Hong Kong-listed Grand Pharma invests in US firm CoRISMA
04:35, 31 August 2021
China Grand Pharmaceutical and Healthcare or Grand Pharma is among the investors in funding round of CoRISMA MCS Systems, a US company producing heart failure medical device.
The Hong Kong-listed firm led the Series A funding, which closed at USD27m (EUR22.8), it said in a statement on Monday. Under the agreement, Grand Pharma will own 22.2% stake in CoRISMA and obtain commercial rights for Greater China (including Hong Kong, Macau and Taiwan), Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
“We are eager to work together to jointly develop this breakthrough heart failure therapeutic device technology and address a major unmet clinical need, said Grand Pharma chief executive Frank Zhou.
The deal marks the latest investments made by Grand Pharma. In May, it invested EUR59m in Belgium’s eTheRNA Immunotherapies for biotechnology development in the field of tumour immunity.
Less invasive, more affordable device
Co-founded by a cardiac surgeon, CoRISMA produces device for people with heart failures, embedded with wireless module for circulation support and internet monitoring, according to its website.
“Current treatments are expensive and highly invasive, limiting availability to a few select countries despite the high global prevalence and economic burden of the disease,” the statement reads.
CoRISMA device, it said, “is designed to be less invasive, less expensive, and expands the market for heart failure devices.”
“Together, I believe we’re positioned to help the countless heart failure patients suffering from this relentless disease…Grand Pharma’s bold financial investment and extensive technical support will allow us to dramatically accelerate our development and commercialisation efforts,” CoRISMA chief executive Mike Theran said.