In January 2018, Vancouver-headquartered RepliCel Life Sciences, a regenerative medicine company focused on developing cell therapies for aesthetic and orthopedic conditions, and Ningbo, Zhejiang Province, China-headquartered YOFOTO Health Industry Co. Ltd. announced their intent to form a strategic partnership in greater China. The revised agreement announced today involves an upfront investment of C$5.09-million (Canadian) at 95 Canadian cents per share plus 20-per-cent warrant coverage exercisable at 95 Canadian cents per share for a period of two years. The deal also includes milestone payments of up to C$4.75 million, sales royalties and a commitment by YOFOTO to spend a minimum of C$7 million on RepliCel programs over the next five years in greater China. YOFOTO will receive an exclusive licence for RepliCel's tendon regeneration cell therapy, skin rejuvenation cell therapy and its injection technology for the territory. Under certain conditions, relevant Chinese patents, once issued in China, will be assigned to a YOFOTO-owned Canadian subsidiary.