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Sinocare has established a joint venture with EOFlow, and subscribed for its private placement shares

Time: 2021-10-26 Hits: 43

[Oct 26th, 2021] (Changsha, China) – Sinocare Inc.[San Nuo Sheng Wu, SHE: 300298],   San  announced today it will establish a joint venture company “SINOFLOW Co., Ltd.” with EOFlow Co., Ltd. (EOFlow KOSDAQ: 294090), a provider of wearable drug delivery solutions in South Korea, to explore its business into the insulin pump delivery system.

     According to Sinocare, the joint venture company will manufacture and distribute the wearable, disposable insulin pump “EOPatch” in the Greater China Region (Mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan). EOFlow’s EOPatch is Korea’s first (and the world’s second) tubeless, wearable, and disposable insulin pump. It makes possible continuous subcutaneous insulin infusion (CSII) for insulin dependent type 1 and 2 diabetes.

     "Sinocare will invest about RMB 50 million to EOFlow to become a shareholder of the listed company, and as a return, EOFlow will contribute RMB 36 million to the joint venture company with 90 million total investment.” Sinocare said.

According to Sinocare‘s founder, chairman of board and CEO Li Shaobo,”We are very glad to have Eoflow as a long-term partner, EOFlow has the same vision as Sinocare does, to devote into innovative and high-quality solutions for patients with chronic disease and to be a leading company in the global medical device industry."

     CEO Mr. Li Shaobo comments, "The combination of CGMS developed by Sinocare and smart wearable insulin pump system developed by EOFlow will jointly provide innovative and systematic smart medical solutions for diabetic patients in China, which will be an inspiring and life-changing news and highly improve the quality of daily life for the people with diabetes in their coming years.”

     According to EOFlow’s founder CEO Jesse J. Kim, “The joint venture company formed by EOFlow and Sinocare affords us an excellent opportunity to demonstrate therapeutic benefits that result from the outstanding performance of EOPatch to the greater Chinese market, where the diabetes population is very large, and yet, disposable wearable insulin pumps have not been made available.” CEO Jesse J. Kim added, “Also, entering the Chinese market where high growth potential clearly exists is a significant next step, since its recent entry into the European market, in accelerating EOFlow’s entry into global marketplace.”

About Sinocare

     Sinocare consists of Sinocare, Inc., Trividia Health Inc.,Polymer Technology Systems, Inc.and its affiliates. Sinocare, Inc., Founded in 2002, headquartered in Changsha, China.Committed to the use of research and development, production and sales of rapid detection of chronic disease products of high-tech enterprises. Through continuous innovation, the company implements its strategic vision of becoming a global diabetes detection expert and a chronic diabetes health management expert.

For more information, visit Sinocare at https://www.sinocareintl.com/.

About EOFLOW

     EOFlow Co., Ltd. provides drug delivery solutions with electrochemical technology. The company was founded by Jesse J. Kim on September 27, 2011, and is headquartered in Seongnam-si, South Korea. EOFlow believes technology can help improve quality of lives, especially of those who live with chronic disease or handicap. With its recently launched wearable insulin pump “EOPatch” in Korea and in Europe, EOFlow is leading the paradigm shift in insulin delivery. EOPatch is a disposable wearable insulin pump which is used to continuously deliver insulin in blood glucose control. It provides advanced features to improve insulin users’ Quality of Life (QoL) such as, ▲ Wireless/tubeless ▲ Small and light design ▲ Waterproof ▲ Long wear time (3.5 days) to allow twice-a-week compliance ▲ Smartphone application options. EOPatch has received MFDS certification for Korean market and CE mark for European market. 

For more information, visit EOFlow at http://www.eoflow.com