HANGZHOU, China, May 16, 2018 /PRNewswire/ -- Venus Medtech
announced that it has entered into a definitive investment
agreement with DCP Capital. The investment will be used by Venus
Medtech to accelerate the upgrading and internationalization of
existing valve products, support the company to rapidly enter into
the clinical research stage for its new mitral/tricuspid valve
disease treatment technology, and lay a solid foundation for the
company to comprehensively enter the international heart valve
market.
Together with a growing economy and an aging population, the
incidence of senile calcific aortic valve disease is on the rise
and will soon become the main cause of valvular disease in
China. At present, surgical
procedures for aortic valve replacement (SAVR) are widely used but
the risk of surgical trauma is high and the postoperative recovery
is slow. Most of the older patients are unable to tolerate such
surgery. After 16 years of rapid development, transcatheter aortic
valve replacement (TAVR) technology has gradually become the
mainstream treatment for aortic valve disease in the world.
According to current indications, there are at least 500,000
patients in China who have TAVR
indications and the majority of them are not admitted to hospital
for treatment. In addition to aortic valve disease, mitral and
tricuspid valve diseases are also common valvular heart diseases.
It is estimated that patients with severe Mitral Regurgitation
(MR) and Tricuspid Regurgitation (TR) number over 10
million in China but the rate of
surgical treatment is less than 2%. The therapeutic market in
this area is particularly promising.
Venus Medtech has been cultivating the research, development and
commercialization of medical devices for heart valve disease for
many years. The company has more than 300 patents of valve
technology worldwide and has formed a complete and strict
protection of intellectual property rights. The company's first
generation TAVR product, VenusA-Valve percutaneous interventional
aortic valve system, is the first interventional prosthetic valve
product approved by China Food and Drug Administration in
April 2017, which
created a new era of interventional cardiology in
China and became an example of
high-end innovative medical devices created in China.
Venus Medtech has a deep and comprehensive position in the field
of heart valve disease treatment. VenusP-Valve, a transcatheter
pulmonary valve product, is the first self-expanding pulmonary
valve in the world and it has completed 178 implantations in 27
centers in nearly 20 countries and regions. The company's
China registration research has
also been completed and the EU registration research will be
completed soon. It is expected that China and Europe will approve its listing in 2019. In
addition, Venus Medtech will use this new investment to accelerate
the development of mitral and tricuspid valve replacement devices.
It is expected that it will enter the clinical trial stage in 2019
and it will accumulate a lasting development momentum for the
growth of the heart valve business after 5 years.
Eric Zi, Co-founder and CEO of
Venus Medtech said: "We are extremely excited to have DCP as our
long-term value-added partner. This cooperation will benefit from
the DCP team's 25 years of successful investment experience in
China led by Mr. David Liu. In particular, we hope to leverage
DCP's significant investment / acquisition experience, and its
portfolio management capabilities to accelerate Venus Medtech's
expansion."
"DCP is delighted to have the opportunity to invest into Venus
Medtech," said David Liu, Executive
Chairman of DCP. "We are extremely impressed with the company's
outstanding management team, strong technological capabilities and
deep industry knowledge. We look forward to fully utilizing our
network and expertise to help Venus Medtech to grow into the next
phase of development."
"Venus Medtech is led by a management team with global vision
and strong sense of social responsibility and we are honored to
partner with such a company to help it grow to a global medical
device player," added Wayne Wang,
Managing Director of DCP.
The proceeds will be invested in Venus Medtech's R&D,
production, and sales network expansion to fuel the company's rapid
development.
Haoyue Capital was the exclusive financial advisor in this
transaction.
About Venus Medtech:
Venus Medtech is a leading heart valve developer in China. The firm, located in Hangzhou National
Hi-tech Development Zone, focuses on the research and development
of internationally advanced artificial cardiovascular valve systems
with commercial applications and has succeeded in developing such
products both in China and around
the world.
Venus Medtech is fully dedicated to research and development and
has twice been the first to pioneer the production of models for
new valve systems: the pre-loading transcatheter valve system and
the self-expanding transcatheter pulmonary valve system
(VenusP-Valve). Since 2013, Venus Medtech has received investments
from Qiming Venture Partners, Sequoia China and Goldman Sachs.
For additional information
visit http://en.venusmedtech.com
About DCP:
DCP Capital ("DCP") is a leading Greater China focused private equity firm. The
DCP team previously led KKR and Morgan Stanley's private equity
business in China, with an
outstanding long-term track record across multiple cycles. Over the
past 25 years, the DCP team has led a number of successful
transactions and nurtured numerous industry leaders, such as Ping
An Insurance (Group) Company Of China, China Mengniu Dairy Co,
Qingdao Haier Co, China International Capital Corp, China Modern
Dairy Holdings, United Envirotech, China Cord Blood Corp, Fujian
Sunner Development Co, Far East Horizon, Hengan Group, Belle
International Holdings, Fujian Nanping Nanfu Battery Co, COFCO Meat
Holdings, Yongle Appliance, Asia Dairy, Uxin Group, Tarena
International Inc. Combining its global investment perspective and
extensive local network, the DCP team has accumulated deep industry
knowledge and strong operational capabilities. As a long-term value
investor, DCP is committed to building long-term, win-win
partnerships with portfolio companies and help support value
creation initiatives.