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Shares of hemodialysis product maker Rockwell Medical (NASDAQ:RMTI) traded higher on Thursday after announcing agreements to widen its global distribution network.
Its new five-year distributor agreement with Dominican Republic-based medical products company BioNuclear allows the sale and distribution of its hemodialysis concentrate products within the country.
Santo Domingo-headquartered BioNuclear will have the option to extend the agreement for an additional five years.
Rockwell Medical (RMTI) also announced an amended distribution agreement with Bermuda-based Atlantic Medical International (“AMI”) to expand the list of hemodialysis products that AMI is purchasing from the company.
In 2022, the company signed a five-year deal with AMI to sell its medical products. The revised agreement is anticipated to generate a profit margin in line with its gross margin outlook for 2024, Rockwell Medical (RMTI) said.
The newly announced agreements are expected to help the company add roughly $1M in annual revenue.