IRVINE, Calif.–(–)–NeuroVasc Technologies, Inc. announced that it has entered into a strategic partnership with the Wego Group that includes $34 million in funding to support the company’s product portfolio development and global clinical trial program.
With a focus on novel catheter-based technologies to treat neurovascular disease, NeuroVasc has developed a comprehensive portfolio development strategy to bring differentiated tools to the INR community to facilitate broader treatment options for patients suffering stroke and other neurovascular diseases.
The strategic partnership marks a major step forward for NeuroVasc Technologies in bringing a full neurovascular platform to market. The company’s portfolio of devices is aimed to help neurointerventional physicians more efficiently and effectively treat neurovascular disease. This treatment focus includes over 25.7 million cases of stroke globally each year. By 2025, the worldwide neurovascular devices market for stroke alone is expected to grow from $2.5 billion to $3.4 billion. NeuroVasc—with its innovative stroke solutions and product pipeline—is positioning itself to be a leader in this space.
“I have worked with the team from NeuroVasc Technologies for several years during the development of their stroke technologies, and I am very impressed with the collaborative and thoughtful approach they systematically employ through the design process. This gives me full confidence in the strength of NeuroVasc’s foundation and I am looking forward to their future projects,” said Professor Vitor Mendes-Pereira of the University of Toronto’s Toronto Western Hospital.
The $34 million in funding has been applied initially towards supporting clinical trials for the company’s novel stent-retriever, designed to treat patients suffering an acute ischemic stroke, in all major markets including Japan, EU, US, and China.
“Our growth is rapidly accelerating as a result of this partnership,” says Jim Ma, CEO of NeuroVasc. “We remain focused on delivering innovative technology that enables reproducible results, thereby helping physicians provide better outcomes for their patients.”
“This is an exciting time to be partnering with a company dedicated to improving stroke and neurovascular therapies,” remarks Mr. XueFeng Wu, CFO from Wego Group. “NeuroVasc and Wego have partnered to execute a comprehensive development strategy including the commencement of several pivotal clinical trials around the world in 2020. This series of efforts we feel will bring huge social and commercial value.”
“We are committed to expanding our product portfolio and developing robust clinical evidence for them to underpin our rapidly expanding commercial activity,” Mr. Ma further commented.
About Wego: Wego Group and its subsidiaries are principally engaged in the research and development, production, and sale of single-use medical devices. The Group has a wide range of products, which include consumables (e.g., infusion sets, syringes, medical needles, blood bags, pre-filled syringes, blood sampling products), orthopedic materials, and blood purification consumables and equipment.
At present, the Group’s sales are mainly conducted in the PRC market. The Group is actively exploring opportunities in international markets, and its products have been exported to 30 countries and regions, including the United States, Germany, Romania, Australia, and the United Kingdom.
About NeuroVasc: NeuroVasc Technologies, Inc. is a private company founded in 2015 and dedicated to advancing neurovascular innovation. Unlike other start-ups, NeuroVasc’s efforts are not just to develop a single product or single family of products, but to assemble a leading catalogue of products—internally developed and acquired—to address unmet needs in the treatment of neurovascular disease. Its current core product is a next-generation mechanical thrombectomy system that is designed to improve physicians’ clot retrieval capabilities in tortuous anatomy. NeuroVasc has received a CE Mark and is commercially active in Europe and Hong Kong, with 2020 commercial sales activity planned to expand into South America and Southeast Asia.