Wednesday, June 09, 2021
Peijia Medical, a leading player in China for medical technology, announced a partnership with inQB8, a Boston based medical technology incubator, to explore innovative solutions for Structural Heart Disease. This partnership includes Peijia's acquisition of a transcatheter tricuspid replacement technology ("TTVR", or "inQB8 TTVR") from inQB8, which is currently in animal experimental stages and for which the inQB8 team will continue with device development in partnership with Peijia Medical.
The partnership combines Peijia's leadership and technical expertise in structural heart disease and inQB8 team's strong track record of medical innovation. The arrangement constitutes a 50-50 ownership of the incubator between Peijia and the inQB8 team. In the joint development of novel products and solutions in the structural heart field, Peijia will have exclusive privileges and rights to these technologies globally.
InQB8 Medical Technologies is a medical device incubator and the second collaboration between Dr. Arshad Quadri, MD and J. Brent Ratz, MBA, a partnership that began 15 years ago with the co-founding of CardiAQ Valve Technologies, the world's first trans-septal Transcatheter Mitral Valve Replacement (TMVR) system. InQB8 focuses on developing new solutions for major cardiovascular diseases including Structural Heart issues, Type A Aortic Dissection and Heart Failure in HFpEF and HFmEF. InQB8 plans to accelerate projects through prototyping, bench, and pre-clinical testing and allow these early-stage concepts to grow within inQB8 until they are ready to be acquired or advanced as separate stand-alone cardiovascular start-ups. As projects mature, new ideas and concepts will be initiated and developed within the incubator.
"inQB8 is proud of its trailblazing efforts in developing breakthrough technologies for the transcatheter treatment of Tricuspid Valve Disease, Type A Aortic Dissection and Heart Failure with preserved or moderately depressed Left Ventricular function. We are excited to be partnering with Peijia Medical to substantially accelerate the development of these projects so that patient needs are met expediently and efficiently. With the support of Peijia Medical, inQB8 is poised to transform the treatment of Structure Heart diseases globally," said Dr. Arshad Quadri MD, Co-Founder and Executive Chairman of inQB8 Medical Technologies, LLC.
As a cardiac surgeon-turned-inventor and entrepreneur, Dr. Quadri brings both clinical insight and an inventor's creativity to the company. In his clinical practice at St. Francis Hospital in Hartford, CT, USA, he performed an average of 100 to 150 open-heart surgeries per year, was one of the leading implanters of endovascular aortic grafts for aortic aneurysmal disease, and maintained a primary interest in the treatment of ischemic and structural heart disease. In addition to his clinical experiences, Dr. Quadri has a long history of medical innovation. He founded CardiAQ Valve Technology, where he served as Chairman and Chief Medical Officer until it was acquired by Edwards Lifesciences (EW) in 2015 for $350 million, plus milestone payments. Following the acquisition, Arshad joined EW as VP of Medical Affairs TMVR to support and proctor clinical cases in the Early Feasibility Study in the US. Arshad holds 50 granted and published patents. Dr. Quadri is well published in peer-reviewed medical journals, and has presented his work at numerous national and international medical conferences.
"We are thrilled to be working with such an experienced team in Peijia and we see this as an exciting first step in a long-term partnership to drive innovation and support critical patient needs across the globe," added J. Brent Ratz, inQB8 Co-Founder and Managing Director.
Brent Ratz is a successful medical device entrepreneur, executive and inventor with over 20 years of experience in the industry. In addition to his role as Co-Founder and Managing Director of inQB8, he is also the President and CEO of InnovHeart, a second generation TMVR start-up. Previously he was the founding CEO, President and COO of CardiAQ Valve Technologies. Following CardiAQ's acquisition, Brent joined Edwards Lifesciences as VP R&D TMVR to support the integration, the US Early Feasibility trial, and next generation development. Since leaving EW in 2017, Brent has served as an independent consultant for numerous early-stage device companies and has supported due diligence efforts for several investment funds.
"Following the Highlife cooperation, Peijia is now working with yet another high-caliber team for another challenging task that will benefit millions of patients," said Dr. Yi Zhang, the Chairman and CEO of Peijia Medical. "This shows our commitment to innovation and our ambition to become a global player in the field of transcatheter heart valves. The partnership between Peijia and inQB8 is highly complementary. InQB8 is able to focus on experimenting early ideas while Peijia can further support and propel these ideas to later developmental stages. Peijia retains its entrepreneurial spirit to explore earlier R&D projects. Our values are very aligned with the start-ups and we share a similar mindset with inQB8. That's why Peijia can do more beyond financing. I believe that through all the various investments and partnerships, Peijia is truly becoming global player with innovative products". The transaction also involved the acquisition of inQB8 TTVR by Peijia. inQB8's TTVR system consists of a bio prosthetic valve implant and a customized delivery system. It is designed to be implanted within the native tricuspid valve using a non-surgical, catheter-based approach via trans-jugular or trans-femoral access. The team has already conducted successful acute animal studies with this transcatheter approach and chronic animal studies are currently underway
Tricuspid regurgitation ("TR") is an un-met medical need globally and a serious threat to the patient's survival. The 5-year survival from the first heart failure is less than 50%. There are almost 50 million patients globally and almost 10 million in China. Less than 1% of Chinese patients receive treatment.
"A dedicated transcatheter tricuspid valve replacement technology is desperately needed to treat the large number of patients suffering from tricuspid regurgitation, "according to Dr. Nicolo Piazza, MD, PhD, interventional cardiologist at the McGill University Health Centre. "Given the anatomical characteristics and imaging challenges associated with the tricuspid valve, it may be more suitable for replacement than repair. Having said that, future studies will be needed to better understand optimal patient selection and treatment options. As opposed to simply reassigning a mitral designed device towards the tricuspid valve, inQB8 has started from the ground up and developed a transcatheter tricuspid valve replacement (TTVR) technology that takes into account the critical anatomical details of the tricuspid valve."
"Peijia aims to become one of the leading players in Structure Heart globally." Dr.Zhang commented, "And I expect that a solution to TR, either repair or replacement or maybe both, will be an integral part to any Structure Heart leader's product portfolio. The acquisition of inQB8's TTVR will only be the first step for Peijia's long march towards a truly global medtech company. There will be more novel products in the pipeline of inQB8 to enable Peijia to compete in the most competitive field directly with other multinational medtech companies.
About Peijia Medical
Peijia Medical (09996.HK) was established in 2012 and is headquartered in Suzhou, China. Peijia Medical focuses on the high-growth interventional procedural medical device market in China, and aims to become a world-renowned medical device platform that provides comprehensive treatment solutions for structural heart and neurovascular diseases.
Any forward-looking statements are subject to risks and uncertainties such as those described in Peijia Medical's periodic reports on file with the HKEx. Actual results may differ materially from anticipated results.