Sanovas Prepares for Global Expansion by Creating Innovation Center and Venture Capital Fund in China
Expansion opportunity positions company's innovation engine at the heart of the world's fastest growing biotechnology innovation hub and establishes a $75M venture capital fund to complete development and commercialization of company's groundbreaking technologies in Surgical Imaging, Thoracic Oncology, Interventional Pulmonology, E.N.T., Ophthalmology and Bioscience.
SAN RAFAEL, Calif., June 19, 2017 /PRNewswire/ -- Sanovas, Inc., a Life Science technology company innovating the next-generation of micro-invasive medical technologies, announced today that it has achieved an agreement with the People's Government of Suzhou, China, to establish a venture capital fund and Innovation Center at the Suzhou Institute of Nanotechnology and NanoBionics (SINANO) at the Chinese Academy of Sciences located within the Suzhou Industrial Park Biotechnology Innovation Center at BioBay, to advance the company's innovations and sales in China.
"We respect Sanovas and the company's approach to developing innovative technologies and improving treatments in medicine for so many," stated Xiang Wang, Mayor of Suzhou City, Jiangsu Province, China.
Sanovas Suzhou will operate as a Wholly Foreign Owned Enterprise in China. The Sanovas Suzhou Venture Capital Fund will directly invest upwards of $75M in the development and growth of Sanovas' groundbreaking innovations in Surgical Imaging, Thoracic Oncology, Interventional Pulmonology, E.N.T., Ophthalmology and Bioscience.
The transaction creates multiple opportunities for Sanovas in China; to include the 30,000 sq. ft. Innovation Center SINANO at BioBay. The agreement provides Sanovas with access to scientific, technology and medical collaboration with SINANO faculty, scientists, engineers, doctors, and local hospitals to aide Sanovas' ongoing efforts to miniaturize and advance medical technologies and therapies to improve access (through affordability and portability) to care for our global society.
"Through positive relations and the forging of solid friendships, we have joined hands with the People's Government of Suzhou and Suzhou Industrial Park Biotechnology Innovation Center to bring Sanovas' innovation engine to one of the largest and best-planned life science innovation hubs in the world," said Larry Gerrans, Sanovas Founder and CEO. Consistent with Sanovas' inspiration to surround its excellence with the very best minds and the very best talents throughout the world, the Suzhou Institute of Nanotechnology and NanoBionics, the Chinese Academy of Sciences and BioBay strongly position Sanovas at the 'tip of the spear' for the 21st Century's breakthroughs in Life Science."
The China-Singapore Suzhou Industrial Park (SIP), encompassing more than 111 sq. miles of dedicated biotechnology facilities and infrastructure recently celebrated its 20th anniversary. Suzhou's proximity to the Shanghai financial hub and its educated, skilled talent pool has enabled SIP's expansive growth and its ranking as the best industrial park in China. In 2015, Suzhou City was ranked as the 7th largest city in China by GDP, grossing over $211B. With a population nearing 11 million citizens Suzhou City is home to more than 25,000 companies, of which over 100 are Fortune 500 firms.
"We are proud to invite Sanovas to build the future of medicine in BioBay. Sanovas technologies can save lives and improve treatments for much more people in China and the world!" said YU Jiqiang, Director, Chairman Suzhou Industrial Park Biotechnology Innovation Center at BioBay. "The Suzhou Industrial Park is strongly supported by the National Biotech Innovation Center of China and is ranked #1 among China's National High-Level Industrial Parks as determined by the China Ministry of Commerce. Sanovas is a company that will help keep us number 1."
Sanovas' presence in SINANO will also benefit from collaboration with many the world's top scientists and researchers, including the Oxford University Research Institute in Suzhou Industrial Park.
"This agreement creates a venture capital fund purposed solely for advancing the capitalization for Sanovas' intellectual properties, technologies, and products in China. It establishes a state of the art biotechnology facility in SINANO and BioBay, one of the largest think tanks and commercial enterprise zones for advancing scientific and medical innovation in the world.
It brings over $75 million in capitalization for Sanovas' expansion in China; the incorporation of five of Sanovas subsidiaries in China, and firmly positions Sanovas for long-term growth in the China market, the second largest consumer market in the world for medical technology, for years to come," said Gerrans.
Sanovas is redefining intervention with access, imaging, and measurement technologies that enable physicians to perform more interventional procedures, in more places, more affordably. The company is dedicated to developing the full continuum of best-in-class minimally invasive diagnostic and therapeutic technologies and solutions that are affordable, accessible, and safe across multiple procedures and specialty areas.