Livzon Pharmaceutical recently announced that its holding subsidiary Zhuhai Livzon Diagnostics Inc.(hereinafter referred to as "Livzon Diagnostics") has signed a strategic agreement with CYNVENIO to set up a joint venture. Livzon Diagnostics has invested 62 million yuan in cash, accounting for 60% of the registered capital. And CYNVENIO invested as LiquidBiopsy patents proprietary technology and related intellectual evaluated 4133.3333 million yuan, accounting for 40% of the registered capital.

As early as last May 20, Livzon Pharmaceutical issued a notice that the company and other parties jointly invested $ 20.5 million to subscribe series B preferred shares issued by US CYNVENIOBIOSYSTEMS, INC (hereinafter referred to as "CYNVENIO"), which Livzon Group invested $ 9,000,000 holding 1,433.84 million shares of CYNVENIO company, and  accounting 13.64% of its total share capital. Meanwhile, Livzon Diagnostics signed the joint venture framework agreement with CYNVENIO. The two sides agreed together to jointly establish a joint venture in China.

According to the announcement, the joint venture company's main business scope is the development, production and marketing of medical diagnostic equipment and reagents;  development, consulting, communication, promotion of vitro diagnostic technology and transfer services of own technology ; maintenance services of medical diagnostic equipment ;  import and export of goods (except for exclusive control of goods) of medical diagnostic equipment, reagents, consumables and software and other related; medical diagnostic technology research and experimental development; services of clinical research and data processing ; services of bio-medical laboratory ; development and services of computer technology ; software development.

It is reported that the joint venture will submit an application for registration of LiquidBiopsy and the detection system of ClearID as soon as possible to the State Food and Drug Administration. Once the application is successful, the joint venture will be responsible for the commercialization and marketing of these products in China region.