NeuroMetrix Partners with Handok Pharmaceuticals for NC-stat DPNCheck Distribution in the Republic of Korea
WALTHAM, Mass.--(BUSINESS WIRE)--Mar. 12, 2013--
NeuroMetrix,
Inc. (Nasdaq: NURO), a medical device company focused on the
diagnosis and treatment of the neurological complications of diabetes,
announced that it has entered an agreement with
Handok Pharmaceuticals,
Inc. Under terms of the agreement, Handok will be the exclusive
distributor for
NC-stat®
DPNCheck™ in the
Republic of Korea. NC-stat DPNCheck is a
rapid, accurate and quantitative point-of-care test for diabetic
neuropathy. The product is used to detect neuropathy at an early stage
and to guide treatment. Diabetic peripheral neuropathy (DPN) is the most
common complication of diabetes, affecting over half of people with
diabetes. DPN causes significant morbidity including pain, increased
risk of falling in the elderly, and is the primary trigger for diabetic
foot ulcers which may require lower extremity amputations.
The Korea market is characterized by high prevalence of people with
diabetes. The Korea National Health and Nutrition Examination Survey
(KNHANES), a nationwide survey examining the general health and
nutrition status of the Korean people, reported in 2008 that the
prevalence of diabetes in the Korea population was estimated at 10.9%
representing about 2.6 million people. While the overall prevalence had
not changed significantly during the seven year study period, physician
diagnosis and treatment rates had significantly improved. Handok
Pharmaceuticals has been a leader in supporting physicians in this field
and considers diabetes to be a core business focus. It offers a range of
diabetes products including systems for hemoglobin A1c testing, blood
glucose meters, and pharmacological products for pain associated with
nerve disease. Handok distributes its products through direct sales
representatives in its hospital and physician clinic sales teams. It
also works with independent distributors in Korea. It intends to utilize
both direct and indirect sales channels in promoting NC-stat DPNCheck.
"As a company that values innovation in health care, we are pleased to
have the opportunity to bring the diagnostic capabilities NC-stat
DPNCheck to the Korea market,” stated Young-jin Kim, Handok’s CEO. “It
broadens the range of products we offer to Koreans with diabetes while
leveraging our established sales channels. We look forward to a long
relationship with NeuroMetrix.”
"Handok’s commitment to diabetes care and long history of collaboration
with foreign companies make it an attractive partner as we begin to
build our presence in Asian markets.” said Shai N. Gozani M.D., Ph.D.,
President and Chief Executive Officer of NeuroMetrix. “The Korea market
is important to this initiative, and we hope to further expand our
presence in these large and important markets over the coming months.”
About HANDOK Pharmaceuticals
HANDOK, a leading innovation-driven pharmaceutical/healthcare company in
Korea, develops, manufactures and distributes healthcare solutions to
improve health and quality of life for all. Handok has a core business
focus in diabetes, cardiovascular, oncology, human vaccines, medical
devices, diagnostics and consumer health. Handok, founded in 1954, has
grown as a joint venture with Hoechst/Aventis/Sanofi and has established
strategic collaborations in several areas with multiple multinational
pharmaceutical companies. For more information, please visit http://www.handok.co.kr.
About NeuroMetrix
NeuroMetrix is an innovative medical device company that develops and
markets home use and point-of-care devices for the treatment and
management of diabetic neuropathies, which affect over 50% of people
with diabetes. If left untreated, diabetic neuropathies trigger foot
ulcers that may require amputation, cause disabling chronic pain, and
increase the risk of falling in the elderly. The annual cost of diabetic
neuropathies has been estimated at $14 billion in the United States. The
company’s products are used by physicians and managed care organizations
to optimize patient care and reduce healthcare costs. The company
markets the NC-stat® DPNCheck™ device, which
is a rapid, accurate, and quantitative point-of-care test for diabetic
neuropathy. This product is used to detect diabetic neuropathy at an
early stage and to guide treatment. The company also markets the SENSUS™
Pain Management System for treating chronic pain, focusing on physicians
managing patients with painful diabetic neuropathy. The company has
additional therapeutic products in its pipeline. For more information,
please visit http://www.neurometrix.com.
Source: NeuroMetrix, Inc.
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com
