Venus Medtech acquires Nuocheng Medical for comprehensive cardiac device innovation platform
Today, Venus Medtech (Hangzhou) Inc. ("Venus Medtech", 2500.HK), a leading comprehensive platform company for innovative structural heart disease devices in China, announced its acquisition of 100% equity and corresponding rights of Hangzhou Nuocheng Medical Technology Co., Ltd. (hereinafter referred to as "Nuocheng Medical") at a consideration of not more than RMB493 million, and shall pay the consideration conditionally subject to the completion of certain milestone events as agreed.
Founded in 2017, Nuocheng Medical is an innovative developer of medical devices incubated by Dinova Medical Group, dedicated to providing safe and effective treatments for hypertrophic cardiomyopathy (HCM) patients. Its self-developed Liwen RF™ radiofrequency ablation system pioneers the treatment of HCM with ultrasound-guided percutaneous intramyocardial septal radiofrequency ablation and presents a safe, effective, precise, minimally invasive and innovative option. This procedure is extensively showcased and recognized at important international academic conferences, such as TCT, CSI and CIT. At present, it’s applied in multi-center clinical trials in China, with upcoming overseas clinical trials in developed countries.
The Liwen RF™ radiofrequency ablation system has been performed on 144 cases during exploratory clinical trials. Compared with traditional gold standard surgery, the innovative procedure has a success rate as high as 88%, and there is no death case one year after operation. The clinical manifestation, cardiac function and quality of life of patients show great improvements and are significantly superior to the outcomes of surgery and alcohol septal ablation, which eloquently proves the safety and efficacy of the Liwen procedure as well as the advancement of instrument performance.
Since the start of the year, Venus Medtech has taken major steps toward a comprehensive platform for innovative heart disease devices. In May, Venus Medtech invested in Valgen Medtech to obtain commercial rights for the closest-to-approval mitral valve repair system in China. In June, Venus Medtech established Renaly, a joint venture with Healium Medical, to introduce next-generation innovative renal denervation (RDN) devices. Healium Medical is an Israeli high-tech company dedicated to researching and developing the therapeutic and imaging capabilities of ultrasound energy.
Outstanding commercialization capabilities are necessary to continuously introduce and develop innovative pipelines. Venus Medtech has proudly established significant commercialization advantages in structural heart disease solutions. Data shows that the Company has completed 7,000+ TAVR procedures and developed 300+ partner hospitals and 100+ independent operation centers. At the same time, a professional team of more than 200 marketers has been set up to reach and engage medical specialists in an academic approach, providing better control of end users, enhancing brand awareness and popularizing the application of its innovative products.
Eric Zi, Founder, Executive Director and General Manager of Venus Medtech, said, "This acquisition will create synergy with our existing product portfolio and further expand our innovation and business layout on the global scale. It is another milestone in our transition to a comprehensive platform for structural heart disease treatment after the collaborative development of renal denervation (RDN) devices. The Liwen procedure pioneers a transmyocardial approach and provides an innovative solution to paravalvular leakage in the treatment of valvular diseases. We will develop new techniques to address perivalvular leakage based on the Liwen procedure to enhance our overall pipeline and bring innovative products and services to doctors and patients worldwide."