NeuroVive Establishes Subsidiary in Taiwan

NeuroVive has established a subsidiary in Taiwan, NeuroVive Pharmaceutical Asia, Inc, which has secured initial funding totalling US$ 3,255 million. The funding is sourced from Taiwanese investors, collaboration partner Foundation Asia Pacific Ltd and the parent company ahead of its potential IPO in Taiwan. The subsidiary strengthens the group’s presence in Asia and will be the driver behind existing project in the region, while conducting its own research and development operations under license from the parent company.

Alongside collaboration partner Foundation Asia Pacific Ltd, NeuroVive already owns a company for the group’s intellectual property rights in Asia, NeuroVive Pharmaceutical Asia Ltd (NeuroVive Hong Kong), with its registered office in Hong Kong. The company’s holding in NeuroVive Hong Kong has been converted to the corresponding shares in NeuroVive Asia.

As a result of the restructuring, NeuroVive Hong Kong has received additional territorial rights in Asia for CicloMulsion®, NeuroSTAT® and ToxPhos®. An external valuation agent has calculated the value of the additional rights at US$ 3.6 million. This has increased the parent company’s holding in NeuroVive Asia from 70% to 82% before the initial financing.

Michael L. Huang has been appointed CEO of NeuroVive’s Asian group. Michael L. Huang is highly qualified for the assignment and has strong regional contacts.

“I look forward to leading NeuroVive Pharmaceutical Asia, Inc and to develop the company’s projects efficiently in close collaboration with our partners, including Sihuan Pharmaceutical in China. The company will focus on developing NeuroVive’s leading products CicloMulsion® and NeuroSTAT® within the framework of the licensing rights in Asia, alongside a strong research and development operation in order to create value for shareholders, not least NeuroVive Pharmaceutical AB,” commented Michael l. Huang, CEO of NeuroVive Pharmaceutical Asia, Inc.