April 21, 2015
NovaHep AB has made an agreement with GemVax Technology Co. Ltd based in South Korea, who will make a significant investment into NovaHep. The investment ensures the continued development of NovaHep’s tissue-engineered, biocompatible blood vessels and other organs for transplantation surgery.
“We are very pleased to have made an agreement with GemVax Technology, offering us sufficient capital to advance to the next stage. We are entering into a valuable partnership, combining our unique technology with GemVax Technology’s and its biotech affiliates’ strong capabilities within marketing and distribution in Asia, which will be a very important market for us”, says Dr. Petter Björquist, CEO of NovaHep.
“We are happy to invest in, and become a major shareholder of, NovaHep for which we anticipate a great future. We see several synergies with the existing business of GemVax Technology and biotech affiliates within the GemVax & KAEL group and look forward to collaborate with NovaHep as an industrial partner on a long term basis”, says Dr. Sang Jae Jay Kim, CEO of GemVax Technology Co. Ltd.
Set to commence later this year, NovaHep is planning a clinical trial related to its personalized tissue-engineered veins. The trial will be the first of its kind in the world and shall lead to commercialization within 2-3 years and give access to a market with great potential. In parallel, NovaHep will be continuing the development of other tissue-engineered products.
GemVax Technology becomes a new shareholder in NovaHep alongside the founders and existing shareholder Alden Holdings Capital Ltd, who invested in NovaHep in 2011.
NovaHep AB is a Gothenburg-based Swedish regenerative medicine company with a unique technology for developing a broad range of biocompatible tissues and organs. NovaHep is addressing the major shortcomings and drawbacks associated with organ transplantation of today, such as a lack of suitable organs available, the adverse side-effects of immunosuppressive drugs, and the oftentimes need for repeated surgery. Objectives are to provide for improved quality of life for patients worldwide, and cost-effective care for hospitals, healthcare-providers and society. NovaHep’s products in development rely on patient-individualization of donated organs and tissues by applying advanced, proprietary stem cell technology. NovaHep has shown proof-of-concept with successful transplantations carried out at Sahlgrenska University Hospital in 2011 and 2012.
GemVax Technology Co. Ltd is a Korean company, which belongs to the GemVax & KAEL group of companies, including biotech companies KSCB (and its affiliate Korea Stem Cell Bank), Epimmune Inc. (San Diego, US), GemVax AS (Oslo, Norway) and Samsung Pharm Co., Ltd. GemVax Technology Co. Ltd. manufactures LCD modules, which are distributed domestically and overseas, including Europe, Japan, Hong Kong, North America and others.
For any questions related to this matter, please contact NovaHep Chairman, Stefan-Erik von Euw (email@example.com), or NovaHep CEO, Dr. Petter Björquist (firstname.lastname@example.org).