MEMPHIS, TN – July 2, 2014 – MicroPort Orthopedics Inc. ("MPO") and MB Innovations ("MBI") announced today that the two firms have entered into a multi-product development agreement for orthopedic instruments. MBI will initially provide design and development expertise in support of the development of MPO's portfolio of instruments and instrument systems associated with its Fast Recovery, tissue-sparing approach to hip arthroplasty procedures. During the term of the development agreement, there may be additional development programs initiated to develop other differentiated implants and instruments that are used for both hip and knee arthroplasty procedures.
MicroPort Scientific Corporation ("MicroPort") announced the completion of its acquisition of Wright Medical's OrthoRecon business on January 10, 2014. With the support of its China-based global parent, MPO is poised to capitalize on the macro trends of increasing globalization and expanding the OrthoRecon business in the fast-growing emerging market economies. As MicroPort looks forward, 2014 will mark a significant opportunity to invest in specific research and development activities that will result in the launch of new and innovative products in the total joint replacement market. These products will ultimately allow MPO to enable surgeons to provide their patients with tissue-sparing surgical procedures that result in less pain and a quicker recovery from joint replacement surgery. With a rapidly increasing product offering, MPO intends to aggressively expand its US and OUS market presence.
MBI, established in late 2011, has assembled an accomplished team of engineers and advisors who have experience in developing commercially successful medical devices. Troy Drewry, President of MBI, leads the team. Troy began his career in product development at Medtronic Sofamor Danek and has held the position of V.P. of US Operations & COO at Active Implants and V.P. of US Operations for Paradigm Spine. Mike Sherman, a partner at MB Venture Partners, serves as Executive Chairman of MBI. Mike's product development career spans over 20 years at Synthes, Smith + Nephew and Medtronic Sofamor Danek where he generated over 100 issued US patents. MBI will be expanding its engineering staff to accommodate MPO' development needs.
"We are excited to connect MPO's product development efforts with the team at MBI," said Ted Davis, MPO's Chief Executive Officer. "Troy and his team have an established track record of innovation and product commercialization. I'm looking forward to the impact they can have on our product offering. We have already identified the initial programs that leverage MPO's ongoing efforts at innovative, tissue friendly arthroplasty techniques. I am confident that MBI will accelerate the pace at which we execute on our mission of delivering important and highly differentiated technologies to help surgeons care for their patients."
"We have known and respected the team at MPO for years and are very excited to begin working with them," commented Troy Drewry. He continued, "The opportunity to work with a well-established, Memphis-based company that now has unfettered access to the global market is truly unique. MBI's goal is to rapidly develop the next generation of novel arthroplasty instruments for MicroPort. MicroPort is the ideal partner because they are highly focused and committed to innovation."
About MB Innovations
MB Innovations, Inc ("MBI") is a medical technology development company committed to providing research, design and development services to established firms. MBI will also focus on the creation of technologies and intellectual property that will be the basis for new venture formation and job creation. MBI intends to take advantage of the Memphis region's workplace and logistics advantages in the medical device field, especially the musculoskeletal disease sector. MBI's team of accomplished engineers and surgeon advisors will accelerate the time to market through a focused approach to product development. MBI was founded in December 2011 with start-up capital from MB Venture Partners in Memphis, TN.