Advanced Aesthetic Technologies and China National Biotec Group Announce Strategic Cooperation
BROOKLINE, Massachusetts, Sept. 19, 2019 /PRNewswire/ -- Advanced Aesthetic Technologies, Inc. (AAT), a leader in aesthetic gel implant technology, and China National Biotec Group (CNBG), a subsidiary of China National Pharmaceutical Group Corporation (SINOPHARM) today announced the execution of strategic cooperation agreements. This new relationship is based on CNBG's recognition of AAT products and AAT's recognition of CNBG's leading position in the biopharmaceutical field in China, and establishes a partnership of in-depth cooperation on equity and products. According to the agreement, CNBG will take a major, but non-controlling equity position in AAT in exchange for an investment into AAT, and Lanzhou Biotechnique Development Co., LTD., a subsidiary of CNBG (hereinafter referred to as "Lanzhou Company") will be responsible for obtaining required Chinese regulatory approvals and the distribution of AAT products, Algeness in mainland China.
CNBG is the largest Chinese biopharmaceutical company and the Lanzhou Company is the sole producer of botulinum toxin in China. Hengli (LANTOX) is the market leading botulinum toxin in the China market, distributed to over 6500 medical aesthetics institutions in China and holds over 75% of the Chinese BTXA market.
Advanced Aesthetic Technologies, Inc.'s Algeness is a patented family of fully resorbable injectable gel implant dermal fillers that are 100% natural, providing advantages in terms of safety, skin rejuvenation, and natural looking results both at rest and during facial movement. Typical clinical advantages include minimal swelling upon injection and immediately visible results. Algeness holds a CE Mark and is currently distributed in over 30 countries worldwide. AAT has begun efforts to obtain US FDA approval.
Doug Abel, President and CEO of AAT commented, "We are delighted to enter into an exclusive relationship in China with CNBG. Their excellence in biopharmaceutical development and the Lanzhou Company's leadership in the Chinese aesthetic market make them the ideal partners to work to bring Algeness through the approval process in China and ultimately to the market. We are also pleased that CNBG recognizes the potential that Algeness has to revolutionize the dermal filler market. In combination with our ongoing fund raising efforts, the investment by CNBG will allow us to work to advance Algeness to FDA registration including completion of the required clinical trials. Our anticipated entry into the China and US markets represent major value creation steps for AAT."