October 17, 2010
Spring Products to Be Distributed in Greece
D-Medical/Spring, today announced the execution of a distribution agreement with Pharmaserve-Lilly S.A.C.I. ("Pharmaserve-Lilly") for the distribution of its Spring ADI durable insulin pump, related consumables and its Spring Universal Detach Detect Infusion Sets in Greece.
Pharmaserve-Lilly is a joint venture between Greece-based Pharmaserve and U.S.-based Eli Lilly and Company. For more than 85 years, Lilly has been a worldwide leader in pioneering industry-leading solutions to support people living with and treating diabetes.
The agreement has an initial term of three years, commencing on the date of the distributor's initial order, and will thereafter be automatically renewed for one-year periods, unless either party notifies the other of its desire not to renew six months in advance. In addition, each party may terminate the agreement upon 180-days' prior written notice to the other party. The agreement is mutually exclusive and the parties have agreed to set a yearly sales target.
According to the International Diabetes Federation, approximately 754,000 diabetes patients live in Greece, constituting 8.8% of its population.
"D. Medical continues to roll out its products in Europe in support of expanding its global brand and product recognition," said Efri Argaman, D. Medical's Chief Executive Officer. "We expect to continue executing this strategy as we also prepare to launch into our five initial target markets - Mexico and the BRIC countries of Brazil, Russia, India and China - commencing in 2011."