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Curvebeam AI (ASX:CVB) has popped around +30% in early afternoon trades on Thursday as the orthopaedic tech company announced it’s expanding into China. For those out of the loop, Curvebeam’s keystone product is a foot-and-ankle CT scanner (that, of course, utilises ‘AI’ in some fashion or other.)
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Having inked a 10Y deal with Shandong WeiYing Intelligent Medical Technology (SWIMT), Curvebeam’s weight-bearing CT scanning machine will be marketed, manufactured and distributed in China, including Hong Kong, Macau, and even Taiwan. Also wrapped up in a the deal is another entity called Weigao Haixing Medical Device Co, which alongside SWIMT effectively acts as a JV.
“The Agreements establish a long-term strategic collaboration designed to accelerate the commercialisation of CVB’s WBCT medical device portfolio and associated AI solutions in China, Hong Kong, Macau and Taiwan,” CVB clarified further.
“The collaboration combines CVB’s proprietary WBCT and associated AI solutions with the Partner’s extensive distribution network, manufacturing capacity and regulatory expertise in the Chinese medical device sector.”
From that partnerbase, CVB will receive $4M within the next 60 days; another $6M once the company hits contract milestones. Shares will be issued at 40cps, a steep premium to where the company traded on Thursday morning, hovering around 10cps.
“Formalising this strategic partnership represents a pivotal milestone for CVB. Partnering with an established Chinese medical device manufacturer and distributor positions us to significantly accelerate adoption of our platforms and AI solutions across China and the entire globe,” CVB CEO Greg Brown said.
CVB last traded at 10.5cps.
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