Marlborough company signs $20M agreement with Chinese firm
Courtesy | CardioFocus
Marlborough medical device company CardioFocus announced on Wednesday it has entered into a $20-million agreement with a Chinese firm for a license to produce and distribute its catheter ablation HeartLight X3 System.
The licensing and distribution agreement with China Grand Pharmaceutical provides a license to the company to seek regulatory approvals and commercialize the HeartLight X3 System in China, Hong Kong and Macau, according to a release from CardioFocus.
The HeartLight X3 System is CardioFocus' catheter ablation technology for controlled and consistent pulmonary vein isolation, a treatment for atrial fibrillation.
Grand Pharma will pay CardioFocus up to $20 million for the rights to seek regulatory approval and ultimately distribute and manufacture HeartLight X3 in China. CardioFocus will receive $12.5 million of the license fee as an upfront payment and the remainder will be paid upon the achievement of certain milestones, according to the release.
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