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Somnomed Ltd Forms Wholly Owned Subsidiary, SomnoMed Korea; Enters Into New Agreements


Wednesday, 16 Oct 2013 06:16pm EDT 

Somnomed Ltd announced the expansion of its business in the Republic of Korea, following the registration by the Korean FDA of SomnoDent as an accepted medical device for the treatment of obstructive sleep apnea. During the month of September SomnoMed formed a wholly owned subsidiary, SomnoMed Korea, and terminated the existing license and distribution agreement with Centra Co Ltd, a third party who represented SomnoMed in Korea over the last five years. SomnoMed has entered into an agreement with TP Korea Orthodontics Lab Co Ltd (“TP”), an orthodontic laboratory in Korea, whereby TP will take responsibility for logistics and customer services. TP will also offer SomnoDent devices to the dental market in Korea and be involved in the education of dental and medical practitioners, treating patients with SomnoDent COAT (“Continuous Open Airway Therapy”). A second agreement was entered into by SomnoMed with KwangWoo MeDix Inc., Korea’s distributor to the ENT market. KwangWoo will be responsible for building sales to the medical markets, which represents the majority of practitioners treating patients with oral appliance therapy. KwangWoo is the distributor of a range of medical devices in Korea from companies such as Arthrocare, Natus, Stryker and Itamar. 

Company Quote

1.6
-0.02 -1.23%
22 Jul 2014