On November 15th, the third Promotion Conference for Fortune Global 500 and World-Renowned Foreign Companies •International Friendship City Forum was held in Wuhan. It was during this conference that China Grand Enterprise’s subsidiary China Grand Pharmaceutical and Healthcare (herein Grand Pharmaceuticals) entered into a joint venture agreement with Canada’s Conavi Medical Inc.

This year’s conference was attended by 22 of Wuhan's international friendship cities from 21 countries across the world, who signed a total of 27 projects relating to the internet of things, biomedicine, high-end health care, e-business, and more. In total, the 27 projects are worth approximately 101.8 billion yuan (about $15.33 billion USD). Several leading figures such as Chen Yixin, Deputy Communist Party Secretary of Hubei and Party Secretary of Wuhan, Mayor Wan Yong, Hu Shuguang, Chairman of the Municipal Committee of the Chinese People's Political Consultative Conference, and former Canadian Prime Minister Stephen Harper were also in attendance.

The 3rd Investment Promotion Conference for Fortune Global 500 and World-Renowned Foreign Companies ·International Friendship City Forum

By entering into a joint venture with Conavi Medical Inc, Grand Pharmaceuticals acquired exclusive regional distribution rights for Conavi’s “Foresight Intracardiac Echocardiography (ICE)” and “Novasight Hybrid Intravascular Imaging” systems in areas such as Mainland China, Hong Kong, Macau, and Taiwan for a period of 20 years. The two systems have already obtained multiple patents and are currently awaiting approval from the Food and Drug Administration and for medical device licenses to be issued by Health Canada.

The Signing of JV Agreement between Grand Pharmaceuticals and Canada’s Conavi

In addition, 3D-ICE has been recommended by media insiders as one of the most fundamental technological innovations in cardiology since the 2016 Annual Transcatheter Cardiovascular Therapeutics (TCT) meeting. In addition, a recent trial of IVUS/OCT showed a substantial increase in its ability to collect and process endovascular images. Unlike 3D-ICE, IVUS/OCT will be used in the broader field of percutaneous coronary intervention. With its promising breakthrough in traditional coronary angiography and its current endovascular imaging diagnostics, IVUS/OCT sets a new standard for diagnostic assessment.

According to various reports, Conavi Medical Inc is a North American medical device company specializing in innovative cardiovascular and endovascular imaging technology. It is also reported that Conavi Medical Inc is responsible for the University of Toronto’s General Hospital and medical research institute, the Sunnybrook Health Sciences Centre. All of Conavi Medical Inc’s current products, including their 3-D Intracardiac Echocardiography Imaging System (3D-ICE) and Optical Coherence Tomography (OCT) Intravascular Imaging /Intravascular Ultrasound System (IVUS), have been licensed in Canada and the United States and can currently be found in the North American market.

The two cardiovascular medical diagnostic systems, for which Grand Pharmaceuticals acquired exclusive distributor rights, and Grand Pharmaceuticals’ pre-existing German CardionovumGmbH, a cardiovascular drug coated eluting balloon, share the same target market and client base. As a result, based on the current resources of Grand Pharmaceuticals’ specialized marketing team and marketing network, the enterprise is moving towards “medical treatment and diagnostic” products. Not only has this brought Grand Pharmaceuticals on overall synergistic effect, it has also helped them to obtain international development in the area of emergency cardiovascular treatment.