LifeTech Scientific Corp, DiNova Venture Partners & Broncus Technologies, Inc. Form Lung Cancer Partnership
Published: Oct 22, 2012
MOUNTAIN VIEW, Calif., Oct. 22, 2012 /PRNewswire/ -- LifeTech Scientific Corp. (8122:HK; Hong Kong Stock Exchange), DiNova Venture Partners, LLC (Shanghai, China), Themes Investment Partners (Hong Kong, China) and Broncus Technologies, Inc., announced the formation of Broncus Medical, Inc., a global strategic partnership to develop and commercialize innovative medical devices for the diagnosis and treatment of lung cancer. Lung Cancer is responsible for the most cancer-related deaths for both men and women throughout the world. In addition, the American Cancer Society estimates that 223,500 new cases of lung cancer in the U.S. will be diagnosed and 165,000 deaths due to lung cancer will occur in 2012. These numbers demonstrate a significant need for advanced technologies that are dedicated to enhanced diagnosis and treatment of patients inflicted with this disease.
Broncus Medical, Inc. designs, manufacturers and markets the LungPoint® Navigation System, which enables physicians to plan bronchoscopic procedures, and then navigate to precise locations in the lungs to diagnose and treat lung cancers. In addition, Broncus has developed and is selling the FleXNeedle, a proprietary tissue sampling device that allows for enhanced access to areas of the lung not accessible with currently available products.
George Trutza, an experienced medical device executive with an extensive background commercializing medical devices in the U.S and worldwide, will be the President of Broncus Medical, Inc. Mr. Trutza notes, "Today marks a great milestone as we look forward to the continued, accelerated development of innovative technologies which meet the needs of lung cancer patients and physicians around the world. This partnership will allow us to capitalize on the expertise of multiple leading companies, facilitating the development and sales of this leading edge technology."
"LifeTech, which just announced its strategic partnership with Medtronic Inc., is extremely excited about the opportunity to partner with Broncus, one of the leaders in the field of interventional pulmonology," says Michael Zhao, CEO of LifeTech Corp. "By coming together as a team, we effectively bridge the gap between cutting edge technologies and the world's largest medical market in the making as we drive awareness of Broncus products, helping to help save millions of lives."
"DiNova Venture Partners is pleased to participate in this strategic Partnership which will establish a global platform and allow us to bring advanced technology to lung cancer patients in China," says Mark Maciejewski, Managing Partner at DiNova Venture Partners. Mr. Maciejewski will be the Chairman of Board of Broncus Medical, Inc.
"Themes is committed to working hand in hand with LifeTech, Dinova and Broncus to increase revenue generation from Broncus' novel technology and to accelerate the launch of this product in China, which has by far the world's largest and fast-growing lung-cancer patient base," adds Frank Yu, Co-Founder and CEO of Themes Investment Partners, who will also be a Director on the Board of Broncus Medical, Inc.
Broncus, Inc. will be exhibiting at the CHEST 2012 Conference in Atlanta, Georgia, October 20-25, Booth # 1230.
About LifeTech Scientific
LifeTech Scientific Corporation is a public company listed on the Hong Kong Stock Exchange dedicated to researching, developing, manufacturing and marketing advanced minimally invasive interventional medical devices for cardiovascular and peripheral vascular diseases and disorders, with a global reach and subsidiaries in China, Netherlands, India, Russia and France. As a leading medical device company with roots in healthcare going back 13 years, LifeTech has built up a strong worldwide sales network, offering a broad range of products to over 30 countries across Asia, Europe, South America, North America and Africa. LifeTech announced on October 15th that Medtronic, Inc. is investing in LifeTech as a significant shareholder and has entered into a strategic alliance that brings together the resources and technologies of the world's largest medical device company with the local market expertise, brand recognition and growth potential of a recognized leader in China, which is fast becoming one of the world's largest device markets.
About DiNova Venture Partners, LLC
DiNova Venture Partners is a Shanghai-based Venture Capital firm in Partnership with DiNova Biomedical Innovation Center and local government agencies in China to create a unique model to transfer and commercialize disruptive medical technologies to China.
About Themes Investment Partners
Themes Investment Partners is a China-focused private equity fund. The fund focuses on and invests primarily in China-related healthcare and environmental businesses. Themes has expertise in cementing strategic partnerships between leading players in China and global companies with cutting-edge technologies, especially in the healthcare area.
About Broncus Medical, Inc.
Broncus Medical, Inc. is a medical technology company focused on developing and commercializing innovative solutions for diagnosing and treating lung diseases. Its LungPoint® system allows physicians to plan bronchoscopic procedures and navigate to locations in the lungs accurately and quickly. Its FleXNeedle catheter is used to obtain biopsy samples and access to hard-to-reach targets. For more information visit www.broncus.com.
Broncus, LungPoint, and FleXNeedle are trademarks of Broncus Medical, Inc.
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SOURCE Broncus Medical, Inc.