HeraMed Limited (ASX: HMD), established in 2011 and based out of West Perth, is a medical technology company that develops and sells pregnancy monitoring solutions for home and professional use for patients in Europe, Israel and Australia. Currently, the company is focussed on driving the commercialisation of HeraBEAT™, a smart medical grade ultrasound monitoring device across the globe and has so far, obtained approval from key regulatory bodies like AMAR (Israel), CE (Europe) and TGA (Australia).
HeraMed has partnerships with two leading medical organisations namely the Mayo Clinic and TEVA Pharmaceutical Industries Inc. The company is diversifying its product range and services with the launch of SaaS services and cloud-based monitoring systems and potential future product EchBEAT™
On May 8th, 2019, the company announced that it had broadened its global distribution network by entering into a binding Memorandum of Understanding (MoU) with leading Turkish baby and toddler product distributor, Medizane Inc, based in Istanbul. Under the MOU, Medizane will distribute HeraMED’s medical grade foetal heart rate monitor HeraBEAT, in Turkey.
Whle Medizane distributes products to an established network of pharmacies and retail groups, it also has a strong presence and proven expertise in online sales platforms.
The MOU includes an initial purchase order of 1,000 HeraBEAT units as part of a soft launch phase. Medizane is also required to maintain minimum annual order quantities to retain exclusivity. Besides, both parties intend to establish a broader strategy to progress sales which would include market assessments, a detailed marketing strategy and subsequent product launch.
Ahead of commercial deployment of the HeraBEAT device, HeraMED is largely focused on expanding its network of distributors across Europe, the United Kingdom and the United States. According to the UN Department of Economic and Social Affairs, Turkey represented approximately 1.2 million live births in 2017 and the figure is expected to increase, that would offer a potentially lucrative market for HeraMED.
The CEO of Medizane Can Imir commented on the recent development and quoted, “Before signing the binding MOU we conducted thorough due-diligence on the HeraBEAT device, testing it in some of the most acknowledged hospitals in the country in which the feedback was phenomenal. This also validated the business model and commercial uptake. We are excited, motivated and looking forward to a long-lasting successful relationship with HeraMED.”
Recently in April 2019, HeraMED entered into a partnership with Meerkats to begin the business to consumer (B2C) launch of HeraBEAT in Australia. While on April 29th, 2019, HeraMed informed that it had applied for approval from the US Food and Drug Administration (FDA).
During the quarter ended March 31st, 2019 (Q1 FY 2019), HeraMED signed a couple of agreements – an exclusive binding distribution agreement with Dale Group International for the sale of a minimum 9,000 HeraBEAT units over the next 3 years in Australia; an agreement with Brazil-based Hapvida Saude for the first deployment of HMD’s pregnancy monitoring service, HeraCARE; and a manufacturing agreement with Quasar, a globally respected medical device manufacturer.
On May 8th, 2019 (at 03:34 PM AEST), the HMD stock is trading at AUD 0.250 with ~ 8.8k shares traded.
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