CardioFocus Announces Agreement with China Grand Pharmaceutical to Bring HeartLight X3 System to China
MARLBOROUGH, Mass., June 2, 2021 /PRNewswire/ -- CardioFocus, Inc., a medical device company dedicated to advancing ablation treatments for atrial fibrillation (AFib), announced today that it has entered into a licensing and distribution agreement with China Grand Pharmaceutical (Grand Pharma). The agreement provides a license to Grand Pharma to seek regulatory approvals and commercialize the HeartLight X3 System in China, Hong Kong and Macau. The HeartLight X3 System is CardioFocus' catheter ablation technology for controlled and consistent pulmonary vein isolation (PVI), the gold standard treatment for atrial fibrillation.
Grand Pharma will pay CardioFocus up to $20 million for the rights to seek regulatory approval and ultimately distribute and manufacture HeartLight X3 in China. CardioFocus will receive $12.5 million of the license fee as an upfront payment and the remainder will be paid upon the achievement of certain milestones.
"Grand Pharma has an existing portfolio of medical devices and is committing to bringing our innovative HeartLight X3 System to the people of China," said Burke T. Barrett, chief executive officer and president of CardioFocus. "We look forward to immediately beginning work with the team at Grand Pharma on our first major objective: regulatory approval of X3 in China."
"CardioFocus' HeartLight X3 addresses a need among physicians in China for a better ablation tool for PVI, one that delivers a high-quality outcome for patients as well as fast and consistent procedure times," said Chen Xiaojie, vice president of Grand Pharma, who leads the cardio and neuro medical device sector. "We are eager to obtain regulatory approval for HeartLight X3 and bring this disruptive and revolutionary new treatment to patients."
The number of catheter ablation procedures in China has continuously increased in recent years, from 117,000 procedures in 2015 to 180,000 procedures in 2019, driven by the increasingly aging population.
About the HeartLight X3 System
About China Grand Pharmaceutical and Healthcare Holding Limited
About CardioFocus, Inc.
 China Cardiovascular Intervention Forum, Apr. 21, 2020
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SOURCE CardioFocus, Inc.