Vasomedical has entered into an agreement with Chongqing PSK-Health Sci-Tech Development to form a joint venture company, VSK Medical, for the global marketing and sale of EECP and ECP therapy systems.

The agreement provides for Vasomedical and PSK to appoint the joint venture company as the exclusive distributor to market, distribute and sell EECP and ECP therapy products globally, except for the United States and China.

In this regard, the agreement provides for PSK to be the exclusive distributor of Vasomedical’s EECP therapy systems in China and for Vasomedical to be the exclusive distributor of PSK’s ECP therapy systems in the United States, subject to certain conditions.

Vasomedical president and CEO Dr Jun Ma noted that Chongqing PSK in the last several years has been actively revitalizing the Chinese market for external counterpulsation treatment and has become a serious competitor in the international market.

"This cooperative venture with PSK will enable the partners to better serve the global external counterpulsation market by offering tiered products to meet various demands for the therapy. It should also allow us to substantially reduce the risks and expenses associated with our international plan for EECP therapy.

"Our global strategy is designed to bring the combined resources of both companies to the marketing and clinical development of external counterpulsation therapy. The ultimate goal is to broaden the reach of this powerful technology so that more patients worldwide may enjoy its benefits," Dr Jun Ma added.