By Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
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(Incorporated in the Cayman Islands with limited liability)
(Stock code: 00853) VOLUNTARY ANNOUNCEMENTThis is a voluntary announcement made by MicroPort Scientific Corporation (the "Company", together with its subsidiaries referred to as the "Group").
ACQUISITION OF DRUG ELUTING STENT ASSETS AND LICENSE OF INTELLECTUAL PROPERTY FROM CORDIS
The board (the "Board") of directors (the "Directors") of the Company is pleased to announce that, on 20 January 2014, SINO Tech Corp ("SINO Tech"), a subsidiary of the Company, has entered into a definitive agreement with Cordis Corporation ("Cordis") pursuant to which SINO Tech has acquired certain assets, divested entities and a license to certain intellectual property related to drug-eluting stents ("DES") of Cordis (the "Acquisition").
The acquired assets include equipment and machinery related to DES manufacturing, as well as certain DES-related patents and other intellectual property. The divested entities from Cordis consist of the entities known as Conor Medsystems. In addition, SINO Tech has entered into a non-exclusive license with Cordis for worldwide rights to certain of Cordis' DES patents and related intellectual property.
Through the Acquisition, the Company will secure the position of being the global leader for targeted eluting coronary stent technology which is the cornerstone technology for the Company's third generation DES product Firehawk (the "Firehawk"). With the Acquisition, the Company will take another step forward to strengthen the competitive and intellectual property position for its DES franchise.
Firehawk is the Company's third generation internally developed DES. Firehawk is uniquely innovative in that the stent has been developed to deliver sirolimus drug and biodegradable polymer through tiny grooves that have been carved on the outside surface of the stent struts themselves. This proprietary design allows a targeted release of the drug and polymer to the diseased area of the coronary artery. In addition, the Company believes that this targeted eluting coronary stent technology allows for a significantly lower dosage of drug and polymer to be used in order to achieve the same clinical efficacy as other coronary drug-eluting stents.
In January 2010, Firehawk completed a 21 patient First in Man clinical trial that demonstrated Firehawk was safe to implant in patients. In May 2011, Firehawk completed enrollment of a 510 patient prospective multi-center clinical trial called TARGET I. In February 2012, Firehawk completed
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enrollment of an additional 730 patients in a clinical trial called TARGET II. In total there have been
1,261 patients enrolled in clinical trials to study and evaluate the Firehawk DES which represents the largest-scale premarket clinical trial of a coronary DES in China. Firehawk is currently under review by China Food and Drug Administration for approval in China.
As all applicable percentage ratios (as defined in the the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") are less than 5%, the Acquisition does not constitute a notifiable transaction of the Company under the Listing Rules.
By Order of the Board
Chairman
Shanghai, The People's Republic of China, 20 January 2014
As at the date of this announcement, the executive Director is Dr. Zhaohua Chang; the non-executive Directors are Mr. Norihiro Ashida, Mr. Hiroshi Shirafuji and Mr. Ganjin Chen; and the independent non-executive Directors are Mr. Zezhao Hua, Mr. Jonathan H. Chou and Dr. Guoen Liu.
* For identification purposes only
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