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G Medical Innovations Holdings' shares surge on US$67.5M China deal

The Israeli mobile health outfit started trading on the ASX in May 2017.

a person using a mobile phone
The company’s key product is its medical smartphone jacket

G Medical Innovations Holdings’ (ASX:GMV) Chinese subsidiary has executed a landmark agreement with Shandong Boletong Information S&T Co Ltd for the distribution of its products in China.

Israeli mobile health outfit G Medical started trading on the ASX in May 2017, following a A$12 million initial public offer.

The company’s key product is its medical smartphone jacket, Prizma, a consumer device that transforms any smartphone into a medical monitoring device.

G Medical’s shares were last trading at 20% higher intraday, at A$0.21.

Pursuant to the terms of the agreement, Boletong has agreed to purchase a minimum quantity of units within the first year of the G Medical smartphone Prizma.

Boletong will pay a pre-determined price for each unit, with the value of the agreement based on the minimum commitments being no less than US$67.5 million.

The obligation to acquire the units commences on the granting of the CFDA (China Food and Drug Administration) certification to G Medical, which is currently in process.

Additionally, Boletong will provide medical and ancillary support via nurse and physician staffed call centres and ‘Cloud’ services.

The companies are planning to set up a medical call centre providing support services from 50-60 nurses and 3-5 general practising physicians.

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