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Investing.com -- Lifeward Ltd. (NASDAQ:LFWD) stock rose 5.1% following the company’s announcement of an expanded distribution partnership for its AlterG product lines in the United Arab Emirates and throughout the Gulf Cooperation Council.
The medical technology company has extended its relationship with SportsMed Products Ltd. to include distribution in these Middle Eastern markets through SportsMed’s Dubai-based entity, SportsMed Performance Trading LLC. The partnership builds on an existing relationship, as SMP Ltd. has been the exclusive AlterG dealer in the United Kingdom (TADAWUL:4280) and Republic of Ireland since 2015.
According to the announcement, SportsMed has already established a demo zone in Dubai where potential customers can experience Lifeward’s latest AlterG NEO+ system. The UK-based distributor has sold over 300 AlterG devices since the partnership began and specializes in providing training, servicing, and maintenance to customers.
Lifeward CEO Mark Grant called the expansion "a critical step in driving the success and global reach of the AlterG product lines." The company, which focuses on medical technology for people with physical limitations or disabilities, is looking to this partnership to support its next phase of growth in the Middle East region.
SportsMed’s experience with the AlterG product line dates back to 2010, when the company was formed by former AlterG employees.
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