Ra Medical Systems (NYSE:RMED) announced the undertaking of a new effort to expand its distribution outside the U.S.
Last week, the company filed for CE mark approval for its LockeT device that assists in percutaneous puncture site closure. RA Medical says its expansion effort reflects its expectation of receiving CE mark during the third quarter.
The company recently entered into a distribution agreement with Medilynq to distribute its products in some Middle East countries. That agreement includes distribution in Saudi Arabia, Jordon, Oman, UAE, Qatar, and Kuwait. In conjunction with this agreement, Medilynq already placed its first order for a VIVO system from Ra Medical. The company also said it has engaged with Bioline, a new distributor in Spain.
Ra Medical said it identified a number of international distributors with interest in its products. It also engaged the expertise of a consulting marketing company to help identify and manage distributors across the globe.
The company has its sights set on parts of Asia, South America, Africa, and other European countries for this effort. Current work is underway toward agreements in Mexico, Peru, Chile and Brazil. Ra Medical said it has advancing discussions in Australia, Hong Kong, Thailand and Malaysia.
“We are excited about all the components coming together for distribution in the various markets around the globe,” said Patricia Kennedy, chief commercial officer for Ra Medical’s electrophysiology division. “Often it takes many years to put together the international distribution, but with the experienced team with which we are working, we are pushing forward quite rapidly. We are looking forward to the continued introduction of VIVO to new markets and excited about the opportunity with LockeT, in all the different market areas of electrophysiology, vascular surgery, and structural heart. We just introduced the Locket during the second quarter in the U.S., and already have several hospitals requesting to trial the product.”
