Tsinghua-Originated Chinese Neurotech Firm Pich Medical Files for IPO with Innovative Neuromodulation Portfolio
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Neuromodulation Product R&D, Production, and Sales
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On August 28, the CSRC official website disclosed,Beijing Pins Medical Co., Ltd. (hereinafter referred to as "Pins Medical") has registered for tutoring and filing with the Beijing Securities Regulatory Bureau.Plans for the initial public offering (IPO) and listing, with CICC as the sponsor broker.
It is reported that Pins Medical is the leader in the field of neuromodulation in China, specializing in...Brain Pacemaker, Vagus Nerve Stimulator, Spinal Cord Stimulator, Sacral Nerve StimulatorA series of neuromodulation product research, production, and sales.
Since its establishment in 2008, Pins Medical has continuously focused on the field of neuromodulation, leveraging its deep technical expertise and innovative spirit to undertake several major...National Key R&D Program, National Science and Technology Support Program, Beijing Major Science and Technology Special Project PlanAnd other topics, achieving a large number of research results with full independent intellectual property rights.
Currently, the company has already launched several global/China-first products, including:China's first directional deep brain stimulation system, the world's first rechargeable and sensing vagus nerve stimulator, China's first rechargeable implantable sacral nerve stimulator, and China's first implantable spinal cord stimulator.
The World's First
Rechargeable and Sensing Vagus Nerve Stimulator
May 2024, Pins MedicalImplantable Deep Brain Stimulation Electrode Lead Kits (L305/L306), Dual-Channel Rechargeable Implantable Deep Brain Stimulation Pulse Generator Kits (G107R), Dual-Channel Implantable Deep Brain Stimulation Pulse Generator Kits (G107), and Implantable Deep Brain Stimulation Extension Lead Kits (E204)Officially approved by the National Medical Products Administration (NMPA),MarksThe First in ChinaDirectional Deep Brain Stimulation ProductsOfficially entering the market.
This product, when used in conjunction, can stimulate the subthalamic nucleus or medial globus pallidus and is used in combination for advanced levodopa-responsive Parkinson's disease patients whose symptoms cannot be effectively controlled by medication.Treatment.
The World's First
Rechargeable and Sensing Vagus Nerve Stimulator
June 2023,Pins Medical "Rechargeable Implanted Vagus Nerve Stimulation Pulse Generator Kit (VNS) G113R, G114R" Officially Approved by the National Medical Products Administration (NMPA)For the treatment of drug-resistant epilepsy patients aged 3 years and above. This is the world's first rechargeable and sensing VNS product,With rechargeable and Bluetooth wireless communication functions,To bring convenience to patients and improve the programming experience for doctors and patients.
The First in China
Rechargeable Implantable Sacral Nerve Stimulator
July 2022,The registration application for the "Rechargeable Implantable Sacral Nerve Stimulation Pulse Generator Kit," developed and produced by Pins Medical with preliminary technical support from Tsinghua University, has been officially approved by the National Medical Products Administration.This is China's first domestically produced rechargeable sacral nerve stimulation product with independent intellectual property rights. Users can achieve wireless external charging, and the stimulator’s service life has been significantly extended.
The First in China
Implantable Spinal Cord Neurostimulator
January 2022,Pins' innovative product, the "Implantable Spinal Cord Stimulator" (including the Implantable Rechargeable Spinal Cord Neurostimulator, Implantable Spinal Cord Neurostimulator, 2 Implantable Spinal Cord Neurostimulation Electrodes, and the Implantable Spinal Cord Neurostimulation Extension Lead, totaling 5 product registration certificates), has been approved for registration.
This is China's first approved domestically produced implantable spinal cord stimulator system, intended for use by patients aged 18 years and above (excluding pregnant women) as an adjunctive treatment for chronic intractable pain of the trunk and limbs.
This approval also makes Pins MedicalThe first to possess a full range of neuromodulation products, including brain pacemakers, vagus nerve stimulators, spinal cord nerve stimulators, and sacral nerve stimulators.A high-tech enterprise engaged in R&D, production, and sales.
Filing for coaching means that the company's IPO plan has taken a crucial step, and it also implies that Pins Medical's years of strategic planning have finally borne fruit.
In the past 20 years,China's DBS market has long been monopolized by foreign giants.Medtronic, a global giant in cardiac pacemakers, was also one of the earliest companies to initiate research on brain pacemakers. To this day, Medtronic still holds a significant share in the global brain pacemaker market. Other foreign medical device giants such as Boston Scientific and St. Jude Medical (acquired by Abbott) have since caught up, forming..."Three-legged Stand"Market Pattern.
In 2000, at the suggestion of Wang Zhongcheng, an academician of the Chinese Academy of Engineering and a leading figure in neurosurgery, Li Luming, who was engaged in aerospace research at Tsinghua University, led his team to begin developing domestically-produced brain pacemakers.In 2008, Pins Medical was established as the "hub" for the transformation of scientific research achievements from Tsinghua University, focusing on the commercialization of technologies such as brain pacemakers.
In 2013,Pins Medical's First Implantable Neurostimulation Product, Single-Channel Brain Pacemaker, Approved for MarketingBecoming the First China-Made Implantable Neurostimulation ProductProduct. Thereafter,Products such as rechargeable brain pacemakers, dual-channel brain pacemakers, vagus nerve stimulators, sacral nerve stimulators, and spinal cord stimulators have successively entered the market, forming Pins Medical's current product line.
It was also from this year that the company began strategic financing.
Tianyan Cha DataAccording to the data,From 2013 to now, Pins Medical has received 7 rounds of financing.Investors include Waterwood Ventures, Lilly Asia Ventures, Sailing Capital, Hillhouse Capital, Qianhai Mother Fund, Hongyuan Huifu, Huiyuan Capital, Oriental Hongtai Capital, etc.
Currently,The controlling shareholder of the company is Beijing Hanshikangyuan Technology Co., Ltd., which directly holds 23.53% of the shares.And through a coordinated action arrangement with Nantong Hanshi Shengyuan Enterprise Management Consulting Center (Limited Partnership), Nantong Hanshi Anyuan Enterprise Management Consulting Center (Limited Partnership), and Cao Lei, they collectively control 41.78% of the company's voting rights.
The coaching filing report disclosed that 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 passing the acceptance inspection, Pins Medical is expected to file for an IPO.
Neuromodulation is an emerging technology used to treat or alleviate neurological disorders, and its applications mainly includeDeep Brain Stimulation (DBS), Spinal Cord Stimulation (SCS), Vagus Nerve Stimulation (VNS)Among them, SCS relieves intractable pain by stimulating the spinal cord nerves with pulsed current, thus blocking pain signals from being transmitted to the brain via the spinal cord.
In the past few decades, hundreds of thousands of patients have benefited fromNeuromodulation is a therapeutic technology, and new application areas of neuromodulation are constantly being discovered.According to relevant statistics, the global market size for neuromodulation reached 5.8 billion US dollars in 2020, and it is expected that the global neuromodulation market will grow to 8.8 billion US dollars by 2025, with a 51.7% increase over five years.
In China, with the growth of the elderly population and the increase in the prevalence of chronic diseases, the market for neuromodulation products is also growing. Data from the "Report on the Development of Pain Medicine in China (2020)" shows,The number of patients with chronic pain in China has exceeded 300 million and is growing at a rate of 10 to 20 million per year.
In terms of market share,Currently, the seven major international giants: Medtronic, Abbott, Boston Scientific, LivaNova, Nevro, Nuvectra, and NeuroPaceDue to the first-mover advantages in technology and customer base, it has almost monopolized the entire neuromodulation market.
From the perspective of细分 fields,Spinal Cord Stimulator (SCS) in NeuromodulationMarket'sAccounting for the largest proportion, nearly 55% of the total market in 2018;Deep brain stimulators account for 16%, vagus nerve stimulators account for 14%, and other types account for approximately 15%.Among them,The SCS field is dominated by three companies: Medtronic, Abbott, and Boston Scientific, each occupying approximately one-third of the market share.
Representative medical device companies in China that can rival it includePins MedicalAndJingyu MedicalBoth have now entered the IPO process.Pins Medical completed the filing for its IPO coaching in December 2023. The company has also received approval for several related patents and devices previously.
Pins Medical Receives Multiple Approvals
Jingyu HePins MedicalAs competitors in the same field, who will be the first to go public? How will the future neuromodulation market change? Medical Device News will continue to follow up.
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