Shanghai, China (November 23, 2016) – MicroPort Scientific Corporation (HKSE: 0853) ("MicroPort®") announced today that it has entered into a strategic partnership with Israeli based MinInvasive Ltd. which manufactures a next generation, minimally invasive shoulder rotator cuff repair device called OmniCuff™. MicroPort® will be granted exclusive rights to manufacture and distribute OmniCuff™ for the China market and will leverage its Global Sourcing Center to source device components for MinInvasive to reduce manufacturing costs for OmniCuff™.
The field of shoulder rotator cuff repair is a fast growing market segment within the sports medicine market. According to industry research, there are over one million shoulder rotator cuff repair procedures performed annually globally with an expected annual growth rate of 7%, and in emerging markets such as China the yearly compound growth rate reached over 20%. Today, the majority of Rotator Cuff Repair procedures are performed arthroscopically using suture anchors. The shift from open surgery to less invasive arthroscopic Rotator Cuff Repair has driven the current market need for suture anchors adding increased cost and potential complications in clinical outcomes. However, transosseous suture repair remains the gold standard in terms of footprint reconstruction leading to excellent and secure rotator cuff repair. MinInvasive has developed the OmniCuff™ System - a needle-based, arthroscopic repair technology that allows surgeons to easily place sutures through the bone to re-attach and compress the tendon without suture anchors. With OmniCuff™, both patients undergoing surgery and surgeons performing rotator cuff repair will benefit from the clinical advantages of minimally invasive surgery, the biomechanical advantages of a transosseous repair, and a reduction in overall procedure cost.
Currently, OmniCuff™ is available in the US where MinInvasive recently completed a successful post-market, multi–center clinical study in leading U.S. orthopedic hospitals including Rush University Medical Center in Chicago, IL, Rothman Institute – Thomas Jefferson University Hospital in Philadelphia, PA and Beth Israel Deaconess – Plymouth Hospital in Boston, MA. OmniCuff™ is not CFDA approved and will have to be registered with and approved by the CFDA prior to being commercially available in China.
About MinInvasive Ltd.
MinInvasive, founded in 2011 in the ATI incubator, is a privately held medical device company, with key investors Anatomy Medical Technology Fund, Access Medical Ventures and several private investors from Israel and the US. The company has developed the OmniCuff™ System – a disposable device enabling arthroscopic, transosseous rotator cuff repair that obviates the need for suture anchors. The company recently completed a successful post-market multi–center clinical trial in leading medical centers in the US with excellent clinical results and high patient and surgeon satisfaction. The company plans to initiate commercialization of the OmniCuff™ System with a partner in the US in 2017.