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Bioelectronic medicine company electroCore’s (NASDAQ: ECOR) shares are gaining on Monday after the company announced it has entered into an agreement with Medistar2 that will see them serve as the gammaCore Sapphire distributor in Australia.
The gammaCore Sapphire is a non-invasive vagus nerve stimulator that will supply therapy to patients suffering from primary headache disorders.
The deal follows regulatory approval from the Australian Therapeutic Goods Administration to promote and sell the gammaCore Sapphire family of products.
The agreement's initial term is three years and includes minimum purchase commitments, although they were not disclosed.
electroCore said Medistar will launch gammaCore Sapphire at the 2021 ANZHS Headache Annual Scientific Meeting, which will be held on March 13-14.
“Medistar has demonstrable expertise in medical device distribution in Australia and we are incredibly excited to have its team working on behalf of electroCore,” said Iain Strickland, electroCore’s Vice President of European Operations.
Shares of electroCore are 37.33% higher heading into the open on Wall Street, currently priced at $2.98.
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