Toronto-based medical product developer Medifocus (
TSX:V.MFS,
Stock Forum) has signed a joint venture agreement with Hong Kong-based Ideal Concept Group to help get the company flagship product, Prolieve, approved for sale in China.
Medifocus has commercialized a microwave energy cancer treatment that, in the Prolieve form, can shrink benign prostatic hyperplasia tumors quickly, and without undue harm to surrounding tissue.
From a
company news release:
“The initial focus of the JV is to assist Medifocus in obtaining commercial approval for the Company’s Prolieve® Thermodilatation System from the China Food and Drug Administration (CFDA) to allow the marketing and sales of Prolieve® as a treatment for benign prostatic hyperplasia (BPH) in China. Following the CFDA approval, the JV intends to seek distributors to market and sell Prolieve® in Greater China and other countries in Asia. In parallel, the JV will identify and select GMP compliant manufacturers for the Prolieve® system and treatment disposables to reduce costs and broaden supply channels.”
Dr. Augustine Y. Cheung, President and CEO of Medifocus, said in the same release, “This joint venture should expedite the entry of our products in a region with a significantly larger patient population and position our technology platforms and products at the forefront of the vast and rapidly expanding BPH and cancer treatment markets worldwide. In addition, Ideal Concept Group offers the added resources, connections, and know-how to facilitate the development of additional products utilizing our thermotherapy technology platforms. We look forward to our growth as a much larger and stronger entity with global reach for our technologies.”
ICG describes itself as being “focused on helping companies with advanced innovative technologies and proven track records to expand business opportunities in China and the rest of Asia."
It continues, "The group utilizes its extensive network in the region to identify the relevant strategic partners in each country to further accelerate the company’s growth.”
The Medifocus APA 1000 Breast Cancer Treatment System has been approved by the United States Food and Drug Administration (FDA) and Health Canada for Phase III clinical trials. ICG is expected to recruit additional clinical sites in China to help with that process.
FULL DISCLOSURE: Medifocus is a Stockhouse Publishing client.