Minimally Invasive Medicine Introduces Two Fist Support Products from American Medical Equipment Company
Recently, Minimally Medical Science Co., Ltd. (hereinafter referred to as “Minimum Medicalâ€) and US-listed medical device company Lombard Medical announced that they have reached an agreement on strategic cooperation and minimally invasive medical care to inject Lombard Medical.
It is reported that Lombard Medical is a medical device company based in the UK that specializes in aortic endovascular repair. It has Aorfix and Altura stent grafts: Aorfix is ​​the only one with global access permit for treatment. The abdominal aortic stent graft with a neck angle of 90°, Altura uses an innovative ultra-fine delivery sheath design, which provides a simple and reliable surgical solution for clinicians to treat abdominal aortic aneurysms.
Exclusive management rights
Under the terms of the agreement, MicroPort Medical has exclusive rights to Lombard Medical's two main products in China and has a technology license to manufacture these two products for the Chinese market. Both products will undergo clinical trials and are expected to receive CFDA registration approval in 2019. At the same time, Lombard Medical and MicroPort Medical will enter into a parts supply production agreement, which will produce parts for the Aorfix and Altura product lines. In addition, Minimise Medical enjoys exclusive rights to Aorfix and Altura in the Brazilian market.
At the same time, MicroPort Medical and several investors invested a total of $15 million in Lombard Medical in the form of purchases of common stock and convertible bonds. Among them, investors such as MicroPort Medical, including the minimally invasive medical executives, subscribed Lombard Medical's $5 million common stock at a subscription price of US$0.62 per share, equivalent to 29% of its issued common stock. Equity. In addition, Lombard Medical issued a five-year, $10 million unsecured promissory note to MicroPort Medical and an investor at a 6-month London Interbank Offered Rate (LIBOR) that rose 4%. Before the expiration, MicroPort Medical and the investor had the right to convert it into Lombard Medical's common stock at an initial conversion price of $0.90 per share. If the above bonds are converted into common stock, MicroPort Medical and the above investors will account for 49% of the fully diluted shares of Lombard Medical. Upon completion of the transaction, MicroPort Medical will occupy two board seats on the board of directors of Lombard Medical.
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