SomnoMed (ASX:SOM) Expands in Korea with SomnoDent(R) for Treatment of Obstructive Sleep Apnea
Sydney, Oct 18, 2013 AEST (ABN Newswire) - SomnoMed Limited (ASX:SOM) (SOMNF:OTCMKTS) announced today the expansion of its business in the Republic of Korea, following the registration by the Korean FDA of SomnoDent(R) 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"), the leading orthodontic laboratory in Korea, whereby TP will take responsibility for logistics and customer services. TP will also offer SomnoDent(R) devices to the dental market in Korea and be involved in the education of dental and medical practitioners, treating patients with SomnoDent(R) COAT ("Continuous Open Airway Therapy").
A second agreement was entered into by SomnoMed with KwangWoo MeDix Inc., Korea's leading 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 leading medical devices in Korea from companies such as Arthrocare, Natus, Stryker and Itamar.
Executive Chairman Dr. Peter Neustadt commented, "The decision to expand our operations in the Korean market was based on a growing demand for oral appliance treatment and the KFDA approval of SomnoDent(R), which was received recently. The approval of our SomnoDent(R) devices by the Korean FDA and the permission to import our product into Korea was a game changer for our business in Korea. It has given us the opportunity to take control of our business in Korea and to build it in future years, in line with other markets we are operating in."
"Korea is one of the most important medical device markets in Asia. We are very pleased to have gained KwangWoo and TP as distribution and service partners. Both companies are leaders in their field and will allow us to generate good growth and increased sales in the future," Dr Neustadt said.
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About Somnomed Limited
SomnoMed (ASX:SOM) is a public company providing diagnostic and treatment solutions for Sleep-related Breathing Disorders including obstructive sleep apnea, snoring and bruxism. SomnoMed was commercialized on the basis of extensive clinical research. Supporting independent clinical research, continuous innovation and instituting medical manufacturing standards has resulted in SomnoDent(R) becoming the state-of-the-art and clinically proven medical oral appliance therapy for obstructive sleep apnea. SomnoDent(R) is the most comfortable and effective design and treatment solution for over 130,000 patients in 22 countries. For additional information, visit SomnoMed at http://www.somnomed.com.au