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MedWaves, Inc., a San Diego-based biomedical company, announced today (January 30) that it is expanding its operations into Hong Kong through its newly established company MedWaves Hong Kong Limited.

The new company will develop and commercialise MedWaves, Inc.'s proprietary microwave technology throughout Asia from its new base in Hong Kong.

MedWaves, Inc. was founded in 1998. The company is a privately held development stage biomedical therapeutic device corporation headquartered in San Diego, California. The company has leveraged its patented medical microwave technology to design, develop and produce a catheter-based cardiac ablation system for arterial fibrillation, the most common form of heart disease. Currently, there is no ideal therapy to cure the disease.

MedWaves Hong Kong is bringing this system to Hong Kong for further pre-clinical and clinical study and eventual commercialisation. The research in Hong Kong will provide the basis for the company to market the approved catheters throughout Asia. The company will form partnerships with Hong Kong-based manufacturers and distributors to facilitate its product manufacturing, marketing and commercialisation efforts.

Said the President of MedWaves, Inc., Dr. George Leung: "The quality of the people, the resources, and the location were the primary factors that led us to select Hong Kong to be the base for development and commercialisation of our microwave catheter ablation system in Asia. We are extremely impressed with the work ethic and quality of work in Hong Kong. Hong Kong has a wealth of talented technical and marketing professionals who can readily adjust to new technology. Being located in the centre of Asia, with strong financial and manufacturing infrastructure, Hong Kong is an excellent location to facilitate the production and distribution of our products."

MedWaves holds a dominant proprietary position in microwave energy transmission for biologic tissues and its applications in treating human diseases. Market opportunities include treatment of heart rhythm abnormalities, solid tumours, upper airway disorders and cosmetics. The company's current microwave-based ablation system has successfully passed all pre-clinical requirements and is on the verge of moving into human clinical testing for atrial fibrillation and flutter. Currently, there is no non-surgical cure for persistent atrial fibrillation, a huge unmet medical need. MedWaves, Inc. and MedWaves Hong Kong Limited will provide the first breakthrough in this multibillion-dollar market.

"We are in the business of providing cures for heart rhythm abnormalities," said Dr. Ming-Fan Law, MedWaves Chief Operating Officer. "Hong Kong possesses world-class cardiologists and electrophysiologists that are essential for MedWaves Hong Kong to successfully conduct and complete its pre-clinical and clinical studies in Asia. These well-respected experts will play important roles in the development of our devices also the overall development of the field. Hong Kong has an ambitious high-tech plan, and Biotech/Medical Therapeutic Devices are the essential part of that endeavour. We are pleased to be able to contribute to this strategic initiative. The commitment from the Hong Kong Government is evident, and the funding provided by the Small Entrepreneur Research Assistance Programme (SERAP) provides an excellent model for company to do business in Hong Kong."

During his current investment promotion trip to the United States, the Director-General of Investment Promotion Mr Mike Rowse visited the MedWaves head office in San Diego today. Mr Rowse said, "We are delighted that MedWaves has decided to expand its business to Hong Kong through MedWaves Hong Kong. The planned development and commercialisation of the company's technology will certainly help enrich the technological base of our biotechnology industry."

MedWaves Hong Kong Limited has successfully applied for funding under the Small Entrepreneur Research Assistance Programme (SERAP) administered by the Innovation and Technology Commission. SERAP mainly provides funding for pre-venture capital stage financing of technology entrepreneurs to start-up, carry out research and development and to conduct market validation.

"We want to congratulate MedWaves on its successful application for support from the Innovation and Technology Fund. This underlines our Government's commitment to support research and development activities in Hong Kong. We are confident that MedWaves will find that Hong Kong provides an excellent business environment for biotechnology companies." Mr Rowse said.

Invest Hong Kong is the government department dedicated to attracting and retaining overseas investment.

Ends/Friday, January 30, 2004

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