On 24 November 2020, Biotyx Medical (Shenzhen) Co., Ltd. (Biotyx Medical, or the “Company”), a holding subsidiary of Lifetech Scientific，specialized in research, development, manufacture and sales of metal-based bioresorbable medical devices, has successfully introduced series A strategic investors, including IDG Capital and Co-Stone Asset Management. All parties have entered into the capital increase agreements and the shareholders’ agreement. Pursuant to the capital increase agreement, series A investors will inject a total of RMB160 million into the capital of Biotyx Medical to hold approximately 13.19% equity interest in the Company upon the completion of the capital increase transactions, while the Company will remain the holding subsidiary of Lifetech Scientific.
Iron-based bioresorbable (IBS) material platform of Biotyx Medical has been developed for more than 10 years, and the Company is the global pioneer in the field. The introduction of strategic investors is an important milestone for Biotyx Medical, which will provide necessary financial support for the subsequent development of the Company. Moreover, it will effectively incentivize the team and attract external talents, accelerating the clinical trial and market approval process of the IBS series products. It’s also marked that Biotyx Medical will operating independently in the financial market going forwards. The introduction of industry-leading strategic investors will also benefit for the Company in terms of the subsequent financing and operating in the capital market, hence improving the value of the Lifetech group.
At present, Biotyx Medical has successfully developed a variety of iron-based bioresorbable medical devices, covering the treatment of coronary heart disease, pulmonary artery stenosis in children artery stenosis below the knee and other treatment fields. The three core products are at different phase of clinical trial or in the process of market approval registration, and all of them have obtained the admission of China National Medical Products Administration (NMPA) Special Examination and Approval for Innovative Medical Services (药监局创新医疗器械特别审查程序). Currently, the development of the Company’s pipeline products is going smoothly, and they are expected to bring breakthroughs to the treatment of the related diseases.