Shenzhen, November 21, 2024 / PRNewswire / -- Shenzhen Libang Precision Instruments Co., Ltd. (hereinafter referred to as "the Company") signed a "Principal Licensing, Development, Commercialization Agreement" on the AI Ultrasound Project with Global Health Labs, Inc. (hereinafter referred to as "GH Labs") in Bellevue, Washington, USA on March 14, 2024. For specific details, please refer to the "Voluntary Disclosure Announcement on Cooperation and Development Project with Global Health Labs, Inc" disclosed by the Company on March 15, 2024 on the cninfo website (Announcement No.: 2024-001).
Upon commencement of the project, the Company and GH Labs jointly completed the demand research, project planning, lightweighting and integration of AI-driven affordable handheld ultrasound devices (hereinafter referred to as "collaborative products"), as well as software feature development. Currently, the project is in the stage of clinical data collection and performance optimization, meeting the expectations of both parties.
Based on the interim achievements of the current project and the expectations of the Bill & Melinda Gates Foundation (hereinafter referred to as the "Gates Foundation") for the project, to further support the Company in developing new ultrasound solutions to assist midwives in prenatal and childbirth ultrasound screenings for pregnant women, identifying and managing pregnancy risks in low- and middle-income countries, on November 18, 2024, the Company signed a "Grant Agreement" with the Gates Foundation. According to the Grant Agreement, the Gates Foundation will provide a total grant of 2.65 million US dollars to the Company to support clinical testing, registration applications, and initial market introduction of the collaborative products. The main details of this project are as follows:
1. Stakeholders of the Project
Name: Bill and Melinda Gates Foundation
Basic Situation: Founded in 2000 with the concept of 'all lives have equal value,' the Gates Foundation is dedicated to reducing global inequalities. The foundation funds new ideas to combat issues such as poverty, diseases, lack of medical and healthcare resources, education, and limited economic development opportunities, helping people live healthy and productive lives. The Gates Foundation is headquartered in Seattle, USA. The Gates Foundation Beijing office was established in 2007 and has supported a range of health and development projects in China.
Other Information: GH Labs is a non-profit company fully funded by Gates Ventures (Bill Gates' private office), focusing on advancing and implementing the Gates Foundation's global health priorities through technological innovation and product development.
II. Main Contents of the Grant Agreement
The Gates Foundation will provide a total of $2.65 million in grants to the company, and according to the project goals and milestone achievements, it will be paid in stages according to the agreed payment schedule, in Chinese Yuan at the latest exchange rates provided by Gates Foundation's banks.
The company will provide a complete solution to meet market demands, obtain CE, FDA certifications, and other specific registrations to enter priority target markets, develop exclusive sales strategies through relevant market activities, and establish a comprehensive after-sales service system in target markets.
The company commits to making maximum efforts to promote collaborative products to low- and middle-income countries at affordable prices.
In addition, the two parties have made related agreements on pricing policies, project milestones, deliverables, intellectual property, grant fund management, revenue donations, and other aspects.
三、项目对公司的影响
The current collaborative product is equipped with AI-based prenatal screening functions on handheld ultrasound devices, using AI technology to identify diagnostic parameters of prenatal fetuses from blind ultrasound videos, assisting in identifying early risks for pregnant women and fetuses. Other manufacturers in the market already have similar products based on similar technologies. This project aims to fully utilize the company's advantages in the production, research and development, and global marketing of medical devices, providing a widely deployable and affordable ultrasound device for low and middle-income countries. As one of the important measures for the company to strengthen international cooperation and implement its internationalization strategy, the relevant technological experience gained in this project will also create favorable conditions for the internationalization of other products in the future.
公司研发的该款合作产品尚处于双方联合开发阶段，同时也尚未进行相关法规审批注册流程。盖茨基金会的具体赠款金额，需要根据项目目标、里程碑的达成情况，按约定的付款时间表分阶段支付。目前该合作产品尚未产生订单收入，由于未来销售收入受研发项目进展、注册进度等客观因素影响，暂时无法预计对公司业绩的影响程度。公司将持续关注该项目的进展，严格按照相关法律法规及时履行信息披露义务。敬请广大投资者谨慎决策，注意防范投资风险。
