Hong Kong SAR/Shanghai, China, 15 July 2022 – MicroPort Neurotech Limted (02172.HK, “MicroPort NeuroTech™” of the “Company”), a pioneering company in the field of neurovascular interventional treatment, today announced it has successfully listed on the Main Board of the Hong Kong Stock Exchange(HKEX).
Since its first product approval in 2004, MicroPort NeuroTech™ has boasted a comprehensive product portfolio covering all the three major areas of neurovascular disease, namely hemorrhagic stroke, cerebral atherosclerotic stenosis and acute ischemic stroke (AIS). As of the release date, MicroPort NeuroTech™ has penetrated into approximately 2,400 hospitals in China and provided over 90,000 stroke patients with safe and effective neuro-interventional solutions. Additionally, MicroPort NeuroTech™ has been gradually gaining access for its products into the top 10 countries in terms of neuro-interventional procedure, including the United States, Japan, South Korea and Brazil. Its independently developed Numen™ Coil Embolization System (“Numen™”) and NumenFR™ Coil Detachment System (“NumenFR™”) received FDA approval in the United States, CE Marking in the European Union and Ministry of Food and Drug Safety (MFDS) approval in South Korea in 2021.
According to China Insights Consultancy (CIC), the number of stroke patients and penetration rate of neuro-interventional procedures continue to rise worldwide. In China, the penetration rate of neuro-interventional procedures in the fields of hemorrhagic stroke, cerebral atherosclerotic stenosis and AIS has remained relatively low as compared to that of the developed countries. Additionally, with the rapid increase in the number of approved Chinese-developed neuro-interventional medical devices, there is significant increasing potential for the market share of Chinese-developed neuro-interventional medical devices.
Largest Chinese neuro-interventional medical device company with strong R&D capability
Over the 18 years since APOLLO™ Intracranial Arterial Stent System (“APOLLO™”) was approved by the Chinese National Medical Products Administration (“NMPA”) and became the world’s first approved stent system to treat intracranianl atherosclerotic disease (ICAD) in 2004, MicroPort NeuroTech™ has grown into the largest Chinese neuro-interventional medical device company, in terms of revenue in 2020, according to CIC. In 2019, 2020 and 2021, the revenue of the Company increased rapidly at a compound annual growth rate (CAGR) of 44.4%, reaching RMB382.8 million in 2021.
Leveraging its leading position in China’s neuro-interventional medical device industry, MicroPort NeuroTech™ has built strong R&D capability and an effective R&D model. Therefore, the Company had a total of 30 commercialized products and product candidates in its portfolio as of 20 June 2022.
Some of the self-developed products achieved technological breakthroughs globally and in China. According to CIC, Willis™ Intracranial Stent Graft System (“Willis™”) was the first and remains the only approved intracranial stent graft to treat cerebral vessel disease, and Tubridge™ Flow-diverting Stent (“Tubridge™”) was the first and remains the only Chinese-developed flow-diverting stent approved by the Chinese National Medical Products Administration (NMPA).
Through 18 years of development, MicroPort NeuroTech™ has built technological expertise and R&D achievements that stand out in China. As of 20 June 2022, the Company had 103 registered patents in China, including 32 invention patents, and 135 patents under application, including 118 invention patent applications. In addition, MicroPort NeuroTech™ had 31 patents registered and 57 patents under application in more than 10 other countries. According to CIC, the Company ranked first among Chinese neuro-interventional medical device companies in China in terms of registered patents. It also participated in drafting the industry standards for intracranial arterial stents and intracranial coil embolization systems.
Besides, MicroPort NeuroTech™ has established a comprehensive R&D system to continuously enhance its innovation capability and R&D efficiency. The physician-engineer collaboration model covers the entire R&D process, allowing the Company to make timely innovative adjustments to solve problems in neurovascular disease treatment.
Proven commercialization capabilities with visible global presence
As the first domestic entrant to the neuro-interventional medical device industry in China, MicroPort NeuroTech™ has developed proven commercialization capabilities demonstrated by its leading position among domestic peers, customized commercialization strategies and an extensive distribution network.
Besides, the Company has an internal sales and marketing team of approximately 100 employees, with an average industry experience of more than 8 years. In addition, it has established cooperation with more than 200 distributors and sub-distributors, covering all provinces in the PRC.
As committed to becoming a global leader in the neuro-interventional medical device market, MicroPort NeuroTech™ has established a series of localized sale organizations with in-depth understanding of local markets and resources of sales channels. It has leaders of sales and marketing teams in Brazil, Japan, the United Kingdom, the United States and Australia, who work collaboratively to expand our global sales network and enhance its market presence.
In addition, to enhance the brand awareness in the United States and globally, MicroPort NeuroTech™ seeks to localize its R&D, supply chain and production. MicroPort NeuroTech™ aims to create quality products in accordance with international standards and connect with physicians worldwide to understand their clinical needs in neuro-interventional procedures. The Company will also establish a global procurement and supply chain network to build resources in different locations, to reduce cost, improve production capacity and enhance product quality.
Visionary strategy and strong synergy with controlling shareholder MicroPort
Since its inception, MicroPort NeuroTech™ has received strong support from its shareholders and achieved great synergy with the controlling shareholder, MicroPort Scientific Corporation (00853.HK, “MicroPort®” or “MicroPort® Group”). MicroPort® is a leading medical device company focused on innovating, manufacturing and marketing high-end medical devices globally, which has been listed on the Main Board of the HKEX since 2010. Benefiting from the market recognition of the “MicroPort®” brand, MicroPort NeuroTech™ has successfully penetrated the key hospitals in the field of neuro-intervention. Inspired by the global R&D, manufacturing and sales service network of MicroPort®, its team has accumulated vast experience in this field.
To accelerate its globalization strategy, MicroPort NeuroTech™ will continue to integrate resources from its cooperation partners and to seek support from its controlling shareholder, MicroPort®. The Company intends to expand its product portfolio and global sales network through its cooperation partners. In 2019, MicroPort NeuroTech™ established a strategic relationship with Irsreal-based Rapid Medical in terms of products and resources. Furthermore, benefiting from the market recognition of the “MicroPort®” brand, the Company believes that it is well positioned to promote its products to physicians and hospitals globally.
Mr. Zhiyong Xie, President of MicroPort NeuroTech™ stated, ”In the last decade, MicroPort NeuroTech™ recorded rapid development with a number of innovative products achieving technical breakthroughs and extensive commercialization. After listing, MicroPort NeuroTech™ will further accelerate the process of R&D and industrialization, to provide comprehensive medical solutions that can prolong the lives of patients with cerebrovascular diseases worldwide.”
Mr. Bo Peng, the Chief Marketing Officer of MicroPort® Group and Chairman of MicroPort NeuroTech™ commented, “The listing of MicroPort NeuroTech™ on the HKEX is an important milestone in its development. In the future, MicroPort NeuroTech™ will further strengthen corporate governance, fulfill our mission and social responsibilities. We are committed to meeting the cutting-edge development needs of cerebrovascular diseases, serving patients and rewarding investors with better performance.”
About MicroPort NeuroTech™
Founded in Shanghai in 2012, MicroPort NeuroTech Limited (“MicroPort NeuroTech™”, stock code: 02172.HK), a subsidiary of MicroPort Scientific Corporation (“MicroPort®”, stock code: 00853.HK), is a pioneer and largest Chinese company in the neuro-interventional medical device industry in China, dedicated to providing innovative solutions for physicians and patients. MicroPort NeuroTech™ has gradually entered the top 10 countries and regions for the number of neuro-interventional surgeries, including the United States, Europe, South Korea and Brazil. In the future, MicroPort NeuroTech™ will invest more resources in innovation and development to provide more high-quality and innovative cerebrovascular and neuro-interventions solutions for physicians and patients.
More information is available at www.medneurotech.com.