RAMAT GAN, Israel, Sept. 15, 2020 /PRNewswire/ -- The public company Merchavia Holdings and Investments (TASE: MRHL) reports that Cardiacsense Ltd., in which the company has a holding of 5.67% of the share capital (at full dilution), has signed an exclusive distribution agreement valued at USD 7.5 million to distribute the company's medical wristwatches in the UAE. This is the tenth distribution agreement that Cardiacsense has signed since March 2020, bringing the total value of the agreements signed to more than USD 70 million.
Cardiacsense, that develops and markets the Cardiacsense Watch, a wearable watch-like device for scanning arrythmia using an innovative technology for early identification of cardiac arrest and CVA (stroke), has signed an exclusive distribution agreement in the UAE which includes an undertaking to market tens of thousands of devices valued at USD 7.55 million over a period of 4 years. The distributing company operates out of Dubai and engages in the distribution of medical equipment in the UAE.
Since March this year, Cardiacsense has promoted a large number of binding distribution agreements in a range of countries worldwide including Spain, Turkey, Uruguay, Australia, South Africa, Chile, India, Switzerland, and now, with the establishment of diplomatic relations with Israel, also in the UAE. The agreements are subject to European CE marketing approval or FDA approval for the medical wristwatch. In accordance with the distribution agreement, the distributor will strive to market and sell the medical watches and will be obligated to meet Cardiacsense's annual acquisition goals for a period of 4 years.
At the same time, Cardiacsense is advancing FDA approval for the medical watch following a successful clinical trial which achieved an efficacy level of more than 99% in identifying arrythmia, while the regulatory requirement for receiving FDA approval stands at 96%. FDA approval will allow the company to sell the product in additional countries, primarily on the American market. Among the capabilities of the company's medical watches are identification of arrhythmia including atrial fibrillation which constitutes one of the main causes of CVA.
About Merchavia Holdings and Investments:
Merchavia is a public company traded on the Tel Aviv Stock Exchange. The company possesses diverse investments in bio-med companies with an emphasis on advanced digital health solutions.
SOURCE Merchavia Holdings and Investments