NORRISTOWN, Pa.--(BUSINESS WIRE)--Thubrikar Aortic Valve, Inc., a privately held medical device company developing a next-generation Transcatheter Aortic Valve Implantation (TAVI) system, announced today the execution of its second license agreement for the clinical testing, manufacturing, and sales rights to its Optimum TAVI system in exchange for clinical data and a royalty on sales.
The recently executed license is with Wide Line Limited of Hong Kong for sales in China and also entails a $1 Million USD investment by Wide Line in the Company. In 2014, the Company executed its first license agreement - with Labcor Laboratórios of Brazil - for sales throughout South America. Clinical trials sponsored by these licensees are expected to commence in Brazil and China in 2016 and 2017, respectively.
Dr. Tony Zhu, the Founder and Chairman of CCRF, also joined the Company’s Board of Directors.
“We are very pleased to expand our global partnerships for the Optimum TAVI System, to raise additional funds, and to have Tony join our Board,” stated Dr. Mano Thubrikar, the Company’s Founder and President. “We look forward to Labcor’s First-In-Human studies this Fall and royalties from both licensees after their regulatory approvals.”
Optimum TAV has surpassed 890 million cycles (simulates 24 years in vivo) in a durability test, more than the control surgical valve, per ISO standards. The Company has raised over $3.4 Million from individuals, Wide Line, and 3 angel groups.
About Thubrikar Aortic Valve, Inc.
Thubrikar Aortic Valve, Inc., founded in October 2010, has developed and patented a low-profile, bovine pericardial, self-expanding valve for transcatheter aortic valve implantation (TAVI) - called the “Optimum TAV” - as a treatment option for aortic stenosis. Optimum TAV is designed to mimic the natural aortic valve. It could also be used as valve-in-valve and in bicuspid patients. The Company has also designed a delivery catheter for transfemoral, transapical, and other access routes. More information is at www.TAVI.us.
About Labcor Laboratórios Ltda.
Founded in 1984, Labcor is a world-renowned company that specializes in the manufacturing of biological prostheses. Located in Belo Horizonte, Brazil, Labcor has already achieved over 150,000 implants of its surgical hearts valves throughout the world.
About Wide Line Limited.
Wide Line is registered in Hong Kong and is the main shareholder of CCRF (Beijing) Inc. and ESSEN Technology (Beijing) Ltd. CCRF is a leading CRO for medical devices focused on interventional cardiology. ESSEN Technology is a leading interventional cardiology stent developer and manufacturer.