Key Collaboration and Distribution Agreement Signed With Major Partner To Advance Sofwave™ Sales In China’s Growing $29 Billion Aesthetic Medicine Market
- Partnership is with HTDK Group, wholly owned by Warburg Pincus
- HTDK Group is a leading healthcare solutions provider which sells into 1,700+ medical institutions
- The strategic partnership in the region extends across expertise in advancing Sofwave’s product registration and approval with the NMPA (China’s FDA)
TUSTIN, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) — Sofwave Medical Ltd (TASE: SOFW), an emerging leader in energy-based non-invasive, aesthetic medical devices for practitioners worldwide, today announced that it has entered a key collaboration and distribution agreement with HTDK Group to advance Sofwave™ sales in China. This strategic partnership will be an important step for Sofwave to tap into the rapidly growing market.
Under the terms of the agreement, HTDK Group will help Sofwave accelerate its product registration approval with China’s National Medical Products Administration (NMPA) — a necessary regulatory step required prior to marketing and selling medical devices in China. The NMPA is equivalent to the Food and Drug Administration (FDA) in the US. In addition, HTDK will also support Sofwave with its product marketing, distribution and sales in China once regulatory approvals are obtained.
“We are excited to enter into this strategic partnership with HTDK Group with the intention to accelerate Sofwave’s penetration into China’s massive and growing $29 billion medical aesthetic market,” said Louis Scafuri, Sofwave Medical’s CEO. “With a projected double-digit compounded annual growth rate, and a medical aesthetic market that is growing at a higher rate than the rest of the world, China remains strategically important, warranting our attention for the foreseeable future. Additionally, we are impressed not only with HTDK’s deep expertise in the high-value medical devices industry to assist in regulatory affairs but also with their large selling and distribution presence across China,” Mr. Scafuri concluded.
HTDK Group is a leading commercialization solutions provider offering specialized market entrance and penetration solutions for high-value medical devices, covering over 1,700 medical institutions in China. The Company is wholly owned by Warburg Pincus, a leading global growth investor with more than $85 billion in assets under management.
“We are delighted to partner with Sofwave, whose innovative solutions on aesthetic care are well-regarded in the market. Our entire team is incredibly motivated by the opportunity to bring the industry-leading product, Sofwave™ to market in China. As a leading comprehensive commercial platform, HTDK has deep expertise and extensive experience in the high-value medical device industry. We look forward to working closely with Sofwave to support its market entry and business success in the market,” said Teresa Chen, HTDK’s CEO.
About Sofwave Medical
Sofwave Medical Ltd. has implemented an innovative approach to wrinkle reduction and lifting using proprietary breakthrough technology. Synchronous Ultrasound Parallel Beam technology is FDA-cleared to improve facial lines and wrinkles, lifting the eyebrow and lifting lax submental tissue (beneath the chin) and neck tissue providing physicians with smart yet simple, effective, and safe aesthetic solutions for their patients. Contact: Info@sofwave.com
About HTDK Group
HTDK is a leading cross-border commercial solutions platform in China offering end-to-end specialized commercial solutions to high-value medical device brands, with particular strength in serving global brands. HTDK has solid and long-lasting partnerships with global high-value medical device brands of multiple medical specialties, such as ophthalmology, IVD, orthopedics, cardiology, neurology, obstetrics, gynecology, vascular surgery, endocrinology, respiratory, and high-value medical consumables. HTDK’s brand partners are leading global brands in their respective sectors, such as Alcon, MicroVention, Illumina, Smith & Nephew, Roche, Abbott, and P&G. For more information, please visit http://www.htdkgroup.com/.
Investor Contact:
Brian Ritchie
LifeSci Advisors LLC
(212) 915-2578
britchie@lifesciadvisors.com
Media Contact:
Jasmine Wang
HTDK Group
86(21)6033 9588
jasmine.l.wang@htdkgroup.com
