Tactile Medical has agreed to an exclusive U.S. distribution deal with Elastimed for MyoSleeve, a wearable lower-leg compression device, and paid $3 million upfront to secure rights in the VA and DoD systems.
The agreement gives Tactile Medical exclusive U.S. distribution rights for MyoSleeve within those federal channels. The company also committed to minimum purchase obligations and to marketing and sales promotion support.
MyoSleeve is a battery-powered, cable-free device that wraps around the calf and can be worn under clothing. It uses electroactive polymer technology to deliver sequential compression without tubing, cords or an external controller. The device has FDA 510(k) clearance and is indicated for chronic swelling, including chronic edema, lymphedema and venous insufficiency.
The deal expands Tactile Medical’s portfolio with a product aimed at patients earlier in the disease process, including those who may not yet need more intensive compression therapy. The company said MyoSleeve may also be used alongside traditional pneumatic compression devices or for patients with mobility-limiting cases.
Tactile Medical said it will use its sales organization, billing and payment expertise, and patient support infrastructure to commercialize the product and support market access efforts. Today the company's shares have moved -2.78% to a price of $29.00. For more information, read the company's full 8-K submission here.
