Pins Medical Files for IPO, Pioneering China's Domestic Neuromodulation Device Market

Recently, Beijing Pins Medical Co., Ltd. (hereinafter referred to as "Pins Medical") completed the IPO coaching registration with the Beijing Securities Regulatory Bureau and plans to go public. The coaching institution is CICC.

Source of the image: Official website of Beijing Securities Regulatory Bureau

According to the coaching schedule, CICC plans to complete the coaching program for Pins Medical between November and December this year, and apply to the Beijing CSRC Bureau for coaching acceptance. After the coaching is completed and accepted, Pins Medical may file for an IPO.

This is the second domestic brain pacemaker company planning to go public through an IPO in 2023, following Pins Medical's initiation of the listing coaching filing. According to reports from Intelligent Medical Devices, both of the only two local companies mass-producing brain pacemakers have now embarked on the path to a proposed IPO.

Tsinghua Endorsement
Pins Medical Aims for IPO

Pins Medical, established in 2008, is a high-tech enterprise specializing in the research, production, and sales of a series of neuromodulation products, including brain pacemakers, vagus nerve stimulators, spinal cord stimulators, and sacral nerve stimulators. It is dedicated to providing advanced treatment options for patients with functional neurological disorders such as Parkinson's disease, epilepsy, pain, and urinary incontinence.

Tracing back to Pins Medical, it can be found that its background is very profound. Although established in 2008, in fact, as early as around the turn of the millennium, its founding team had already begun working on key technologies and product development for deep brain stimulators and other series of implantable neuromodulation devices. A key figure in the team is Li Luming, an aerospace research expert from Tsinghua University, who was elected as an academician of the Chinese Academy of Sciences in November 2023 and took office as the Party Committee Deputy Secretary and President of Tsinghua University.

Pins Medical has also formed an inseparable bond with Tsinghua University. Li Luming once served as the chief scientist of Pins Medical, and Hao Hongwei, the general manager of Pins Medical, is a researcher and doctoral supervisor from Tsinghua University. He is also the deputy director of the National Engineering Laboratory for Neuromodulation Technology and the deputy director of the Institute of Human-Machine and Environmental Engineering, making significant contributions to the operation management and technological development of Pins Medical. Wen Xiongwei, the chief engineer of Pins Medical, is another top talent from Tsinghua. He once served as the director of the laboratory at the Institute of Human-Machine Environment and Medical Engineering of Tsinghua University's School of Aerospace, playing a crucial role in promoting the technological research and product innovation of Pins Medical.

Currently, Pins Medical has achieved numerous research results with full independent intellectual property rights, obtained product registration certificates for a series of brain pacemakers, vagus nerve stimulators, sacral nerve stimulators, and spinal cord nerve stimulators, and launched them into the market, breaking the monopoly of American companies in the field of neuromodulation products.

According to the data from Yaozhi Medical Device, Pins Medical has nearly 20 products entering the innovative approval channel, including spinal cord nerve stimulation test electrodes, deep brain stimulation systems, etc.

Source of the image: Pharmcube Medical Device Data —— China's Innovative and Priority Approval Medical Device Database

On May 28, 2024, Pins Medical had four innovative products approved for marketing — the Implantable Deep Brain Stimulation Electrode Lead Kit, the Dual-Channel Rechargeable Implantable Deep Brain Stimulation Pulse Generator Kit, the Dual-Channel Implantable Deep Brain Stimulation Pulse Generator Kit, and the Implantable Deep Brain Stimulation Extension Lead Kit. They are China's first directional deep brain stimulation products. When used together, they can stimulate the subthalamic nucleus or globus pallidus internus and are intended for combined treatment of advanced levodopa-responsive Parkinson's disease patients whose symptoms cannot be effectively controlled by medication. Whether Pins Medical will successfully go public this time is also highly anticipated.

Broad Market
Acceleration in China-produced overtaking

Deep Brain Stimulation (DBS), commonly known as brain pacemaker implantation, is a procedure that might sound unfamiliar to the general public. However, brain pacemaker implants and other neuromodulation products are like "electronic medications" for patients with functional neurological disorders such as Parkinson's disease, epilepsy, chronic pain, and urinary incontinence, significantly improving their quality of life.

According to the latest research report released by Grand View Research, the global market size of DBS was approximately USD 796 million in 2016. The compound annual growth rate of the DBS market during the forecast period is predicted to be 11.5%. By 2025, the global DBS market capacity is expected to exceed USD 2.1 billion.

In China, functional neurosurgical disorders affect a large patient population. With the continuous deepening of China's aging population, it is conservatively estimated that there are about 2.5 million Parkinson's disease patients in China, but less than 1% of them receive neuromodulation therapy.

As an advanced active implantable medical device, deep brain stimulators (DBS) have shown significant therapeutic effects, but their development is extremely challenging. For a long time, the DBS market in China has been monopolized by foreign brands such as Medtronic, Boston Scientific, and Abbott, with high pricing making the treatment unaffordable for many patients.

In recent years, the rise of domestically produced alternatives has gained momentum, with companies like SceneRay Medical and Pins Medical launching multiple first-of-their-kind products in China. The acceleration of domestic innovation is well underway. In addition to Pins Medical's recent push for an IPO, SceneRay Medical has also emerged as a rising star in the field of domestically produced brain pacemakers.

Jingyu Medical is an innovative high-tech medical device company that integrates the research and development, production, and sales of deep brain stimulation systems. It has complete independent intellectual property rights and continuously develops new technologies and products.

In 2014, Jingyu Medical was included in the special approval channel for innovative medical devices by China's drug regulatory authorities; In 2015, its dual-channel implantable deep brain stimulation pulse generator kit, implantable deep brain stimulation electrode lead kit, and implantable deep brain stimulation extension lead kit were approved for marketing. In 2017, Jingyu Medical's third-generation product – a brain pacemaker for treating drug addiction – was included in the special approval channel for innovative medical devices by China's drug regulatory authorities.

In April 2022, its dual-target deep brain stimulation technology and products for treating drug addiction indications received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA). This is also the first time that a Chinese company has obtained the Breakthrough Device Designation in the field of neurological and psychiatric disorders. Currently, SceneRay Medical is further expanding in the field of mental illness.

Conclusion

Nowadays, both Pins and the other brain pacemaker company have embarked on their IPO journeys. Despite several medical device companies having halted their IPO processes this year, we will wait and see if they can break through under the current challenging conditions.

References:
1. "The Rise of Chinese-made Brain Pacemakers: After SceneRay Medical, Pins Medical Plans IPO!" Smart Medical Device
2. "Challenging Medtronic, China's Leading Neurological Device Manufacturer Pins Breaks Through with a Blockbuster New Product!" Medical Device Business Review

Editor: Mu Mian

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