Colibri Heart Valve LLC entered into definitive documents with Venus Medtech (Hangzhou) Inc., to establish a joint venture. Under the terms of the agreement, Colibri and Venus Medtech will share in the ownership and management of a newly created joint venture entity (JVE) formed to develop and commercialize structural heart valve products for the Chinese and emerging Asia markets. Initially, the JVE will focus on the development of next-generation pre-packaged, ready-for-use, transcatheter heart valve (THV) systems that will utilize Colibri's novel dry tissue technology, including both the Colibri balloon expandable THV and delivery system as well as Venus Medtech's self-expanding aortic heart valve and delivery catheter. The JVE will be funded to conduct clinical and regulatory development work in support of both Chinese and CE Mark regulatory approvals for these next-generation THV technologies. First-in-human studies are expected to be initiated by the JVE by the end of 2016. Colibri will maintain all technology and commercialization rights for JVE products in the North American, European, Japanese, Australian, and New Zealand markets.