VEXIM : Continues to Develop Its Business across Europe by Setting up an Italian Subsidiary

Vexim (Paris:ALVXM), a medtech company specializing in minimally invasive treatment of vertebral fractures (“minimally invasive anatomical restoration”), today announced its incorporation of an Italian subsidiary (in Milan). Vexim already has a strong reputation in Italy and so creation of this subsidiary will help accelerate the commercial development of the company’s flagship SpineJack product range on Italian soil.
“In line with the development strategy presented at the time of our IPO in April 2012, Italy is one of our largest European markets – so the incorporation of Vexim Italy was a logical follow-on from the creation of Vexim GmbH in Germany”, commented Vexim CEO Vincent Gardès. “The incorporation of Vexim Italy demonstrates our lasting commitment to the Italian market, which should be a major growth driver for our company. The initial sales figures are very encouraging”.
The Italian kyphoplasty market is estimated to be worth about ?15 million and the market for vertebral fracture treatments is worth around ?20 million.y
Vexim has already started to develop its Italian sales force by recruiting a Sales Director with in-depth knowledge of the vertebroplasty market, together with a sales representative for the Adriatic region. Sales coverage across the country will be provided by a network of distributors and agents, with a focus on northern Italy because of more favorable payment and reimbursement conditions. Vexim Italy has just signed a contract with its first distributor and has recruited its first two commercial agents. The company expects to sign more agents and distributors within the next 12 months, to provide full coverage across Italy.
Vexim now has sales forces in France, Germany and Italy, thereby reinforcing its close, existing relationships with each country’s specialist consultants and opinion leaders.