Thubrikar and Labcor Strengthen Partnership with Nearly $1 Million Investment in Thubrikar
NORRISTOWN, Pa. — (BUSINESS WIRE) — Thubrikar Aortic Valve, Inc., a privately held medical device company developing a next-generation Transcatheter Aortic Valve Implantation (TAVI) system, announced today the investment by its Licensee, Labcor Laboratórios of Brazil, of $460,000 cash and a $500,000 promissory note for additional investment. The Company closed its “Interim” financing round after collecting an additional $40,000 from 2 physicians last month.
In 2014, the Company executed a license agreement with Labcor for clinical testing, manufacturing, and rights to sell the Company’s Optimum TAVI System™ throughout South America in exchange for clinical data and a royalty on Labcor’s sales. ANVISA, the Brazilian regulator of medical devices, recently granted Labcor permission to start a clinical trial of the Optimum TAVI System. Their clinical trial is expected to start in 2018.
The Company has a similar license agreement with Wide Line Limited of Hong Kong, the Company’s largest investor to date, for sales in China. Their clinical trial is expected to start in 2019. The Company has also applied to Health Canada for approval to sponsor its own First-In-Human study towards European approval.
“We are very pleased to raise these additional funds, and look forward to our 3 sources of clinical data,” stated Dr. Mano Thubrikar, the Company’s Founder and President. “We look forward to further strengthening our global strategic partnerships for obtaining regulatory approvals and commercialization of the Optimum TAVI System.”
About Thubrikar Aortic Valve and its Optimum TAVI System™
Thubrikar Aortic Valve, Inc. is a privately held medical device company based in Norristown, PA that has developed a next-generation Transcatheter Aortic Valve Implantation (TAVI) device and delivery catheter, collectively called the “Optimum TAVI System.” The Optimum TAV™ was designed after the natural valve using 30 years of research by the Company’s Founder, Dr. Mano Thubrikar, author of The Aortic Valve. The Precision Catheter is specific to Optimum TAV. The Optimum TAVI System will be available in multiple sizes. For more information, please visit: www.tavi.us.
About Labcor Laboratórios Ltda.
Founded in 1984, Labcor is a world-renowned company that specializes in the manufacturing of biological prostheses. Located in Belo Horizonte, Brazil, Labcor has already achieved over 150,000 implants of its surgical hearts valves throughout the world.
About Wide Line Limited.
Wide Line is registered in Hong Kong and is the main shareholder of CCRF (Beijing) Inc. and ESSEN Technology (Beijing) Ltd. CCRF is a leading CRO for medical devices focused on interventional cardiology. ESSEN Technology is a leading interventional cardiology stent developer and manufacturer.