13 March 2007: BrainZ Instruments (ASX: BZI) has extended its current distribution agreement with GE Healthcare, one of the world’s largest medical equipment companies.
The current agreement between BrainZ and GE Healthcare covers distribution of the BrainZ product line which is focused around the BRM2 neonatal brain monitor. The agreement has been expanded to include seven new Asian countries including India and Korea. These countries are in addition to the USA, UK, Canada and 34 European and Middle Eastern territories which are covered under the existing contract.
BrainZ and GE Healthcare have also mutually agreed to extend the current agreement for a further 19 months through to October 2008.
“The expansion of the GE agreement into Asian markets will assist in the further globalisation of the BrainZ technology, thereby improving the care of newborn babies’ brains in more centres around the world,” commented BrainZ CEO Dr Justin Vaughan.
“The extension of the agreement through to 2008 allows us to cement in the relationship with GE Healthcare, penetrate new markets, and improve our distribution effectiveness in existing markets. We indicated in December 2006 that US sales had under-performed against our expectations. While the US sales funnel remains significant, and the prospects bright, conversions from the funnel into sales have been below expectations during this financial period, and we are working closely with GE on strategies to improve sales in the US. We both remain convinced of the significant opportunity that exists within this key market.” Dr Vaughan stated.
About BrainZ Instruments Limited:
BrainZ (ASX: BZI) is a New Zealand based medical technology company specializing in the research, development, manufacturing and sale of bedside brain monitoring technology. The BRM2 Brain Monitor, BrainZ’s first product, is a unique bedside tool that assists in the detection of brain injury and seizure activity in neonates. It has been specifically designed to assist intensive care staff with clinical decision-making in conjunction with other clinical data and in the direction of care on a day-to-day basis.
The BRM2 monitor has received regulatory approval and is in use in 16 countries worldwide. BrainZ dominates the local Australian and New Zealand markets via direct sales channels. BRM2 monitors are also installed in over 40 leading US hospitals. BrainZ has secured an exclusive agreement with GE Healthcare, a leading supplier of patient monitoring systems, for the distribution of BRM2 Brain Monitors in the USA and UK markets.
BrainZ Instruments was established in 2001 to commercialize pioneering neonatal brain research from the Auckland University’s Liggins Institute. Originally a subsidiary of NeuronZ Ltd, BrainZ was acquired by Tru-Test Ltd in September 2002. Tru-Test is a multinational company specialising in electronic technology solutions. BrainZ publicly listed on the Australian Stock Exchange (ASX) in December 2005, raising AUD 13 million.