A Medical Device Daily
Medical International Technology (MIT; Denver) reported that its subsidiary, MIT Canada, has signed a minimum $6 million dollars exclusive OEM agreement for a period of five years with a Malaysian distributor for its Needle-Free Jet-Injector, models Med-Jet MBX and Med-Jet-H-III to be used in cosmetics, plastic surgeries, and medical applications, in many countries around the world.
MIT also is in discussion with the same distributor for a new product that MIT will introduce within the next six months for the same niche market.
This OEM agreement will not prevent MIT from selling its own brand in the same market around the world, the company said.
MIT has already supplied the Malaysian distributor with more than 80 units to cover his initial clients' demands in Malaysia, the Philippines, and Vietnam. Moreover, the distributor already has participated in two of the largest exhibition for cosmetics and plastic surgeries in Asia in Hong Kong and Shenzhen, China. The results were "overwhelming," MIT said, and more orders were placed with an even larger order of 100 units expected before the end of May.
MIT's Malaysian distributor is marketing the Med-Jet all over Asia, with a later focus expected in the European market.
MIT specializes in the development of needle-free injectors both for humans and animals, for individual and mass vaccinations.
In other dealmaking news, Merge Cedara ExchangeCo Ltd., a subsidiary of Merge Technologies Holdings (Toronto) and an indirect subsidiary of Merge Healthcare (Milwaukee), reported that Merge Technologies Holdings Co. has purchased all of the outstanding exchangeable shares of Merge Cedara ExchangeCo Ltd. for purchase consideration of one common share of Merge Healthcare for each exchangeable share.
As a result of this transaction, Merge Cedara ExchangeCo Ltd. is now indirectly wholly owned by Merge Healthcare. Merge Cedara ExchangeCo Ltd. will take steps to give notice and obtain appropriate orders to permit it to cease to be a reporting issuer in those Canadian jurisdictions in which it is currently a reporting issuer.
The share redemption was first disclosed in February (Medical Device Daily, Feb. 18, 2009).
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