Biosign Technologies and DynamiCARE have amended their exclusive master distribution agreement entered on 2 July 2010 with a similar but non-exclusive distribution agreement.
Under the revised agreement, DynamiCARE will have nonexclusive distribution rights to resell Biosign products in Germany, France, Switzerland, and Austria and will not be required to pay the $2.5m milestone payment or achieve the volume commitments that were required in the previous agreement to maintain exclusivity.
The modification to the DynamiCARE agreement enables Biosign to move forward with other multinational distribution partners in Europe.
DynamiCARE president Patrick Dressler said they were impressed with the performance and ease of use of the UFIT TEN-20 blood pressure & blood glucose meter that was demonstrated to us by Biosign since June 2010 and to the Annual Meeting of the European Medical Device Distributors in December 2010.
"Upon further negotiations with Biosign, we concluded that our financial resources would be better used marketing this remarkable product rather than expending them on exclusivity payments," Dressler said.
"We expect UFIT to have a large impact on the European chronic disease management industry in the coming months and we look forward to a fruitful business relationship with Biosign."
Biosign Technologies’ key applications include intelligent systems for noninvasive monitoring of common health risks associated with blood pressure, glucose, and medication.
The UFIT medical device technology powers quality data collection and analytics for clinical diagnostics, self-care, wellness, disease state evaluation & management, and remote patient monitoring.