On January 19th, the A-share listed company “Qianshan Pharmaceutical Machinery” issued the “Foreign Investment and Related Party Transaction Announcement”, saying that on January 18, 2017, it signed the “License and R&D Agreement” with GVDL and Glucovation.
Under the agreement, GVDL authorized Qianshan Pharmaceutical to design, manufacture and market continuous blood glucose monitoring systems in China, Indonesia, Malaysia, Singapore and Thailand. After the design of the authorized product is completed, Qianshan Pharmaceutical Machinery Co., Ltd. or its subsidiary, GVDL (or the designated party agreed by both parties) jointly establishes the company, and Qianshan Pharmaceutical Machinery Co., Ltd. or its subsidiaries account for 80% of the shares, GVDL (or the designation agreed by both parties in writing) Party) accounted for 20% of the shares.
It is reported that in July 2016, Glucovation registered a wholly-owned subsidiary GVDH in Dublin, Ireland. In August 2016, Qianshan Pharmaceuticals subscribed for 400,000 shares of Glucovation's Series A preferred shares with its own funds of US$2 million. In August 2016, GVDH registered two wholly-owned subsidiaries, GVDIP and GVDL, in Ireland. In November 2016, after Glucovation separated GVDH, GVDH was no longer a wholly-owned subsidiary of Glucovation. Glucovation's shareholders also hold shares in both Glucovation and GVDH, and the two companies hold the same number of shares, but since GVDH does not issue preferred shares, all shares are offered as common stock. At this point, Qianshan Pharmaceutical Machinery holds 400,000 shares of GlucovationA series of preferred shares, and the company holds GVDH 400,000 shares of common stock with a shareholding ratio of 22.3%.
It is worth noting that in November 2016, Glucovatoin transferred all intellectual property rights related to continuous blood glucose monitoring technology to GVDIP, a wholly-owned subsidiary of GVDIP, which grants GVDL further development, improvement, use, manufacture, sale and distribution. right. In order to ensure the stability and sustainability of R&D, Glucovation has signed a service agreement with GVDH and its wholly-owned subsidiary GVDIP. The agreement promises that although Glucovation transfers intellectual property rights, it will continue to develop together with GVDH and its wholly-owned subsidiary GVDIP. Blood glucose monitoring technology and provide all the technical and service support needed.
It is understood that GVDH holds the proprietary metabolic sensing technology that Glucovation is developing through its wholly-owned subsidiary GVDIP, and will provide more accurate treatment for diabetic patients through continuous blood glucose monitoring. The product's CGM sensor detects glucose indicators through proprietary sensing technology, and implants a very thin probe into the human epidermis using a simple, painless “one-click” device that measures directly in the subcutaneous interstitial fluid. Blood glucose concentration; after the signal is converted, it is wirelessly transmitted to existing display instruments on the market (eg, activity trackers, phones, watches, etc.).
