Eye disease technology specialist, BioLight Life Sciences is to enter a strategic partnership that will significantly advance its prospects in the Chinese market. Future partner, Hong Kong and Macau-based Rock-One International Holdings Ltd., will fully finance a Joint Venture with BioLight, which will see it granted exclusive manufacturing rights for BioLight’s products distributed within China. The JV will also promote collaboration between Chinese and Israeli academies to develop future products.
BioLight Life Sciences Investments Ltd., invests in, manages and commercializes biomedical innovations in ophthalmology and cancer diagnostics. Its track record includes the TeaRx™ diagnostic test for dry eye syndrome, recently covered on our pages. Also IOPtiMate™, a laser-based non-invasive surgical treatment for glaucoma.
Under the terms of the agreement, BioLight will issue a private placement of ordinary shares to Rock-One, which will account for approximately 19% of BioLight’s issued and outstanding shares following the private placement. Rock-One’s equity investment will total approximately $6.2 million, a 12% premium over the average closing price of BioLight shares in the 30-days prior to signing the investment agreement.
The agreement is expected to close no later than 40 days from the execution of the agreement, subject to closing terms.
“We are excited to enter into this strategic partnership with Rock-One. They have built an impressive manufacturing, distribution and sales presence in China that will enable BioLight to maximize sales of our products in the world’s second largest economy,” noted Susana Nahum Zilberberg, BioLight’s Chief Executive Officer. “Rock-One has a history of successful international collaborations and vast experience and understanding of China’s unique regulatory requirements. This partnership marks an important milestone for BioLight and should increase our global footprint significantly.”
“We are pleased to enter into this strategic partnership with BioLight, a company with an established track record of developing and fostering innovation in medical technology. By combining Rock-One’s track record of commercial experience with BioLight’s portfolio of exciting healthcare products, we believe that our new joint venture is well-positioned for success in the Chinese market,” said Patrick Lau, Founder and CEO of Rock-One.
Source: PR Newswire