Chordate Medical Holding AB (publ) ("Chordate") has, through its subsidiary Chordate Medical AB, signed an agreement of co-ownership of a newly registered Shanghai-based company in a Joint venture with Nanos Medical (Shanghai) Limited (' Nanos Medical '), primarily concerning the Chinese market. Nanos Medical invests MUSD 1.5 for about 67 percent ownership of the joint venture, while Chordate for its share of 33 percent adds their eight Chinese patents. The parties assess that sales can commence within 3 years in the Chinese market.
" Chordate and Nanos Medical represents together a strong combination of patented technology and efficient market access competence. This long-term cooperation gives us a central position in the Chinese ear-nose-throat market (ENT), and freedom for Chordate to be focusing its own resources on building further market presence, primarily in the EU. Being able to take such a big and important step early in our international commercialization, is something that I deem as extremely valuable to our company," says Anders Weilandt, CEO of Chordate.
"Nanos Medical has ENT and cardio-vascular technology as the primary focus. Chordate's treatment method and product system is now added to our strong offer within ENT, where we already have well established channels. Initially we shall successfully manage the product registration process of Chordate's product in China, and parallel to that secure the production capacity, as well as important customer contacts to ensure a quick market introduction. We are looking forward to make this cooperation with Chordate into a great success for both parties, and for our respective shareholders," says Nanos Medical's CEO, Terry Cui.
Kista-Shanghai, 24 May 2018
For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Phone: +46 (0) 733 87 42 77
Terry Cui, CEO
terry@nanosmedical.com
Phone: +86 (0) 21- 60433667
Information:
This information is such information that Chordate Medical Holding AB (publ) is required to disclose under the EU market abuse regulation. The information was provided, through the contact person above, for publication on the 24 May 2018 At. 15:45 CET.
The following documents can be retrieved from beQuoted
Chordate Pressrelease 2018-05-24 English.pdf
to the Editors
Om Chordate
Chordate Medical Holding AB (publ) is a medical technology company that for over ten years has developed, patented and CE-marked a new treatment method for chronic nasal congestion through nerve stimulation. The company sells its product system including treatments through its own sales organization and through distributors to clinics and hospitals, which in turn treats patients. Read more at www.chordate.com. Mangold fondkommission AB, Tel.nr. + 46 8 5030 1550, is the company's mentor and as liquidity provider at NGM Nordic MTF.
Om Nanos Medical
Nanos Medical develops, manufactures and markets medical devices. Nanos Medical is headquartered in Shanghai and has an ISO13485 Certified and GMP compliant manufacturing plant in Suzhou, Jiangsu Province in China. Nanos Medical also serves as an important platform for licensing innovative technologies and products on a global basis and commercialises these in China and other emerging markets.
