YANGZHOU, China, Jan. 11,
2023 /PRNewswire/ -- Meihua International Medical
Technologies Co., Ltd. ("MHUA" or the "Company") (NASDAQ: MHUA), a
reputable manufacturer and provider of Class I, II and III
disposable medical devices with operating subsidiaries in
China, today announced the
Company's subsidiary Jiangsu Huadong Medical Device Industrial Co.,
Ltd ("Jiangsu Huadong") has entered into a strategic cooperation
agreement (the "Cooperation Agreement") with Getein Biotech Inc.
("Getein Biotech," SHA: 603387), to jointly produce and sell
Covid-19 antigen test kits and other in vitro diagnostics (IVD)
products.
Under the Cooperation Agreement, Jiangsu Huadong will serve as
an exclusive production, research and development center for Getein
Biotech in Northern Jiangsu
Province, which will initially be dedicated to the
production of Covid-19 antigen test kits, with the aim of producing
other high-end IVD medical device products in the future. The
Company recently completed a brand-new workshop, built in
accordance with good manufacturing practices (GMP), that covers an
area of more than 8,000 square meters with an additional 15,000
square meters of commercial warehousing space. The production base
is equipped with 52 new fully automated Covid-19 antigen test kit
production lines. Jiangsu Huadong will hire an additional workforce
of more than 400 workers and 35 technology staff who will safeguard
production of all products. The facility has obtained Class III
medical device production certification, a requirement of the
Jiangsu Provincial Food and Drug Administration of China, and will be ready to commence
production after January 16, 2023.
Getein Biotech is China's
leading POCT kits maker and is among the key suppliers of Covid-19
antigen test kits who have recently obtained approvals from the
China National Medical Products Administration for the production,
marketing and sales of its products in China to provide an easy-to-use and
cost-effective rapid diagnostic test for Chinese residents to
contain the spread of Covid-19.
The exponential rise in Covid-19 cases during early December of
2022 followed by China's announced
relaxations in its pandemic control and prevention policies has led
to a nationwide shortage of antigen test kits. As a result, sales
of antigen test kits in China have
increased by more than 300% during the first week of December 2022, according to media reports.
Governments at all levels have also guided and even requisitioned
antigen manufacturers to do their best to ensure the supply of
Covid-19 antigen test reagents to meet the surging demand. In
addition, as the virus is still mutating, we anticipate the market
for virus detection and prevention products will keep expanding
with strong demand in the next year. Covid antigen test products
have been added to China's
resident welfare procurement protection program, so future sales of
the product are expected to remain robust.
Mr. Yongjun Liu, Chairman of the
Company, commented: "Rapid and highly sensitive Covid-19 detection
will remain an essential global health demand in the coming years,
and we are excited about this important collaboration with Getein
Biotech to ensure MHUA will have sufficient product pipeline to
prepare for the potential spread of any kind of major pandemics,
and to shoulder our responsibility to help society to cope with the
long-term presence of the Covid-19 pandemic."
Mr. Xin Wang, CEO of the Company,
commented: "We expect that the newly adjusted production lines will
soon obtain relevant credentials for Class III medical device
production and once manufacturing commences, we estimate the
production capacity will reach three million kits per day. Based on
current market prices, we anticipate that the new facility to
produce a maximum of RMB150 million
(US$22 million) worth of products per
month (if calculated at peak capacity)."
"In addition to Covid-19 antigen test products, the Company also
plans to continue expanding our collaboration with Getein Biotech
in other POCT IVD devices too, which is also well aligned with
MHUA's three-year strategic plan to upgrade our main product
offerings from disposable medical devices to high-end devices and
genetic IVD products, achieving sustainable high-quality
development."
About Getein Biotech Inc.
Getein Biotech, Inc. is a Chinese manufacturer of medical rapid
test products. Founded in March 2002
and listed on China's A-share
market in 2017, Getein Biotech supplies professional Covid-19
testing solutions and produces cardiac markers rapid test kits,
blood cell reagents, quantitative immunoassay analyzer, automated
urine microscopy analyzer, advanced clinical diagnostic device and
quantitative immunoassay analyzer. It has a R&D crew of over
400 staff and are BSI ISO 13485, CE certified and operates via 35
subsidiaries with products sold to more than 110 countries. For
more information, please visit: https://www.getein.com/.
About Meihua International Medical Technologies Co.,
Ltd.
Meihua International Medical Technologies is a reputable
manufacturer and provider of Class I, II, and III disposable
medical devices with operating subsidiaries in China. The Company manufactures and sells
Class I disposable medical devices, such as eye drop bottles,
medicine bottles and anal bags, and Class II and III disposable
medical devices, such as identification tape, gynecological
examination kits, inspection kits, surgical kits, medical brushes,
medical dressing, masks, disposable infusion pumps, electronic
pumps and puncture kits, which products are sold under its own
brands and also sourced and distributed from other manufacturers.
The Company has received international "CE" certification and ISO
13485 system certification and has also registered with the FDA
(registration number: 3006554788) for more than 20 products. The
Company has served hospitals, pharmacies, medical institutions and
medical equipment companies for over 30 years, providing more than
800 types of products for domestic sales, as well as 120 products
which are exported to more than 30 countries internationally across
Europe, North America, South
America, Asia, Africa and Oceania. For more information,
please visit www.meihuamed.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies, the Company's future
business development and plans of future business development,
financial conditions and results of operations, product and service
demand and acceptance, reputation and brand, the impact of
competition and pricing, changes in technology, government
regulations, fluctuations in general economic and business
conditions in China, and
assumptions underlying or related to any of the foregoing and other
risks contained in reports filed by the Company with the U.S.
Securities and Exchange Commission ("SEC"). For these reasons,
among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
SEC, which are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
For more information, please contact:
Janice Wang
WFS Investor Relations
Phone:
+86 13811768599
+1 628 283 9214
Email: services@wealthfsllc.com
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SOURCE Meihua International Medical Technologies Co., Ltd.