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.
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.