Chordate and Nanos Medical signs a Letter of Intent for a joint venture agreement regarding China 2017-12-18
Chordate and Nanos Medical signs a Letter of Intent for a joint venture agreement regarding China
Kista-Shanghai, 18th December 2017. Chordate Medical Holding AB (publ.) (“Chordate”) has through its subsidiary Chordate Medical AB signed a letter of intent regarding a joint venture with Nanos Medical (Shanghai) Limited (” Nanos Medical “) mainly related to the Chinese market. Nanos Medical will own 67 percent after investing MUSD 1.5 in the joint venture, while Chordate for its 33 percent stake adds a license. The assessment is that a final agreement will be concluded before the end of the first quarter of 2018 and that sales can commence within 2-3 years.
“We have a CE-marked and proven product system that currently is launched in the markets we can finance and manage, as stated earlier. Nanos Medical represents a fast growing and financially strong partner who immediately can start market preparations based on our eight Chinese patents. The joint venture adds resources and regional know-how that we cannot deploy ourselves, for the time being. This is in my opinion a big step for Chordate, “said Anders Weilandt, CEO of Chordate.
“Nanos Medical has ear-nose-throat (ENT) and cardiovascular medicine as focus areas. Chordate’s treatment method and product system fits well into our business model, and will strengthen our range within ENT where we have already established marketing channels. We are very familiar with the product registration process in China, and have the required production capacity available. We look forward to implementing an efficient marketing process and rapid launch, as we consider this to be an important addition to our product portfolio”, says Nanos Medical’s CEO Terry Cui.
For more information, please contact:
Anders Weilandt, CEO Terry Cui, CEO
Phone: +46 (0) 733 87 42 77 Phone: +86 (0) 21- 60433667
This information is information that Chordate Medical Holding AB (publ.) is required to disclose under the EU Market Abuse Regulation. The information was provided by the above contact person for publication on 18th December 2017 at. 08:30 CET.
TO THE EDITORS
Chordate Medical Holding AB (publ.) is a medical technology company that has developed, patented and CE-marked a new treatment method for chronic nasal congestion through nerve stimulation for more than ten years. The company sells its product system including treatments through its own sales organization as well as distributors to clinics and hospitals, which in turn treat patients. Read more at www.chordate.com. Mangold Fondkommission AB, tel. +46 8 5030 1550, is the company’s mentor and liquidity guarantee at NGM Nordic MTF.
About Nanos Medical
Nanos Medical develops, manufactures and markets disposable medical devices in the field of minimally invasive interventional therapy. Headquartered in Shanghai, Nanos Medical has established an ISO-13485 certified, GMP-compliant, manufacturing facility in Suzhou, Jiangsu Province of China. Nanos Medical also functions as a key platform to license innovative and disruptive technologies and products on global bases and commercialize them in China and all other emerging markets.