Imricor Signs Landmark Agreement with Leading Distributor in Saudi Arabia

Karen BorresenNews

31 July 2023 – Minneapolis, United States Imricor Medical Systems, Inc. (Company or Imricor) (ASX:IMR) the global leader in real-time iCMR cardiac ablation products, is pleased to announce it has entered into a Distribution Agreement with Al Faisaliah Medical Systems (FMS) Subsidiary of Tibbiyah Holding Company, a prominent distributor in the Kingdom of Saudi Arabia (KSA).

Under the terms of this 5-year agreement, FMS will be the exclusive distributor of Imricor’s products in KSA, a country which performs nearly 50,000 cardiac ablation procedures annually. FMS will also obtain and maintain all required regulatory approvals to import and sell Imricor products in Saudi Arabia, a process that is expected to be completed in Q3 2023, with product launch in KSA starting October 1st, 2023. Imricor expects procedures to be completed in the first 12-months of the partnership.

This marks a major achievement for Imricor as it enters a new geographical area, bringing the first and only iCMR family of products to healthcare professionals and patients in KSA. Imricor intends to continue to expand into the Middle East region with additional countries expected over time.

Imricor’s collaboration with FMS underscores its commitment to expansion and continued growth in strategic markets. Founded in 1973, FMS has an impressive track record of success with more than a billion dollars in revenue annually. FMS brings a wealth of expertise and a robust distribution network to ensure seamless market penetration for Imricor’s technology in KSA.

Imricor’s Chair and CEO, Steve Wedan, said: “We are extremely pleased to partner with one of the leading medical device distributors in the Kingdom of Saudi Arabia. FMS is working with multiple hospitals to establish state of the art cardiology centres throughout KSA, and now is a great time for Imricor’s technology to be introduced at these sites, where the iCMR labs will be dedicated cardiology-owned facilities.

“As I’ve said in the past, our sales efforts all over the world are focused on establishing dedicated iCMR facilities, and our partnership with FMS is well aligned with this strategic goal, while it also further grows our geographic footprint.

FMS, Subsidiary of Tibbiyah Holding Company CEO, Alaa Ameen, said: “With our partnership with Imricor, we’re extremely excited in bringing the unique Imricor iCMR technology to Saudi cardiac Centres that aim to be worldwide leader in patient outcomes. I’m confident that this state-of-the-art technology will add value to patient outcomes and meet the expectations of the Saudi cardiac Centres. In Tibbiyah Holding Company, we are doing our best to align our customers goal with Saudi Vision 2030 to establish the best cardiac Centres in the Middle east region.”

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