Shanghai, China, 30 July 2021 — MicroPort® CardioFlow Medtech Corporation (CardioFlow Medtech) has recently entered into a simple agreement for future equity (SAFE) with Valcare, Inc. (Valcare), a start-up focusing on innovative transcatheter technology, following the recent conclusion of CardioFlow Medtech’s first investment via SAFE. Through this new agreement, CardioFlow Medtech will make an additional investment in Valcare of 2.48 million USD to support the program acceleration plan proposed by its management team. The investment will be converted to preferred equity at an agreed discount rate in the next capital raise.
CardioFlow Medtech first invested in Valcare through its joint venture and became one of its shareholders in September 2018. The Company has maintained a long-term trust in — and support for — Valcare based on its track record of clinical progress and innovative capabilities. This investment will further strengthen the partnership and accelerate the clinical application of Valcare’s innovative products in China and other markets, thereby benefiting more patients.
Commenting on the investment announcement, Mr. Guoming Chen, President of CardioFlow Medtech, stated, “The follow-on investment will further enrich the product line and R&D projects layout of CardioFlow Medtech. As we enhance and diversify our product portfolio, we will improve our competitiveness and ability to provide global patients with a complete medical solution for structural heart disease.”
Founded in 2012, Valcare is dedicated to providing innovative transcatheter technologies for the treatment of mitral and tricuspid regurgitation through its D-shaped, semi-rigid closed ring technology, which underpins its flagship products such as Amend™, Corona and Trivid. Amend™ is an innovative transcatheter mitral valve semi-rigid repair ring designed to provide clinical-standard surgical care via safer and easier catheter-based procedures. Corona is specifically designed to fit inside the Amend™ D-shaped repair ring. Corona and Amend™ together provide a mitral regurgitation solution for patients that are ineligible for transcatheter mitral valve (TMV) repair. Trivid is a transcatheter tricuspid valve repair (TTVR) product undergoing early-stage design. In December 2020, Valcare completed the first-in-human transseptal implant of the Amend™ annuloplasty ring for mitral valve repair.
Mr. Shuki Porath, CEO of Valcare, commented, “To date, three patients who have been enrolled in the clinical trial have received transseptal implants of the Amend™ annuloplasty ring. Results show a significant reduction in mitral regurgitation in these cases. We, therefore, have full confidence in the long-term performance of Amend™.” He continued, “We believe this investment will further promote the development progress of Amend™, allowing it to provide a better treatment option for patients with mitral regurgitation in China and worldwide as soon as possible.”
About CardioFlow Medtech
Founded in 2015, Cardioflow Medtech (stock code: 02160.HK), a subsidiary of MicroPort Scientific Corporation (stock code: 00853.HK), focuses on the research, development and commercialization of innovative transcatheter and surgical solutions for valvular heart diseases. In light of today’s enormous, rapidly growing yet severely under-penetrated heart valve medical device market, Cardioflow Medtech has seized this opportunity to strategically focus its product portfolio on the treatment of the most common aortic and mitral valve diseases, including aortic stenosis and mitral regurgitation.