HONG KONG, Jul 6, 2020 - (JCN Newswire) - Thanks to capital market's growing expectation for the aging population and accelerated substitution of imported medical devices, China's medical devices industry has entered a golden age of rapid development. Hong Kong-listed medical devices company, MicroPort Scientific Corporation ("MicroPort",stock code: 00853) - which has positioned in ten business segments including cardiovascular devices, orthopedics devices, and cardiac rhythm management business - was favored by the capital market in 2020 and obtained substantial attention from a lot of heavyweight strategic investors.
Following its announcement on July 2 in relation to completion of the placing of 65,958,000 new shares and raising over HK$1.5 billion at a price with the lowest discount among all primary placings of healthcare companies listed in Hong Kong in the last 5 years, MicroPort announced on 5 July that its subsidiary - MicroPort Cardiac Rhythm Management Limited ("MicroPort CRM"), which focuses on developing and commercializing implantable pacemaker and defibrillator devices and related technologies to manage cardiac rhythm disorders - has entered into definitive agreements in connection with its Series B financing with total investment proceeds US$105 million. With the investments, MicroPort CRM's post-money valuation reaches about US$400 million. Hillhouse Capital Group will lead the Series B investment and will invest US$50 million. Current MicroPort CRM investor, Yunfeng Capital will also participate with an additional investment of US$25 million. MicroPort will also invest USD$30 million through its wholly owned subsidiary. These investments fully demonstrated investors' confidence on the development of medical devices industry and MicroPort CRM business.
Originally acquired in April 2018, MicroPort CRM designs, develops, and markets solutions for the management of heart rhythm disorders, such as implantable pacemakers and defibrillators, as well as heart failure with cardiac resynchronization therapy (CRT), worldwide. Headquartered in Clamart (outside Paris) France, MicroPort CRM has dedicated R&D teams in Clamart (outside Paris) and Shanghai, and world class manufacturing facilities in France, Italy, the Dominican Republic and China. Currently MicroPort CRM employs approximately 950 employees globally.
For decades, MicroPort CRM has been at the forefront of innovation in the CRM industry and has implanted more than one million patients worldwide with its pacemakers and defibrillators. The company is known for its cutting-edge technology, small, long-lasting devices, and the most advanced therapeutic solutions. In 2015, MicroPort CRM launched the PLATINIUMTM family of implantable defibrillators, which has the longest service life of any implantable defibrillator on the market, reducing the risks associated to frequent replacements. In 2019, the company launched ENOTM, TEOTM and OTOTM, the world's smallest family of pacemakers, 1.5T and 3T MRI conditional. In the CRT field, the company innovated with the SonRTM sensor, the world's only contractility sensor for automatic optimization of cardiac resynchronization, which, in a landmark trial called RESPOND-CRT, revealed that SonRTM is associated with a 35% reduction in the risk of hospitalization for heart failure. MicroPort CRM continues to innovate in CRT by developing AXONETM, an ultra-thin 1.2 F (0.4 mm) left ventricular lead, which will enable MicroPort CRM to lead the industry in expanding CRT therapy options.
MicroPort CRM will soon launch a new family of pacemakers, ALIZEATM and BOREATM, featuring Bluetooth technology and wireless remote monitoring, and plans to launch a complete new line of defibrillator systems in 2021, including devices and leads, 1.5T and 3T MRI conditional. The market introduction of these products will provide an additional inflection point for the growth prospects of the CRM franchise.
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