Qiming Medical completes acquisition of 100% of Cardiovalve's shares

On January 26, 2022, Hangzhou Qiming Medical Devices Co., Ltd. (“Qiming Medical”, 2500.HK), a leading comprehensive platform for innovative structural heart disease devices in China, announced that it has completed a 100% equity acquisition of Cardiovalve Ltd. (Cardiovalve), an innovative transcatheter mitral valve tricuspid valve therapy company. This means that from now on, Cardiovalve will officially become a member of Qiming Healthcare's global operation team to accelerate the internationalization of innovative products.

Due to the lack of effective innovative treatments, the number of patients with mitral valve reflux and tricuspid valve reflux is increasing day by day. In China, the number of patients is expected to exceed 22 million in 2025, while patients in Europe and the US will reach 14 million and 9.2 million, respectively, in 2025. The huge patient population corresponds to a broad market space. According to the forecast of Edward, a leading global valve treatment device company, the total value of mitral valve reflux and tricuspid valve reflux interventional therapy will reach 5 billion US dollars by 2028, a fivefold increase compared to 2021.

Interventional treatment for mitral valve reflux and tricuspid valve reflux has always been listed as a technical difficulty internationally. Currently, the US FDA has not approved the marketing of any mitral valve or tricuspid valve replacement products, and Cardiovalve has a unique positioning and leading progress in clinical stage products. It is also the first company to obtain approval from the US FDA and also conduct early feasibility studies on mitral valve reflux and tricuspid valve reflux indications.

In the treatment of mitral valve reflux indications, Cardiovalve has entered clinical research in Europe and early feasibility studies in the US. In terms of treatment of tricuspid valve reflux, CardioValve was awarded the title of “Breakthrough Device” by the US FDA in January 2020, and has already entered the Early Feasibility Study (EFS) stage.

Qiming Medical (2500.HK) is the leading enterprise in the field of transcatheter heart valve treatment in China. Since settling in Hangzhou in 2009, the company's outstanding record in developing innovative products has given the company a significant first-mover advantage. The key products Venusa-Valve and Venusa-Plus are the first first-generation and second-generation TAVR products in the world to be approved by the NMPA and launched in China. At the R&D center, in addition to being deeply involved in valvular product pipelines, Qiming Medical has built multiple technical platforms to extend the field of disease treatment from valvular heart disease to hypertrophic cardiomyopathy, interventional treatment of hypertension, and even heart failure, and is committed to building a complete integrated solution for structural heart disease.

Cardiovalve was founded in 2010 and is headquartered in Israel. The company has about 40 employees, a 1,700-square-foot factory and clean room, and has more than 200 patents and patent applications. Cardiovalve, developed independently by the company, is a transcatheter interventional replacement product that can simultaneously treat mitral valve reflux and tricuspid valve reflux. At present, multicenter clinical studies of mitral valve replacement and tricuspid valve replacement have been carried out in the US and Europe, and initial clinical results have shown good results.