazil, and will be responsible for obtaining the regulatory and reimbursement approvals necessary in the country, with the assistance of the company pertaining to the professional, medical and marketing aspects, as long as necessary.
Sterifarma will commence a nine-month market evaluation, which will include, among other things, an initial market survey among local physicians to examine the degree to which the product meets the needs of the Brazilian market, and examining the feasibility of reimbursement and/or payment by the diabetics themselves. The parties will commence negotiations in order to reach a final and binding agreement at the conclusion of this phase. In addition to Brazil, Insuline has initiated market evaluations in other territories, including Italy and Australia.
"We are pleased to announce this MOU with Sterifarma, which constitutes a first foothold for Insuline in South America. Sterifarma is a leading distributor in Brazil, and we intend to achieve a signed definitive agreement with them by the end of 2016," said Eyal Lewin, CEO of Insuline Medical. "The InsuPad has demonstrated that it can improve insulin absorption, and this can make a significant difference in the lives of diabetics in Brazil, the fourth largest diabetes market worldwide, and percentage wise the world's fastest growing main diabetes market."
Insuline Medical is exploring additional collaboration opportunities with pharma and drug delivery companies in order to apply the ISTS technology to other subcutaneous delivered drugs, including long-acting insulin.
About Insuline Medical
Insuline Medical has developed technology and products to stabilize and improve the effectiveness of "meal time insulin," given to diabetics by subcutaneous injection. The company has first and successfully applied the Injection Site Treatment and Stabilization technology (ISTS) to meal time insulin, using the InsuPad device, which has the CE, Canadian CE, Australian TGA and Israeli AMAR. In the US, the company agreed upon the 510K De novo with the FDA, subject to acceptable data about the product's effect on insulin.
SOURCE Insuline Medical