VIGMED® forms partnership with Vätterledens Invest to produce protection devices for hypodermic needles in Sweden
Swedish medical device company VIGMED® and Vätterledens Invest’s subsidiary AB Euroform have formed a partnership for the production of VIGMED®’s automatic needle protection device, SWiNG. In the first phase of the cooperative agreement, Euroform’s business unit MediPharm will invest in a production site in Sweden to produce VIGMED®’s patented SWiNG product range. This site will supply the European market and will begin operations towards the end of 2013, with the first deliveries of products occurring during the first quarter of 2014.
Lennart Holm (Chairman VIGMED®), Per Knutsson (innovator and largest shareholder VIGMED®), Håkan Jimstad (MD Euroform), Mikael Jönsson (MD Vätterledens Invest) when signing the partnership agreement.
VIGMED® SWiNG is the first protection device for hypodermic needles which, after activation, automatically protects the needle tip. This cost effective product is aimed at the mass market for hypodermic needles. Around 25% of all needlestick injuries occur after the skin is penetrated and during the actual injection. Given it is activated during the actual injection, VIGMED® SWiNG reduces the risk of injury to healthcare personnel further than any other product on the market of which VIGMED® is aware. The VIGMED® SWiNG technology is unique and has received an extremely positive reception from the users and distributors involved in the market tests that have been carried out so far. VIGMED® judges the European market for injection to be around 8 Billion procedures, which is relatively large. Additionally, prior to the introduction of the EU’s new needlestick protection directive in May 2013, only 5-10% of the needles used for these procedures had some form of needle protection.
“It is a definite sign of strength that VIGMED® has formed a production partnership with Euroform – an acknowledged expert and high-tech producer of polymer products. This means that already as soon as early 2014 VIGMED® will be able to begin the eagerly anticipated delivery of uniquely safe and user friendly needle protection devices to the healthcare sector. We see the agreement with Euroform as a first step in a long-term cooperation which will almost certainly include other product categories”, says Finn Ketler, VIGMED®’s MD.
Euroform’s MD, Håkan Jimstad comments that “it is gratifying that Euroform proved competitive to the alternatives VIGMED® evaluated in Asia and Eastern Europe. Euroform is an effective, focused and modern Swedish manufacturer and in partnership with VIGMED® we can show it is possible to create new manufacturing employment opportunities in Sweden.”
For additional information contact:
VIGMED®’s MD Finn Ketler (+45 21 54 6408) or Euroform’s MD Håkan Jimstad (+46 141 209 410)
Please visit the companies’ websites www.vigmed.com or www.euroform.se
Euroform is a high-techonology developer and manufacturer of polymer systems and components for European industry. Operations are in three customer-oriented divisions: Euroform Industrial, Euroform MediPharm and Euroform Trucks. Euroform had a turnover of approx. 420 million kronor in 2012, with around 225 employees, and is expanding, with the goal to become one of the leading companies in selected segments in northern Europe. Owned by Vätterledens Invest, operations are located in Motala and Tranas in Sweden.
VIGMED® is a Swedish medical device company with the goal to offer the market unique needle-protected devices. VIGMED® has their head office in Helsingborg and employees around 10 people currently. VIGMED® shares are traded on the NASDAQ OMX First North exchange (ticker VIG) and there are approximately 5400 shareholders currently. Remium Nordic AB is the Certified Advisor to the company. Additional information including the company background, a video presentation of VIGMED® and risk factors can be found on VIGMED®’s website.
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