News & Press Releases
Integrity Applications Signs Third Distribution Agreement for GlucoTrack® Model DF-F Glucose Monitoring Device
January 29th, 2014
Integrity Applications, Inc. (IGAP), developer of the GlucoTrack® model DF-F noninvasive blood glucose measurement device, has entered, through its subsidiary company, Integrity Applications Ltd., into a distribution agreement appointing Felkasta JSC as the exclusive distributor of the GlucoTrack device in Lithuania, Latvia, Estonia and Belarus effective March 28, 2014. According to the International Diabetes Federation, a total of 281,000 people with diabetes live in Lithuania, Latvia and Estonia combined, while 445,000 people with diabetes live in Belarus.
Viktoras Sidaravicius, Managing Director of Felkasta JSC, said, “Residents of the three Baltic countries—Lithuania, Latvia and Estonia—as well as Belarus, would all benefit tremendously from alternatives to existing blood glucose monitoring options. I therefore expect the GlucoTrack® model DF-F non-invasive blood glucose measurement device to have great potential among the patient populations of these four nations. Working in tandem with Integrity Applications in order to achieve this advance is a genuine honor.”
Sales of GlucoTrack in Lithuania, Latvia and Estonia are expected to begin by the second quarter of 2014. Due to local regulatory requirements, sales of GlucoTrack in Belarus are expected to begin by the first quarter of 2015. Based on the minimum purchase requirements contained in the distribution agreement, Felkasta JSC is expected to purchase a minimum of $300,000 of GlucoTrack model DF-F devices from Integrity Applications in the first contract year. Felkasta JSC was established in 2008, focusing on medical business in the local region.
Avner Gal, President and CEO of Integrity Applications, said, “This is our third distribution agreement for GlucoTrack and as always, we are enthusiastic about providing diabetes patients with a new, noninvasive option for monitoring blood glucose. While several companies have announced developments in their efforts to create noninvasive blood glucose monitoring devices, many of those devices are in early stages of development and are not expected to be commercially available for several years. In contrast, the GlucoTrack model DF-F is expected to be available for commercial sale in several European Union nations beginning in the first half of 2014.”
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.