Clal Biotechnology: Investment Agreements of up to $ 25 million per cardia
The company has signed a system of agreements for cooperation with the Chinese public medical device company Venus MedTech
Sponsor News 14/07/2020 10:05
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Clal Biotechno
Clal Biotechnology Industries is pleased to announce that Pi-Cardia, a 5.5% holding company, has updated that it has entered into an agreement with Venus Medtech.
Pi-Cardia is developing non-implant catheterization solutions to treat valve calcification. Its leading product, the Leaflex catheter, is designed to treat patients suffering from narrowing of the aortic valve in the heart. Millions of people around the world suffer from this disease. Leaflex, which is being tested in clinical trials, is designed to improve valve function without the need to replace it with a complex surgical or tubular procedure.
As part of the transaction, Venus will transfer to Pi-Cardia a total of up to $ 25 million, of which $ 10 million will be transferred on the date of completion of the transaction and the balance will be transferred subject to the fulfillment of conditions set out in the transaction. In return for the investment amount, Pi-Cardia will allocate preferred shares and convertible bonds and grant an exclusive license for the development, production, marketing and commercialization of Leaflex in China. In addition, Pi-Cardia will be entitled to royalties based on future sales of Leaflex in China.
At the date of completion of the transaction, the Pi-Cardia holding rate of the Anatomy Technology I Fund, a partnership in which the company holds 50%, will be approximately 5%, and in addition, the company's holding rate directly in Pi-Cardia will be approximately 3%. .
Venus is a Chinese public company traded on the Hong Kong Stock Exchange (stock code: 2500.HK) at a current market value of about $ 4 billion. The company operates in the field of medical equipment for catheters in the heart valves in China with a market share of about 79% in the procedures of replacement of the aortic valve by catheterization (TAVR) in the Chinese market in 2018.
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The company has signed a system of agreements for cooperation with the Chinese public medical device company Venus MedTech
Sponsor News 14/07/2020 10:05
A + A-
Shares in the article
Clal Biotechno
Clal Biotechnology Industries is pleased to announce that Pi-Cardia, a 5.5% holding company, has updated that it has entered into an agreement with Venus Medtech.
Pi-Cardia is developing non-implant catheterization solutions to treat valve calcification. Its leading product, the Leaflex catheter, is designed to treat patients suffering from narrowing of the aortic valve in the heart. Millions of people around the world suffer from this disease. Leaflex, which is being tested in clinical trials, is designed to improve valve function without the need to replace it with a complex surgical or tubular procedure.
As part of the transaction, Venus will transfer to Pi-Cardia a total of up to $ 25 million, of which $ 10 million will be transferred on the date of completion of the transaction and the balance will be transferred subject to the fulfillment of conditions set out in the transaction. In return for the investment amount, Pi-Cardia will allocate preferred shares and convertible bonds and grant an exclusive license for the development, production, marketing and commercialization of Leaflex in China. In addition, Pi-Cardia will be entitled to royalties based on future sales of Leaflex in China.
At the date of completion of the transaction, the Pi-Cardia holding rate of the Anatomy Technology I Fund, a partnership in which the company holds 50%, will be approximately 5%, and in addition, the company's holding rate directly in Pi-Cardia will be approximately 3%. .
Venus is a Chinese public company traded on the Hong Kong Stock Exchange (stock code: 2500.HK) at a current market value of about $ 4 billion. The company operates in the field of medical equipment for catheters in the heart valves in China with a market share of about 79% in the procedures of replacement of the aortic valve by catheterization (TAVR) in the Chinese market in 2018.
https://www.sponser.co.il/Article.aspx?ArticleId=101146
