Genesis Medtech Collaborates with Penumbra to Expand Neurovascular Market in China
- Partnership to be in tandem with formation of Genesis Medtech's Neurovascular Franchise, pending an ongoing full acquisition of Hua Medtech
- The collaboration will position Genesis MedTech ("Genesis") as the largest local company in China's neurovascular space
SINGAPORE, Jan. 19, 2021 /PRNewswire/ -- Genesis MedTech Group has reached a consensus to fully acquire Hua Medtech as part of its plans to set up a specialised neurovascular franchise, which has entered into a strategic cooperation with Penumbra, Inc., an NYSE listed, global healthcare company focused on innovative therapies, for the domestic sales and production of products with Penumbra's technology for the Chinese market.
Penumbra's products are currently used in more than 300 hospitals in China via distribution by Hua Medtech. Its intracranial thrombus aspiration system is the only system with an aspiration indication that has obtained NMPA (National Medical Products Administration) approval in China. Hua Medtech has also established a GMP certified system at its R&D and production base in Suzhou. Technology and production of core products from this strategic collaboration will be fully transferred to China following the same exacting, world-class manufacturing standards.
In recent years, the Chinese medical device market has accelerated its growth in the neurovascular space. According to industry reports, in 2019, the scale of China's neurovascular market is estimated at more than US$1 billion and is expected to reach US$2 billion by 2023. This will propel China to become the world's second-largest neurovascular market.
GIVING FOCUS TO TECHNOLOGY THAT MATTERS
Due to the accelerated aging of the domestic population and changes in residents' lifestyles, stroke is now officially China's primary cause of death and disability. China has an average of 5 million cases of stroke each year, 80% of which are ischemic while 20% are haemorrhagic. Medical institutions, practitioners and patients are faced with an increasingly urgent need for high-quality stroke treatment. The treatment methods for acute ischemic stroke include drug thrombolysis and mechanical thrombus removal. Suction system and embolism removal stents are currently the two most common embolism removal devices, of which Genesis has both under its portfolio.
Meeting Needs Right Where They Are
With a pressing need for these treatments, Genesis has been focusing on bringing highly proven and innovative neurovascular treatment technology into the China market since last year. The company has acquired Minitech Medical, a leading domestic enterprise in the neurovascular industry in 2020 and has successfully developed and launched its first domestically-made intracranial embolization stent, which is highly suitable for treating acute ischemic stroke. Its distal access catheter is currently applying for registration certification.
Warren Wang, Chairman and CEO of Genesis MedTech International said, "Through this collaboration with Penumbra, we will be able to bring their world-class intracranial thrombus aspiration system to patients and practitioners in China with speed. This will significantly alleviate and address the urgent need for high-quality stroke treatment in China."
"We are excited to be working in partnership with Genesis given their demonstrated capacity and expertise in bringing important technologies to many patients in China," said Adam Elsesser, President and Chief Executive Officer of Penumbra, Inc. "The Genesis team shares Penumbra's commitment to helping physicians address ischemic stroke and other neuro conditions and we look forward to helping many more patients together."
Genesis' high-paced manoeuvres, in particular, this two-step acquisition of Hua Medtech and collaboration with Penumbra has now placed it at the forefront of China's neurovascular industry by size alone.
ABOUT GENESIS MEDTECH
Genesis MedTech Group is a medical device company headquartered in Singapore. Founded by a group of professionals and entrepreneurs with MedTech experience globally and in Asia, the company's product portfolio focuses on value segment multi-therapy medical device products for emerging markets with sales and distribution through its established commercial network. Genesis MedTech Group covers the entire industry value chain of research and development, production, quality management, supply chain, marketing, and sales.
For more information, visit http://www.genesismedtech.com.
About Penumbra, Inc.
Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. Penumbra sells its products to hospitals and healthcare providers primarily through its direct sales organization in the United States, most of Europe, Canada and Australia, and through distributors in select international markets. The Penumbra logo is a trademark of Penumbra, Inc.
For more information, visit http://www.penumbrainc.com.
SOURCE Genesis MedTech Group
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