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SOURCE BioLight Life Sciences Investments Ltd
Receives commitment to purchase at least 100 systems in one of the world's largest glaucoma markets
TEL AVIV, Israel, May 29, 2014 /PRNewswire/ --
BioLight Life Sciences Investments Ltd. (OTC: BLGTY, TASE: BOLT), a firm that invests in, manages and commercializes biomedical innovations grouped into clusters around defined medical conditions, announced today that its IOPtima subsidiary has signed an exclusive distribution agreement for the sale and marketing of the IOPtiMate[TM]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 based on CO2 laser technology that enablesthe performance of a unique filtration surgery to treat glaucoma without penetrating the inner part of the eyeball, thus allowing for substantial reductions in post-operative complications and use of eye drops compared with alternatives.
The Chinese partner is a well-known distributor that represents leading global brands in the diagnosis and treatment of ophthalmic diseases. Among its customers are leading ophthalmologists and medical centers throughout China. The four-year agreement includes minimum purchase commitments and may be extended to an additional four years should minimum purchase obligations be met. Under the agreement the distributor is responsible for all local marketing, advertising and sales activities of the IOPtiMate™ system in China, including on-site installation, training and support. Revenues 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 in China, and initial sales are expected to begin following training and evaluation in key local medical centers over the next few months.
Suzana Nahum-Zilberberg, BioLight'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."
Glaucoma, which creates pressure within the eye, causes damage to the optic nerve that may lead to full or partial blindness, and 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.
BioLight Life Sciences Investments invests in, manages and commercializes biomedical innovations grouped into "clusters" around defined medical conditions. Its two current clusters are in ophthalmology via 100% ownership of XLVision Sciences and in cancer diagnostics via a 29% controlling ownership of Micromedic (TASE: MCTC). XLVision technologies include IOPtiMate™, a laser-based noninvasive surgical treatment for glaucoma; TeaRx, a point-of-care dry-eye syndrome diagnostic test; and Eye-D™, a long-term controlled release drug-delivery implant platform. Micromedic diagnostic tests are designed to detect colorectal, cervical, breast, bladder, lung and other cancers. Leading key investors, holding about 45% of BioLight's shares, are Mr. Israel Makov, Chairman of Sun Pharmaceuticals, former CEO and President of Teva Pharmaceuticals and former Chairman of Given Imaging, Mr. Dilip Shanghvi, founder of Sun Pharmaceuticals, India's largest pharmaceutical company, and Mr. Dan Oren, founder and CEO of Dexcel Pharma, the second-largest pharmaceutical manufacturer in Israel.
For more information please visit the Company's website at http://www.bio-light.co.il.
Itai Bar-Natan, CFO
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