Peijia Medical-B (09996) Announces Strategic Investment in Sutra Medical to Strengthen Transcatheter Heart Valve Pipeline

Peijia Medical-B(09996) announced that its wholly-owned subsidiary, Peijia Medical Limited ("Peijia Suzhou"), recently entered into a share purchase agreement with Sutra Medical, Inc. ("Sutra Medical") (a Delaware corporation f/k/a Dura, LLC) and certain other parties, and has assigned all its rights and obligations under the share purchase agreement to its wholly-owned subsidiary, Peijia Medical Holding Limited ("Peijia Holding"). The initial acquisition of Sutra Medical's shares by Peijia Holding was completed in August 2021. Peijia Holding is currently the second largest shareholder of Sutra Medical, second only to the founding team of Sutra Medical. Pursuant to the agreement, upon the achievement of certain milestones, Peijia Medical Holding Limited will purchase certain additional shares of Sutra Medical. Furthermore, should Sutra Medical propose to issue or sell any new securities, the Company shall have a right of first refusal, subject to certain exceptions.

Sutra Medical was founded in 2012 and is currently headquartered in Lake Forest, California. The company designs and develops solutions for the transcatheter treatment of cardiovascular diseases. Its founding team possesses extensive academic and industry experience. Sutra Medical’s key investigational product, the Sutra Hemi Valve, is a transcatheter mitral valve therapy device that integrates valve replacement and repair technologies. The device is designed to treat mitral regurgitation using a coaptation edge reinforcement technique that specifically targets the posterior mitral leaflet. The Sutra Hemi Valve is currently in the preclinical evaluation stage. Early preclinical results demonstrate good leaflet coaptation and no central mitral regurgitation 120 days post-implantation in animal models.

The existing shareholders of Sutra are independent third parties. The Board believes that this strategic investment in Sutra will further strengthen the Company's product pipeline in the transcatheter heart valve field.