Genesis Medtech Collaborates with Penumbra to Form Neurovascular Franchise in China

January 19, 2021—Genesis MedTech Group announced that the company has reached a consensus to fully acquire Hua Medtech as part of its plans to set up a specialized neurovascular franchise, which has entered into strategic cooperation with Penumbra, Inc. for the domestic sales and production of products with Penumbra’s technology for the Chinese market.

According to Genesis, this two-step acquisition of Hua Medtech and collaboration with Penumbra has now placed it at the forefront of China’s neurovascular industry. Penumbra’s products are currently used in more than 300 hospitals in China via distribution by Hua Medtech. Its intracranial thrombus aspiration system has obtained regulatory approval from China’s National Medical Products Administration. Hua Medtech has also established a GMP (Good Manufacturing Practices) certified system at its research and development and production base in Suzhou. Technology and production of core products from this strategic collaboration will be fully transferred to China following the same manufacturing standards.

Genesis has been focusing on bringing neurovascular treatment technology into the China market since last year, including the acquisition of Minitech Medical. Also, it has developed and launched its first domestically made intracranial embolization stent, which is suitable for treating acute ischemic stroke. Its distal access catheter is currently applying for registration certification, noted the company.