Sanovas, Inc., a California-based life science technology company is expanding into China by establishing a venture capital fund and Innovation Center at the Suzhou Institute of Nanotechnology and NanoBionics (SINANO) at the Chinese Academy of Sciences to enhance its innovations and sales in China.
In a deal with the People’s Government of Suzhou, China, the innovation center with be based at the Chinese Academy of Sciences located within the Suzhou Industrial Park Biotechnology Innovation Center at BioBay.
“We respect Sanovas and the company’s approach to developing innovative technologies and improving treatments in medicine for so many,” stated Xiang Wang, Mayor of Suzhou City, Jiangsu Province, China.
Sanovas said that Sanovas Suzhou will operate as a Wholly Foreign Owned Enterprise in China. The Sanovas Suzhou Venture Capital Fund will directly invest upwards of $75M in the development and growth of Sanovas’ groundbreaking innovations in Surgical Imaging, Thoracic Oncology, Interventional Pulmonology, E.N.T., Ophthalmology and Bioscience.
About 30,000 sq. ft. Innovation Center SINANO at BioBay, according to the agreement, will provide Sanovas with access to scientific, technology and medical collaboration with SINANO faculty, scientists, engineers, doctors, and local hospitals to aide Sanovas’ ongoing efforts to miniaturize and advance medical technologies and therapies to improve access (through affordability and portability) to care for our global society.
“Through positive relations and the forging of solid friendships, we have joined hands with the People’s Government of Suzhou and Suzhou Industrial Park Biotechnology Innovation Center to bring Sanovas’ innovation engine to one of the largest and best-planned life science innovation hubs in the world,” said Larry Gerrans, Sanovas Founder and CEO.
Sanovas expect to benefit from collaboration with many the world’s top scientists and researchers, in SINANO, among which is the Oxford University Research Institute in Suzhou Industrial Park.
“This agreement creates a venture capital fund purposed solely for advancing the capitalization for Sanovas’ intellectual properties, technologies, and products in China. It establishes a state of the art biotechnology facility in SINANO and BioBay, one of the largest think tanks and commercial enterprise zones for advancing scientific and medical innovation in the world.
It brings over $75 million in capitalization for Sanovas’ expansion in China; the incorporation of five of Sanovas subsidiaries in China, and firmly positions Sanovas for long-term growth in the China market, the second largest consumer market in the world for medical technology, for years to come,” said Gerrans.