Israel’s Integrity Applications, the developer of the GlucoTrack model DF-F noninvasive blood glucose measurement device for people who suffer from diabetes, has entered, through its wholly-owned subsidiary, Integrity Applications Ltd., into distribution agreements for the GlucoTrack model DF-F device with LifeCaring Technologies Limited and Guangzhou Guang Yuan Biological Pharmaceutical Co. Ltd. in Hong-Kong and in China, respectively.
According to the International Diabetes Federation, as of 2013 a total of about 0.5 million people with diabetes, or 9.5% of the adult population, in Hong-Kong, and a total of about 98 million people, or 9.5% of the adult population, in China have diabetes.
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Based on the minimum purchase forecasts contained in the Hong-Kong distribution agreement, the Company anticipates that LifeCaring Technologies Limited will purchase in the first 12 months of sales GlucoTrack model DF-F products with an aggregate value of about $0.4 million. The Company has recently fulfilled its first wholesale order under this agreement. Sales in China are subject to regulations clearance from the China Food and Drug Administration.
Based on the minimum purchase forecasts contained in the Chinese distribution agreement, Integrity anticipates that Guangzhou Guang Yuan Biological Pharmaceutical Co. Ltd. will purchase in the first 12 months of sales GlucoTrack model DF-F products with an aggregate value of about $20 million. While the Company has initiated the clearance process with the CFDA, there is no guarantee that it will receive such approval on a timely basis or at all.
Avner Gal, President and CEO of Integrity Applications, said, “These distribution agreements reinforce that there is a global need and demand for GlucoTrack model DF-F. With our recent extended CE Mark approval to six-month calibration validity, we believe that our device offers users an important advantage of monitoring themselves in a convenient, not painful way, which leads to better adherence in treating the disease. Integrity Applications is continuing to negotiate with potential distributors who can offer our new, noninvasive alternative for monitoring blood glucose to diabetes patients in further jurisdictions.”
Dr. Chunli Liu, CEO of Guangzhou Guang Yuan Biological Pharmaceutical Co. Ltd. and LifeCaring Technologies Limited, said, “Nearly 100 million diabetes patients need to monitor their glucose daily. The GlucoTrack model DF-F gives Chinese diabetic patients an alternative way to check their glucose without pain at a reduced cost as compared to traditional, invasive glucose measurement devices. We are looking forward to bring the GlucoTrack model DF-F to diabetic patients in China and working with Integrity Applications.”