Biosign Technologies, a Vaughan-based company that makes online medical monitoring devices and has created an innovative diabetes monitoring device, has announced distribution agreements for Europe and the Middle East and Africa that are expected to produce more than $100 million in sales by the end of 2011.
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UFIT TEN-20, the company's latest innovation, which will now launch in Europe in September of this year, takes a measurement at the wrist that gives blood glucose and blood pressure reading, which are stored on the company's servers. As the company materials say, the process is "indirect, non-invasive and passive."
The biggest advance in the product's launch is the signing of a deal with Swiss-based DynamiCARE AG to distribute UFIT TEN-20 across Europe -- an area which represents one third of Biosign's expected global market for the product. A DynamiCARE spokesperson said the product represents "the next evolution of testing and diagnostics for personal medicine," and expects it to have "momentous impact." As part of the deal, DunamiCARE will pay an initial fee of $2.5 million to Biosign, and has committed to achieving sales of more than US$100 million by the end of next year.
A further deal announced this month sees distribution for the Middle East and North Africa handled by Dubai-based ALQAEM International. That contract carries a commitment to sell more than US$14 million by the end of 2011.
Writer: Edward Keenan
Source: Radu Leca, President & CEO, Biosign Technologies
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