The board (the “Board”) of directors (the “Directors”) of Vincent Medical Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) wishes to inform the Shareholders and potential investors that on 26 November 2021, Vincent Healthcare Products Limited, an indirect wholly-owned subsidiary of the Company, entered into a distribution agreement (the “Distribution Agreement”) with Medtronic, a leading global healthcare technology company.
Pursuant to the Distribution Agreement, the Company appointed Medtronic as its preferred distributor of the inspiredTM humidifier and accessories, as well as the inspiredTM High Flow Oxygen Therapy hardware and accessories (the “Products”) in over 30 countries, including the United States of America, Argentina, Brazil, Mexico, the United Kingdom and Indonesia, subject to regulatory approvals in the respective countries and with rights to other regions.
Medtronic will be responsible for the sales, marketing and distribution of the Products. Meanwhile, the Group will be responsible for supporting these activities as well as all aspects of product design, manufacture, quality and safety controls, regulatory activities, life-cycle management and post-approval marketing requirements.
The Distribution Agreement is for a period of five years and may be automatically extended for successive periods of 12 months each.
The inspired humidifier is a respiratory humidifier that provides a heat source and temperature control to warm a humidification chamber, which in return, will heat and humidify cold and dry medical gases and deliver to patient requiring mechanical ventilation. It is an active humidification system that automatically maintains the temperature and relative humidity settings as selected by healthcare professionals and is intended for multiple patient use after replacement of consumables following each individual patient’s treatment cycle.
The inspired High Flow Oxygen Therapy device is a non-invasive high flow oxygen device intended to deliver warmed and humidified respiratory gases to spontaneously breathing patients. High flow oxygen therapy has been utilized in the treatment of a broad range of patient populations across critical care units, emergency departments and home use.
Embracing its mission of putting patients first, the Group is proudly contributing to saving lives every day. The collaboration with Medtronic, a global company in medical and healthcare technology industries, is expected to open up a significant market opportunity for the inspired devices intended to strategically expand the Group’s commercial capabilities.
The Board is of the view that entering into this Distribution Agreement is a major step towards the Group’s goal of becoming a leading supplier of respiratory care solutions. This agreement shall not only further expand the inspired devices’ installed base, but will also help the Group to tap into new markets and complementing technologies. Accordingly, the Board is of the view that the Distribution Agreement is in the interests of the Company and its Shareholders as a whole.
For details, please refer to the “Voluntary Announcement – Worldwide Distribution Agreement with Medtronic”