ALPHARETTA, Ga., Jan. 7, 2016 /PRNewswire/ -- EndoChoice Holdings, Inc. (NYSE: GI) announced it has entered into a distribution agreement with Chindex Medical Ltd. ("Chindex"), a leading medical device distributor, to sell the company's Full Spectrum Endoscopy System (Fuse) in the People's Republic of China, including Hong Kong and Macao.
Chindex is a full-service distributor of high tech medical equipment in greater China with a strong presence in the minimally-invasive surgical and imaging sectors including serving as the exclusive distributor for the Intuitive Surgical daVinci® Surgical Systems, MAKOPlasty® Orthopedic System and NeuroLogica Portable CT Platforms. Chindex will begin distributing the Fuse system in the first quarter of 2016 in Hong Kong, and then in China following approval by the Chinese FDA later this year.
"We are pleased to expand our global reach through this agreement with Chindex as it represents a significant market opportunity for EndoChoice," stated Mark Gilreath, Founder and CEO of EndoChoice. "As we continue to expand our reach into key international markets like Asia, we see growing interest in the Fuse system driven by best in class technology and unmatched clinical results. We continue to expect international expansion will further strengthen our global commercial strategy."
William Wang, CEO of Chindex Medical and VP of FosunPharma, commented "The Fuse system is the most advanced in the gastroenterology space providing a panoramic view of anatomy and clinical data1 showed Fuse detected 69% more adenomas than standard colonoscopes. The Fuse system is an ideal complement to Chindex's expertise and we are excited to bring this innovative technology to physicians and patients in our markets."
Based near Atlanta, EndoChoice (NYSE: GI) is a medtech company focused on the manufacturing and commercialization of platform technologies including endoscopic imaging systems, devices and infection control products and pathology services for specialists treating a wide range of gastrointestinal conditions, including colon cancer. EndoChoice leverages its direct sales organization to serve more than 2,500 customers in the United States and works with distribution partners in 30 countries. The Company was founded in 2008 and has rapidly developed a broad and innovative product portfolio, which includes the Full Spectrum Endoscopy System (Fuse®). EndoChoice, Fuse, and Full Spectrum Endoscopy are registered trademarks of EndoChoice Holdings, Inc.
About Chindex Medical Limited
Chindex Medical Limited is a joint venture between FosunPharma and Chindex International, Inc., dedicated to bringing the world's leading edge healthcare technologies and products to China through the Company's national distribution infrastructure, while developing and manufacturing quality healthcare devices and consumables in China to serve the global marketplace. The Company provides comprehensive distribution services, including product registration, sales and marketing, clinical applications support and training, and technical service to numerous major multinational manufacturers of medical products. The Company has particular expertise in successfully introducing novel and paradigm-changing technologies to China's healthcare marketplace. With over 30 years of distribution experience and over 15 years of manufacturing experience, the Company's vision is to become a global leader in the healthcare market.
Forward Looking Statements
This press release contains forward-looking statements, including statements about our expected international expansion. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on any forward-looking statements in this press release. Factors that could affect these statements include, but are not limited to, general economic, market, or business conditions; the opportunities that may be presented to and pursued by the Company; conditions in the medical technology industry; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the ability to successfully commercialize our products, including Fuse®; competition from new or existing competitors; and other risks described from time to time in EndoChoice's filings with the Securities and Exchange Commission ("SEC") (including the prospectus filed by EndoChoice with the SEC on June 5, 2015). Except as required by law, we disclaim any obligation to update any forward-looking statements for any reason after the date of this press release.
David Gill, Chief Financial Officer
1 Gralnek et al. Lancet Oncol. 2014: 15: 353-360.