AsianScientist (Nov. 21, 2013) – Cytori Therapeutics and Lorem Vascular have announced a partnership to commercialize Cytori Cell Therapy for the cardiovascular, renal and diabetes markets in China, Hong Kong, Malaysia, Singapore and Australia.
Lorem Vascular will pay up to $500 million in fees for a 30-year license to Cytori Cell Therapy for all indications, excepting alopecia and aesthetics, in the licensed territories in the form of revenue milestones. In addition, Lorem Vascular agrees to purchase the Cytori Celution® System and consumables under a product supply agreement. Lorem and Cytori have implemented a regulatory plan in China and anticipate approval in 2014. One board seat will be granted to Mr. K.T. Lim, chairman of Lorem Vascular.
“Cytori Cell Therapy will transform the way healthcare addresses the most costly and insidious diseases impacting healthcare today and well into the future,” said Mr. K.T. Lim . “This therapy represents a front-line treatment modality that will serve as the centerpiece of our cardiovascular, renal and diabetes commercial activities across the region.”
More than 230 million Chinese have a form of cardiovascular disease (CVD) which is the country’s leading cause of death, accounting for more than 40 percent of all deaths, or three million people per year. This translates to one death every ten seconds from CVD in China.
According to recent estimates, due to population growth and aging, the number of annual CVD events in China is projected to increase by more than 50 percent during the next decade and a half. The growing worldwide prevalence of diabetes is one of the contributing factors to increasing rates of vascular diseases, as they are common co-morbidities of diabetes.
“China is one of the three largest and highest value medical markets in the world. A market penetration of less than five percent of the cardiovascular market alone represents millions of patients treated in the next thirty years, a multiple of billions in cost savings to the People’s Republic of China, and a transformation in the quality and standard of care,” said David Oxley, vice president for Emerging Markets at Cytori.
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Source: Cytori Therapeutics.
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