17.09.2021 – 09:00
Huadong Medicine and PulseCath Announce Strategic Collaboration to Develop and Commercialize the iVAC mechanical circulatory product in Greater China
Arnhem, Netherlands and Hangzhou, China (ots/PRNewswire)
Partnership accelerates the development of the iVAC 2L mechanical circulatory device in Greater China.
Expands Huadong Medicine's medical portfolio for cases of high-risk PCI with innovative percutaneous ventricle assist devices based on innovative pulsatile technology.
PulseCath will receive a significant investment in its share capital and in payments for regulatory and development activities and is eligible to royalties on iVAC's commercial sales by Huadong Medicine in their commercial region.
PulseCath B.V., a leader in the expanding field of percutaneous ventricular assist devices for high-risk PCI, and Huadong Medicine Co., Ltd., today announced that the companies have entered into an exclusive collaboration to develop and commercialize the iVAC technology in mainland China, Hong Kong, Macau and Taiwan (Greater China) and selected other Asian Pacific countries.
The collaboration agreement between PulseCath and Huadong provides Huadong Medicine with a license to distribute iVAC technology in mainland China, Hong Kong, Macau and Taiwan (Greater China) and selected other Asian Pacific countries as well as for local manufacturing and development. PulseCath will retain all rights in the rest of the world.
"With extensive regional experience, the right development and regulatory capabilities, and access to a deep local network of hospitals and clinics across Greater China, Huadong Medicine is an ideal partner for us," said Oren Malchin, PulseCath's Vice President for Marketing and Sales. "This collaboration reflects iVAC pulsatile technology's potential to deliver meaningful value to high-risk PCI patients as well as our ability to translate our work in cardiac assist devices into long-term relationships that create sustainable value for PulseCath and our partners. We look forward to working closely with Huadong Medicine to develop and commercialize the iVAC technology in Greater China as we continue to advance the iVAC product family, develop new products, conduct further clinical studies and support our application for FDA approval, which we expect for 2022 in the United States.
Under the terms of the agreement, PulseCath will receive a significant investment in the company's share capital and is eligible to receive a further investment as a result of potential development and regulatory milestones. In addition, PulseCath will receive a payment for regulatory activities and production in China dedicated to Greater China and selected other Asian Pacific countries. PulseCath is also eligible to royalties on iVAC's commercial sales by Huadong Medicine in their commercial region.
Huadong Medicine will be responsible for the development as well as regulatory submissions and commercialization of iVAC in Greater China and selected other Asian Pacific countries. Huadong Medicine will also have the opportunity to participate in global clinical studies of PulseCath conducted by PulseCath. PulseCath will continue to be responsible for the development and commercialization of iVAC in Europe, the United States, and other geographies.
ABOUT HUADONG MEDICINE
Huadong Medicine Co., Ltd. (SZ.000963) is a leading Chinese medical company based in Hangzhou, China. Founded in 1993, Huadong Medicine has fully integrated R&D, manufacturing, distribution, sales and marketing capabilities. The Company's annual revenue in 2020 exceeded 5 billion USD. Huadong Medicine has approximately 12,000 employees among which more than 1,200 are dedicated to R&D. Huadong Medicine possesses one of the most extensive commercial coverage and marketing capabilities in China. 'Patient Centered, Science Driven' is Huadong's value. For additional information, please visit: www.eastchinapharm.com/en
ABOUT PULSECATH AND IVAC
PulseCath B.V., founded in 2007, is an innovative company of advanced medical products. The company focuses on the development of advanced treatment products in the field of Cardiology. The iVAC 2L mechanical circulatory device developed by the company is suitable for the acute coronary syndrome, cardiac and non-cardiac surgery, or heart failure complications. For additional information, please visit: www.pulsecath.com