US biomedical company expands to Hong Kong

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

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

MedWaves, founded in 1998, is a privately held development-stage biomedical therapeutic device company headquartered in San Diego.

It 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.

The company is bringing the 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.

The President of MedWaves, Inc., Dr George Leung, said today (January 30) the quality of the people, the resources, and the location were the primary factors for the company to establish its base in Hong Kong.

"We are extremely impressed with the work ethic and quality of work in Hong Kong, which has a wealth of talented technical and marketing professionals who can readily adjust to new technology," he said.

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 and upper airway disorders.

"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 electro-physiologists that are essential for the company to successfully conduct and complete its pre-clinical and clinical studies in Asia," he said.

During his current investment promotion trip to the United States, the Director-General of Investment Promotion, Mr Mike Rowse, visited the company's head office in San Diego today.

He said the fact that the company had successfully applied for support from the Innovation and Technology Fund underlined the 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.

Ends/Friday, January 30, 2004