Venus Medtech Concludes Acquisition of 100% Equity Interest in Cardiovalve

Venus Medtech Concludes Acquisition of 100% Equity Interest in Cardiovalve

HANGZHOU, China, Jan. 25, 2022 /PRNewswire/ -- Venus Medtech (Hangzhou) Inc. (Venus MedTech, 2500.HK), a leading, innovative Chinese structural heart disease treatment company, announced its acquisition of 100% equity interest in Cardiovalve Ltd. (Cardiovalve), a pioneering transcatheter mitral and tricuspid valve treatment company was concluded on 26th January, 2022. As of today, Cardiovalve becomes a member of the global operation team of Venus Medtech officially, which will accelerate the international footprint of its innovative products.

Cardiovalve Ltd. (previously Mitraltech Ltd.) was headquartered in Israel in 2010. Its independently-developed Cardiovalve System is a transcatheter interventional replacement product for patients suffering from mitral or tricuspid regurgitation. Compared with products of the same kind, its transfemoral approach significantly improves the safety of treatment and its 55mm annuli is suitable for about 95% of the patient population. Its unique short frame design lowers the risk of LVOT obstruction. In addition, Cardiovalve has applied for over 215 patents, of which 83 have been granted.

Patients suffering from mitral and tricuspid regurgitation are increasing with each passing day, due to the lack of effective and innovative treatments. Such patients are expected to exceed 22 million by 2025 in China, and 14 million and 9.2 million in Europe and the U.S., respectively in 2025. Huge patient group brings broad market space. According to Edwards Lifesciences, the global leader in medical innovations for structural heart disease, the total value of interventional therapy for mitral regurgitation and tricuspid regurgitation will reach US$5 billion by 2028, which increases by 5 times compared with that of year 2021.

Interventional treatments of mitral and tricuspid regurgitation have been regarded as technically difficult globally. FDA has not approved any products for mitral and tricuspid valve replacement at present. However, with unique characteristics and ahead-of-schedule progress among products of the same kind under clinical period, Cardiovalve stands as the first privately held company to receive FDA's early feasibility study (EFS) approval for both TR and MR indications.

As a pioneer in the field of heart valve disease treatment in China, Venus Medtech is committed to continuous innovation and building a complete product system to fully serve doctors and patients worldwide. After the acquisition of Cardiovalve, the company will continue to advance its clinical research in Europe and the U.S., while accelerating its clinical development and commercialization in the Chinese market. The acquisition of Cardiovalve will enable Venus Medtech to become one of the most complete platform companies in the field of mitral regurgitation and tricuspid regurgitation treatment in China, and it will also bring new opportunities for Venus Medtech's innovation and internationalization.

"The successful completion of this cross-border acquisition will have a significant impact on the company's further international development strategy," says Venus MedTech's CEO, Eric Zi, "and we will take this as an opportunity to further consolidate our long-term vision of making international innovation and global presence. Venus Medtech will continue to advance our overall product pipeline to provide innovative devices and services for global doctors and patients. "

"Partnering with Venus Medtech is crucial for Cardiovalve to accelerate its approach to key global markets," said Amir Gross, CEO of Cardiovalve. "We've built a strong relationship of mutual trust over the past few years and are committed to creating a new ecosystem of cooperation between China and Israel in the medical device innovation industry. Going forward, we will continue to develop innovative and superior R&D products."

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SOURCE Venus Medtech (Hangzhou) Inc.