Under the agreement, Cardiva will initially distribute Admedus’ flagship ADAPT® tissue product CardioCel®, a non-calcifying, non-toxic bio-scaffold used to treat congenital heart defect and disease.
Additional ADAPT® products, VascuCel® and CardioCel 3D®, will be added to the Cardiva distribution portfolio later in the year.
Cardiva is a leading company in the Spanish and Portuguese health system, providing physicians access to a wide range of innovative devices in the areas of interventional cardiology, cardiac surgery and pain management.
Admedus chief operating officer David St Denis said: “Through this partnership with Cardiva, Admedus is thrilled to offer our clinically superior ADAPT® products to patients in Spain and Portugal - one of the five largest markets in Europe.
“With first orders due this month, we anticipate demand in this region to grow steadily as more surgeons are introduced to the unique clinical and health benefits of our ADAPT® technology,”
Earlier this month, Admedus secured commitments to raise about $6 million from institutional and sophisticated investors in a placement at 30 cents per share.
Funds raised will enable the company to expand and progress its strategic projects, including the acceleration of its product portfolio from development to commercialisation.
Admedus has already submitted multiple patent applications in the US as it targets entry into the lucrative TAVR (transcatheter aortic valve replacement) market, currently worth US$3.5 billion and expected to grow to US$5 billion by 2020.
Admedus has also invited existing shareholders to participate in a share purchase plan (SPP).
This offers the opportunity for each shareholder to subscribe for up to $15,000 worth of new Admedus shares by Monday, 28 May 2018 at a price of 30 cents per share.