China National Biotec Group & Advanced Aesthetic Technologies Agrees Strategic Cooperation
One of the global leaders in aesthetic gel implant technology, Advanced Aesthetic Technologies and China National Biotec Group (CNBG) announced a strategic cooperation and the new relationship is based on CNBG’s recognition of AAT products and AAT’s recognition of CNBG’s leading position in the biopharmaceutical field in China. As per the agreement, CNBG will take an equity position in AAT in exchange for an investment into AAT, and Lanzhou Biotechnique Development, a subsidiary of CNBG will be responsible for obtaining required Chinese regulatory approvals and the distribution of AAT products.
Doug Abel, President & CEO, AAT, comments, “We are delighted to enter into an exclusive relationship in China with CNBG. Their excellence in biopharmaceutical development and the Lanzhou Company's leadership in the Chinese aesthetic market make them the ideal partners to work to bring Algeness through the approval process in China and ultimately to the market. We are also pleased that CNBG recognizes the potential that Algeness has to revolutionize the dermal filler market. In combination with our ongoing fund raising efforts, the investment by CNBG will allow us to work to advance Algeness to FDA registration including completion of the required clinical trials. Our anticipated entry into the China and US markets represent major value creation steps for AAT”.
Algeness, a fully resorbable injectable gel implant dermal fillers that are 100 percent natural, providing advantages in terms of safety, skin rejuvenation, and natural looking results. It holds a CE Mark and is currently distributed in over 30 countries worldwide. Algeness dermal fillers are able to add immediate volume in the facial area with excellent persistence without the added cross-linking chemicals found in Hyaluronic Acid fillers.
Brain M. Kinney, Board Member, AAT, comments, “Algeness represents a soft tissue filler 'implant' that fills an unmet need for practitioners and patients by delivering immediate results with minimal swelling and side effects or impact on the immune system. In addition, it goes beyond simply providing volume to providing projection and shape. My patients request safe, natural products with natural looking and feeling results. Algeness has the potential to match these patient demands in a new and innovative way”.