News & Press Releases
Integrity Applications Signs Additional Distribution Agreement for GlucoTrack® Model DF-F Glucose Monitoring Device
January 15th, 2014
ASHKELON, ISRAEL — Integrity Applications, Inc. (OTCQB: IGAP), developer of the GlucoTrack®model DF-F non-invasive blood glucose measurement device, has entered into a distribution agreement appointing Kocak Medical & Laboratory Technology Ltd. as the exclusive distributor of the GlucoTrack device in Turkey effective February 14, 2014. According to the International Diabetes Federation, more than 7 million diabetes patients live in Turkey, representing approximately 15 percent of the nation’s adult population.
Sercan Kocak, CEO of Kocak Medical & Laboratory Technology Ltd., said, “We believe diabetes patients in Turkey, as elsewhere in the world, are in need of new blood glucose monitoring options. The GlucoTrack® model DF-F non-invasive blood glucose measurement device offers this patient population an innovative alternative that we expect to have widespread appeal. We are pleased to be working with Integrity Applications to facilitate this significant advance in diabetes care. We will also maintain a dedicated website providing detailed information about the GlucoTrack and where diabetes patients will be able to purchase the device in Turkey.”
Sales of GlucoTrack in Turkey are expected to begin by the end of the second quarter of 2014, and will be made available to diabetes patients through the channels to be announced onwww.GlucoTrack.com.tr. Based on the minimum purchase requirements contained in the distribution agreement, Kocak Medical & Laboratory Technology Ltd. is expected to purchase a minimum of $4,000,000 of GlucoTrack model DF-F devices from Integrity Applications in the first contract year. Kocak Medical & Laboratory Technology, established in 1992, is one of the leading distributors of medical, laboratory and genetic products in Turkey.
Avner Gal, President and CEO of Integrity Applications, said, “This milestone marks our second distribution agreement for GlucoTrack® and we look forward to providing patients with diabetes a new, non-invasive option for monitoring blood glucose. I am confident that the diabetes community in Turkey, as well as other nations, will embrace this tool as a fresh alternative to existing (invasive) blood glucose monitoring options.”
GlucoTrack features a small sensor that clips to the earlobe and measures the wearer’s blood glucose level by taking measurements using three technologies. The measurements are analyzed using a proprietary algorithm and displayed on a small handheld device, the size of a mobile phone. The derived blood glucose measurement is also announced verbally, making it suitable for the elderly and vision-impaired diabetes patients. The company has obtained a CE Mark for its GlucoTrack Model DF-F in Europe and intends to seek Food and Drug Administration approval for GlucoTrack in the United States.
To watch a video detailing the benefits of GlucoTrack, please visit the following link:http://www.integrity-app.com/the-glucotrack/
About Integrity Applications, Inc.
Integrity Applications, Inc. is a medical device company focused on the design, development and commercialization of non-invasive glucose monitoring devices for use by people with diabetes. Integrity Applications has developed the GlucoTrack model DF-F non-invasive glucose monitoring device, which is designed to help people with diabetes obtain blood glucose level measurements without the pain, inconvenience, incremental cost and difficulty or discomfort of conventional (invasive) spot finger stick devices. Integrity Applications works primarily through its wholly-owned Israeli subsidiary, A.D. Integrity Applications, Ltd. For more information please visit www.integrity-app.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “expect,” and “will,” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect Integrity Applications’ actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Integrity Applications’ results include, but are not limited to, the ability of Integrity Applications to successfully commercialize the GlucoTrack DF-F; the ability of the GlucoTrack DF-F to achieve acceptable pricing, adequate third party reimbursement or market acceptance; the ability of Integrity Applications to manage its growth and the expansion of its operations to include commercialization activities; risks relating to the use of third party manufacturers; risks relating to the development of Integrity Applications’ sales, marketing and distribution capability, either on its own or through collaborations with marketing partners; and the additional risk factors described in Integrity Applications’ filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012.
Avner Gal, +972-8-675-7878
President and CEO
Dian Griesel Int’l.
Cheryl Schneider, +1-212-825-3210
Susan Forman, +1-212-825-3210
Laura Radocaj, +1-212-825-3210