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HONG KONG, Aug 21, 2015 - (ACN Newswire) - Mega Medical Technology Limited ("Mega Medical"/ "the Company") (Stock Code: 876) is pleased to announce today that the Company and Shenzhen BGI Technology Limited ("the BGI Group")'s wholly-owned subsidiary, Shenzhen BGI Clinical Laboratories Center Limited ("BGI Clinical") entered into a legally-binding Cooperation Framework Agreement in relation to the strategic cooperation of the preservation and application of dental pulp stem cells, as well as the application and the healthcare market of tooth regeneration technology.
Pursuant to which the parties agreed to cooperate in (i) developing the business of preservation of dental pulp stem cells; (ii) developing the genetic and metabolite testing services provided by BGI Clinical through the Company's sales channel in the People's Republic of China (including Hong Kong, Macau and Taiwan) (the "PRC"); and (iii) research and development on tooth preservation technologies, tooth regeneration technologies and products, etc, for a term from the date of the Framework Agreement to 17 August 2018. During the term of the Framework Agreement, the parties may enter into specific cooperation agreement(s) according to the Framework Agreement.
In addition, Mega Medical and BGI Clinical entered into a specific cooperation agreement (the "Specific Cooperation Agreement"), pursuant to which the Company will engage BGI Clinical to provide preservation services and testing services to its patients at a fixed service fee according to an agreed fee schedule, for a period from the date of the Specific Cooperation Agreement to 17 August 2018. BGI Clinical will issue a report or certificate for the testing results to each patient of the Company obtaining such services, and the service fee charged by the Company to its patients should be agreed with BGI Clinical with an upward or downward adjustment tolerance of 5%.
During the term of the Specific Cooperation Agreement, BGI Clinical will provide all sorts of technical support, training and promotion materials on the foresaid services to the Company. For any achievements on research or intellectual properties mutually developed, both the Company and BGI Clinical shall have the right to use and the first right of refusal. BGI Clinical also agreed to authorise the Company to promote the testing services or products of BGI Clinical in the PRC on an non-exclusive basis.
Mr. Wu Tianyu, Executive Director of Mega Medical Technology Limited said, "Our cooperation with the BGI Group, the largest genomic research institute worldwide, is an important step forward for the Group to devote themselves to transforming the Group into a life science company specializing in denture arena. The Board believes that the cooperation presents an excellent opportunity for the Group to further expand and diversify its business portfolio as well as create operating synergies with its existing business. It also broadens the income stream for the Group in immediate term. In light of the improving living standard in the PRC and the increasing awareness of dental health in the PRC, the Directors are optimistic about the long-term growth in demand for dental prosthesis in the country and believe that the Group is well-positioned to leverage on its experience and expertise to expand the domestic market while attaining steady profitability in the overseas markets."
Mega Medical is the first listed denture enterprise in Asia and one of the largest denture material researcher and manufacturer in the PRC, as well as a well-renowned supplier for dental consumables. It has the widest sales channels in the PRC and ranks as a top three dental supplier in the U.S. and France. Currently, Mega Medical has cooperated with nearly 2,000 clinics in domestic market and with more than 10 countries worldwide. Under this cooperation, the BGI Group will be responsible for the preservation of the collected dental pulp stem cells from patients with such needs from the clinics of Mega Medical.
Dental pulp stem cells can be most successfully collected from healthy deciduous teeth and wisdom teeth. All 20 deciduous teeth can be used for collecting dental pulp stem cells, and it is worth a try for every child in dental transitional period. Adults can also try to preserve their dental pulp stem cells when they intend to pull out their wisdom teeth. Dental pulp stem cells has relatively low immunogenicity with rare rejection reaction, thus it can be used for oneself and their immediate family members, which ultimately bring health to families.
People are commonly faced with dental pulp apical periodontitis caused by factors such as deformity, caries or injuries, which may lead to the growth termination of the root of permanent teeth. Revascularization of dental pulp is an effective treatment for this disease, since dental pulp stem cells are one of seed cells for revascularization of dental pulp due to its regeneration feature.
About Mega Medical Technology Limited (Stock Code: 00876.HK)
Mega Medical Technology (formerly known Wing Tai Investment Holdings Limited), which is the first listed denture enterprise in Asia and one of the largest denture material researcher and manufacturer in China, as well as a well-renowned supplier for dental consumables. It has the widest sales channel in China and ranks as top three dental supplier in the U.S. and France. Currently, Mega Medical has cooperated with nearly 2,000 clinics in China and with more than 10 countries worldwide.
About Shenzhen BGI Technology Limited
Shenzhen BGI Technology Limited is the largest genomics research institute in the world, which has research branches worldwide to establish extensive cooperation. It applies advanced research results of multiple disciplines to fields such as healthcare, agricultural seeding, resources preservation, and promotes the transition of genetic technology achievements. The BGI Group is also in charge of establishing the first comprehensive national gene bank in the PRC, China National Gene Bank. In March 2013, the BGI Group successfully completed its acquisition for Complete Genomics, a company listed in the U.S., which achieved the closed loop of upstream and downstream industrial chain of gene sequencing, and lays a solid foundation for the long-term development of biological industry.
Shenzhen BGI Clinical Laboratories Center Limited is a wholly-owned subsidiary of Shenzhen BGI Technology Limited, which provides third party genetic testing services for medical research institutes. Currently, it provides third party medical testing services for more than 800 institutions worldwide with the annual testing capacity of more than 1 million samples, ranked the first in the number of testing samples for gene testing annually in the PRC, which is the leading enterprises in Chinese gene testing field.
Media Contacts:
Jovian Communications
Tel: +852 2581 0168
Fax: +852 2854 2012
Email: mega@joviancomm.com
Topic: Press release summary
Source: Kaisa Health Group Holdings Limited
Sectors: Daily Finance, Healthcare & Pharm
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From the Asia Corporate News Network
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