D Medical has signed a definitive agreement with a third party for the sale of its holdings in its publicly held subsidiary NextGen Biomed.
D Medical will transfer its holdings in NextGen in exchange for NIS 5.5m in cash, as part of the transcation which is expected to occur by 30 June 2011.
D Medical CEO Efri Argaman said they believe that the additional resources that the completion of this transaction will provide will help them to build upon that momentum.
Through its subsidiaries, D Medical is engaged in the research, development, manufacture and sale of innovative products for diabetes treatment and drug delivery.
D Medical products include durable and semi-disposable insulin pumps, which continuously infuse insulin into a patient’s body, using its proprietary spring-based delivery technology.
It has also developed an infusion set for insulin pumps and is focusing its research and development efforts on the development of next generation insulin pumps and a device that will combine a continuous glucose monitoring system and an insulin pump on the same patch.