OptMed, Inc., a medical device company focused on the commercialization of BondEase®, a novel surgical adhesive, announced today that it formed a strategic relationship with Synecoun, a Chinese medical technology company located in ChinaMedical City, Taizhou, a major biopharmaceutical Chinese hub. Synecoun is positioned with a unique focus on the wound healing market. Headed by RuiPing Dong, M.D. Ph.D., Synecoun has a deep breadth of experience in the introduction and distribution of innovative medical technologies into the Chinese market as well as the development of new products and their navigation through the regulatory approval process. Prior to Synecoun, Dr. Dong served as SVP, and VP, at Merck and Bristol Myers Squibb, respectively, where he was responsible for a variety of product development functions including R&D, regulatory approval and medical affairs in Asia and other emerging markets.
"This exciting new partnership with Synecoun will allow OptMed to leverage the wealth of experience, industry knowledge, and operating and regulatory skills of Dr. Dong and his team; the value of which cannot be understated," commented Co-Chairman, Steven Sands.
In conjunction with the agreement, Synecoun has made an equity investment into OptMed. Synecoun is funding its equity investment in two tranches, the first of which came at closing. In addition, per a Licensing Agreement, Synecoun has also secured exclusive distribution and marketing rights for BondEase in China, Taiwan and The Hong Kong territories. Synecoun will assume full responsibility (financial and clinical development) for BondEase's regulatory approval in the territories.
"OptMed's partnership with Synecoun will provide the company with the necessary resources to assemble a manufacturing facility with state of the art equipment and the capacity to commercially produce BondEase at scale," said Chief Executive Officer, Ervin Braun.
"This partnership will enable OptMed to tap into the fastest growing medical device market in the world with an experienced Chinese commercial partner," said Co-Chairman, Martin Sands.
The Chinese market for surgical adhesives is growing rapidly. While the USA market ($600m) remained the largest in 2016, the Asia-Pacific Market is expected to grow at the fastest pace in the next six years (CAGR 14%) as a result of government plans to increase the number of hospitals in China.
"This strategic partnership with OptMed will enrich our pipeline for wound healing devices which is consistent with our core interest and Synecoun will bring BondEase into the territory asap to fulfill both companies' commitment to bring innovative medical devices to patients in China and worldwide," said Dr. Dong, founder, Chairman, and CEO of Synecoun.
OptMed is a medical device company developing surgical adhesives headquartered in New York. OptMed's lead product, BondEase, is a topical skin adhesive intended for the closure of surgical incisions and lacerations that has received 510(k) marketing clearance in the USA from the FDA.