August 19, 2024—Genesis MedTech announced it has sold JC Medical, Inc. to Edwards Lifesciences, including the intellectual property and commercial rights of the J-Valve transcatheter aortic valve replacement (TAVR) system for the treatment of severe aortic regurgitation.
Genesis MedTech, based in Singapore, advised that it has maintained the exclusive right to develop, manufacture, and commercialize the J-Valve system in Greater China.
The company stated that the transaction includes an upfront payment plus potential sales-based contingent milestones. Additionally, Edwards has made an equity investment of $25 million in Genesis MedTech that will support its product and market development efforts, stated Genesis MedTech.
In the press release, the company noted that patient enrollment was completed for a clinical study of the J-Valve transfemoral (TF) system for treatment of aortic regurgitation in China in July 2023; the company recently concluded 1-year patient follow-up.
In the United States, JC Medical completed enrollment in an early feasibility study of the J-Valve TF system in February 2024. Commencement of enrollment in the study was announced in October 2023.
The company also stated that it received FDA approval to initiate a pivotal clinical trial of J-Valve TF in the first half of 2024. J-Valve TF was granted FDA Breakthrough Device designation in August 2023.
In February 2022, Genesis MedTech announced it had completed its acquisition of JC Medical, which was based in China with offices in Burlingame, California.