The Liège-based company Cefaly Technology has just signed a 3-year contract worth 4 million euros with the South Korean firm MediFocus Co Ltd. Twenty-two thousand devices for treating migraines should be sold in this Asian country within two years.
This contract covers the distribution, marketing and scientific promotion of Cefaly in South Korea through the company MediFocus Co Ltd, based in Seoul and specialising in the sale of pharmaceutical products.
"South Korea represents a young market with great potential for our company", declared Pierre Rigaux, CEO of Cefaly Technology. "To be present there now, in a considered manner, was an opportunity not to be missed, we had to seize it and create a strong partnership with a Korean company; and I am particularly pleased that this was the result of a speculative contact from our partner after authorization was granted by the FDA in the United States, demonstrating that the reputation of our company is growing worldwide and moving beyond our own economic microcosm."
MediFocus has already ordered 5,000 Cefaly devices. 10,000 are expected to be sold during the first year of marketing and 12,000 during the second.
The Cefaly is a Liège-based innovation used for the non-invasive and drug-free prevention and treatment of migraines. This device, which resembles a headband, was developed in collaboration with the University of Liège. The Cefaly is manufactured entirely in Belgium.
In recent months, Cefaly has signed partnerships with foreign companies based in Saudi Arabia and Brazil. It has also opened a subsidiary in the United States.
Source: Belga and CCI Mag
