Huadong Medicine and PulseCath Announce Strategic Collaboration to Develop and Commercialize iVAC Mechanical Circulatory Product in Greater China
ARNHEM, Netherlands and HANGZHOU, China, September 17, 2021 / PRNewswire / – PulseCath BV, 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 on the continent China, Hong Kong, Macau and Taiwan (Greater China) and a selection of other Asia-Pacific countries.
The collaboration agreement between PulseCath and Huadong provides Huadong Medicine with a license to distribute iVAC technology on the continent China, Hong Kong, Macau and Taiwan (Greater China) and selected from other Asia-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, good development and regulatory capabilities, and access to a large local network of hospitals and clinics across Greater China, Huadong Medicine is an ideal partner for us, ”said Oren Malchin, Vice President of Marketing and Sales for PulseCath. “This collaboration reflects the potential of iVAC’s pulsatile technology to deliver significant value to patients at high risk of PCI as well as our ability to translate our work in cardiac assist devices into long-term relationships that create value.” sustainable for PulseCath and our partners. We look forward to working closely with Huadong Medicine develop and commercialize iVAC technology in Greater China as we continue to advance the iVAC family of products, develop new products, conduct further clinical studies, and support our request for FDA approval, which we anticipate for 2022 in 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 additional investment due to potential development and regulatory milestones. In addition, PulseCath will receive payment for regulatory activities and production in China dedicated to Greater China and some other Asia-Pacific countries. PulseCath is also eligible for royalties on commercial sales of iVAC 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 some other Asia-Pacific countries. Huadong Medicine will also have the opportunity to participate in the PulseCath global clinical studies conducted by PulseCath. PulseCath will continue to be responsible for the development and commercialization of iVAC in Europe, United States, and other geographic areas.
IN REGARDS TO 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 USD 5 billion. Huadong Medicine has around 12,000 employees, more than 1,200 of whom are dedicated to R&D. Huadong Medicine has one of the broadest commercial coverage and marketing capabilities in China. “Patient-centered, science-driven” is the value of Huadong. For more information, please visit: www.eastchinapharm.com/en
ABOUT PULSECATH AND IVAC
PulseCath BV, founded in 2007, is an innovative company of advanced medical products. The company is focused on the development of advanced treatment products in the field of cardiology. The iVAC 2L mechanical circulatory system developed by the company is suitable for acute coronary syndrome, cardiac and non-cardiac surgery, or complications of heart failure. For more information, please visit: www.pulsecat.com