Country for PR: United States
Contributor: PR Newswire New York
Wednesday, July 31 2019 - 22:30
MediBeacon Enters into $30 Million Investment and Exclusive Commercialization Partnership in Greater China with Huadong Medicine
ST. LOUIS, July 31, 2019 /PRNewswire-AsiaNet/ --

-- MediBeacon and Huadong Medicine will collaboratively work to reach 
regulatory approval on MediBeacon's entire portfolio of assets in Greater China

MediBeacon Inc. ( 
), whose largest shareholder is Pansend Life Sciences, LLC, a subsidiary of HC2 
Holdings, Inc. (NYSE MKT: HCHC), announced today that they have entered into a 
definitive agreement with Huadong Medicine, a publicly traded company on the 
Shenzhen Stock Exchange. The agreement will provide exclusive rights to 
MediBeacon's portfolio of assets in Greater China. Huadong Medicine will be 
responsible to fund the clinical trials, commercial and regulatory activities 
in 25 Asian countries including Greater China (PRC Mainland China, Hong Kong, 
Macau, Taiwan), Thailand, Vietnam, Indonesia, Philippines and Singapore.

Logo -

MediBeacon's Transdermal Glomerular Filtration Rate Measurement System (TGFR) 
is poised to begin its Pivotal trial in the U.S. and Europe. The TGFR is 
designed to measure kidney function at the point of care without the need for 
blood sampling or urine collection. The U.S. Food and Drug Administration (FDA) 
granted Breakthrough Device designation to the TGFR in 2018.[1] MediBeacon's 
agents and devices are not approved for human use by any regulatory agency.

It is estimated that 10.8% of the people in China suffer from Chronic Kidney 
Disease (CKD).[2] Kidney disease is a "hidden epidemic" affecting more than 850 
million people worldwide.[3] The ability to measure GFR is of high clinical 
interest especially in patients with, or at risk of, kidney disease.

Under terms of the deal, MediBeacon will receive an initial $15 million equity 
payment at a pre-money valuation of $300 million and a second $15 million 
equity payment upon achieving U.S. FDA approval for the TGFR at a pre-money 
valuation of $400 million. Huadong Medicine will fund all commercial and 
regulatory activities in Greater China and select Asian countries. In addition, 
MediBeacon will receive royalty payments on net sales in the specified 

"We are extremely excited to partner with Huadong Medicine in Greater China," 
says Steve Hanley, CEO and Co-Founder of MediBeacon. "Huadong has over 6,500 
representatives covering all key areas of China including a strong presence in 
the nephrology community. As a leading pharmaceutical company in China, we 
believe they are the perfect partner to drive market adoption for our pipeline 
of products."

As part of this transaction, Richard B. Dorshow, PhD, Chief Scientific Officer 
and Co-Founder of MediBeacon Inc., will assume the role of Special Scientific 
Advisor to Huadong Medicine.

MediBeacon's ( 
) fluorescent agent platform for use in physiological function monitoring has 
important applications beyond the field of kidney health. The Company's 
Transdermal Gastrointestinal Permeability System has been supported by multiple 
grants from the Bill & Melinda Gates Foundation. In addition, the company has 
just completed initial pre-clinical studies evaluating use of its agents in 
imaging the vasculature of the eye.

About MediBeacon Inc.

MediBeacon's mission is to commercialize biocompatible optical diagnostic 
agents for physiological monitoring, surgical guidance, and imaging of 
pathological disease in the human population. Several product concepts in these 
arenas are contained in the MediBeacon Intellectual Property estate. 
MediBeacon's portfolio includes a renal function system that uses an optical 
skin sensor combined with a proprietary fluorescent tracer agent that glows in 
the presence of light. This system, currently in human trials, is designed to 
enable clinically practical point of care measurement of a patient's kidney 
function. Learn more about MediBeacon at

About HC2 Holdings, Inc.

HC2 Holdings, Inc. is a publicly traded (NYSE MKT:HCHC) diversified holding 
company, which seeks opportunities to acquire and grow businesses that can 
generate long-term sustainable free cash flow and attractive returns in order 
to maximize value for all stakeholders. HC2 has a diverse array of operating 
subsidiaries across seven reportable segments, including Manufacturing, Marine 
Services, Utilities, Telecommunications, Life Sciences, Insurance and Other. 
HC2's largest operating subsidiaries include DBM Global Inc., a family of 
companies providing fully integrated structural and steel construction 
services, and Global Marine Systems Limited, a leading provider of engineering 
and underwater services on submarine cables. Founded in 1994, HC2 is 
headquartered in New York, New York. Learn more about HC2 and its portfolio 
companies at

About Huadong Medicine Co., Ltd.

Established in 1993, Huadong Medicine Co., Ltd. specializes in the production 
and sales of antibiotic, Chinese patent medicine, synthetic drug, genetic 
engineering drugs, as well as wholesale business of Chinese and western 
medicine, Chinese herbal medicines, medical apparatus and instruments. Through 
many years of work, Huadong has built competitive market position with its rich 
portfolio of products, strong commercial capabilities, and well recognized 
brand names in the fields of kidney disease, organ transplantation, diabetes, 
GI, and operating rooms. The company is a large comprehensive listed 
pharmaceutical company integrated with pharmaceutical R&D, pharmaceutical 
industry, pharmaceutical distribution, retail, pharmaceutical logistics, and 
undertakes the task of special drug storage of the state, provincial and 
municipal governments. The company successfully issued 50 million A-shares on 
the Shenzhen stock exchange in December 1999. (Stock abbreviation: Huadong 
Medicine; stock code: 000963). At present, the registered capital of the 
company is 14.58 million yuan. The company and its main subsidiaries have more 
than 8,000 employees. In 2017, the company realized operating revenue of 27.832 
billion yuan. Net profit attributable to shareholders of listed companies was 
1.480 billion yuan. Learn more about Huadong Medicine at

[1] Data on file. MediBeacon Inc., St. Louis, MO. 
[2] Prevalence of chronic kidney disease in China: a cross-sectional survey", 
Zhang L. et al, Lancet. 2012 Mar 3;379(9818):815-22. doi: 
[3] Joint Press Release, June 27, 2018 "The hidden epidemic: Worldwide, over 
850 million people suffer from kidney diseases", American Society of Nephrology 
– ASN (, ERA-EDTA ( and ISN 

SOURCE: MediBeacon Inc.

CONTACT: Steve Hanley, MediBeacon Inc., Office - +1-314-735-0971, Email -,, For information on HC2 Holdings, 
Inc., please contact: Investor Relations, Garrett Edson,,+1-(212)