SINGAPORE, May 24, 2018 /PRNewswire/ -- QT Vascular Ltd., ("QT Vascular", and with its subsidiaries, the "Company"), announced today that it has entered into an asset purchase and option agreement (the "APOA") with Teleflex Life Sciences Unlimited Company and Teleflex Incorporated ("Teleflex"). Under the APOA, Teleflex will acquire the non-drug coated product line and licenses with respect to intellectual property related to the Company's non-drug coated coronary products (including Chocolate XD® and Glider™). The APOA also provides Teleflex with an option (the "Option") to purchase the drug coated coronary balloon catheter, referred to as Chocolate Heart™, currently under development by the Company.
"We are excited that Teleflex, one of the world's leading medical device companies, chose to acquire our coronary products and to obtain a license to our extensive coronary IP portfolio," stated Eitan Konstantino, PhD, CEO of QT Vascular. "We will work closely with Teleflex's team to bring our pioneering drug coated coronary product, Chocolate Heart™, to the US market."
Independently, QT Vascular will continue to develop and market its other products. This includes its differentiated drug coated percutaneous transluminal angioplasty balloon (Chocolate Touch®), which is currently enrolling patients in a 50 centre US IDE clinical trial. The Company also plans to develop, acquire and obtain rights to new products in new fields of use and to engage in research collaboration activities with large multinational partners.
The Company will convene an EGM to seek the approval of shareholders for the APOA. A circular containing further details on the transaction and enclosing the notice of EGM will be despatched by the Company to shareholders in due course.
The Company will continue to keep shareholders updated of any material developments as and when appropriate. In the meantime, shareholders and potential investors should exercise caution when trading in the shares of the Company.
SOURCE QT Vascular Ltd.