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

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 Securities Regulatory Bureau for coaching acceptance. After the coaching is completed and accepted, Pins Medical is expected to file for an IPO.

Tsinghua President Once Served as Chief Scientist

Neuromodulation products, such as brain pacemaker implants, are relatively unfamiliar to the general public. However, for patients with functional neurological disorders like Parkinson’s disease, epilepsy, chronic pain, and urinary incontinence, they are "electronic medicines" that can improve their quality of life. Nevertheless, due to the market having been long monopolized by Medtronic, a U.S.-based company, the high pricing has deterred many patients.

In 2000, under the proposal of Academician Wang Zhongcheng, Li Luming, who was engaged in aerospace research at Tsinghua University, led a team to begin developing domestically produced brain pacemakers. In 2008, Pins, a company for the transformation of Tsinghua University's scientific research achievements, was registered and established to carry out the transformation of technologies such as brain pacemakers.

In 2013, Pins Medical's first implantable neuroregulation product, a single-channel brain pacemaker, was approved for marketing, becoming the first domestically produced implantable neuroregulation product in China. Since then, Pins Medical’s rechargeable brain pacemaker, dual-channel brain pacemaker, vagus nerve stimulator, sacral nerve stimulator, and spinal cord stimulator have also been approved for marketing, forming Pins Medical's current product line.

In 2018, the project "Key Technologies, Systems, and Clinical Applications of Brain Pacemakers" won the First Prize of the National Science and Technology Progress Award. The main contributing organizations included Tsinghua University, Pins Medical, etc., and the main contributors included Li Luming, Hao Hongwei, Wen Xiongwei, etc.

Among them, Hao Hongwei is the General Manager of Pins Medical. The website of the School of Aerospace Engineering at Tsinghua University shows that Hao Hongwei is a researcher and doctoral supervisor at Tsinghua University, Deputy Director of the National Engineering Laboratory for Neuromodulation Technology, and Deputy Director of the Institute of Human-Machine and Environmental Engineering.

Wen Xiongwei is the Chief Engineer of Pins Medical and once served as the Laboratory Director of the Institute of Human-Machine Environment and Medical Engineering at the School of Aerospace Engineering, Tsinghua University.

Li Luming, who once served as the Chief Scientist of Pins Medical, was elected as an academician of the Chinese Academy of Sciences in November 2023 and assumed the position of Deputy Secretary of the Party Committee and President of Tsinghua University in December 2023.

Coincidentally, Qiu Yong, the current Party Secretary and former president of Tsinghua University, also has the experience of leading a team to incubate the high-tech enterprise Visionox and serving as the chief scientist for a period.

The market size will exceed 10 billion

It is understood that the brain pacemaker is a medical device with high technical barriers. For a long time, the field of brain pacemaker treatment has been monopolized by foreign medical device giants such as Medtronic and Boston Scientific. Due to their mature technology and early layout, they occupy an absolutely leading position in the market.

According to Global Market Insights, the neurotechnology devices market size exceeded USD 10.9 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 14.5% over the next decade. Neuromodulation accounted for approximately 69% of the market share in 2021, and this figure will continue to rise.

The clinical application of DBS therapy has been around for over 30 years. Since its introduction into China, the domestic DBS market has been largely dominated by three major foreign giants: Medtronic, Boston Scientific, and Abbott. It was not until medical technology companies like SceneRay and Pins overcame numerous challenges and developed domestically produced brain pacemakers that the original monopolistic landscape began to change.

According to the latest research report released by Grand View Research, the global market size of DBS was approximately US$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 US$2.1 billion.

In the future, thanks to the improvement of living standards and the advancement of medical technology, the proportion of aging population continues to increase. The incidence of neurological disorders (such as Parkinson's disease, epilepsy, essential tremor, dystonia, etc.) that commonly occur in the elderly is also gradually on the rise, further driving the expansion of the DBS market.

About Pins Medical

Beijing Pins Medical Co., Ltd. (hereinafter referred to as "Pins Medical") was founded in 2008, with its headquarters located in the Changping Park of Zhongguancun Science and Technology Park, Beijing. Pins Medical 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 committed to providing advanced treatment options for patients with functional neurological disorders such as Parkinson's disease, epilepsy, pain, and urinary incontinence.

Pins Medical has gathered professional talents in materials, machinery, information, precision processing, clinical medicine, and other fields, and possesses a high-level professional team in therapy research, product development, quality control, market expansion, and enterprise management. Pins Medical is a constituent unit of the "National Engineering Research Center for Neuromodulation" and closely collaborates with Tsinghua University and numerous clinical hospitals to establish a "industry-university-research-clinical" collaborative innovation model. Since its establishment, Pins Medical has undertaken several key national research and development projects, national science and technology support programs, and major science and technology special projects in Beijing. It 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 stimulators, and launched them into the market, breaking the monopoly of American companies in the field of neuromodulation products.

Currently, Pins has 36 approved products on the market, 19 of which are innovative medical device products, ranking among the top in China.