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The company is a leading intrusive cardiovascular device company in China. According to Frost Sullivan's data, the number of patients with coronary artery disease in China has increased from 2.2 million in 15 years to 2.46 million in 19 years, with a compound growth rate of 2.8%. The number of patients with hypertension in China is expected to further increase to 2.8 million in 24 years. The number of patients with hypertension in China increased from 290 million in 15 years to 318 million in 19 years, and is expected to further increase to 351 million in 24 years. In recent years, interventional therapy is developing rapidly to treat these diseases, and gradually replace the traditional therapy, and is expected to maintain the growth trend, but at present, China's total degradation stent and renal nerve block market is still in a serious situation of insufficient permeability. it has great potential for development in the future. According to Frost Sullivan's data, China performed an average of 729 percutaneous coronary intervention operations per 1 million people in 19 years, which is much lower than that in the United States, Japan and Europe in the same period. at present, the treatment instruments used in percutaneous coronary artery screenshot surgery in China are mainly early products, such as bare metal stents or drug-eluting stents, such as fully degradable stents and other advanced products will enjoy a huge market space. As far as the renal nerve blocking market is concerned, although the number of patients with hypertension is large and growing rapidly, and the number of therapies with proven clinical efficacy for the treatment of uncontrolled or intractable hypertension is limited, and renal nerve blocking therapy has more advantages than traditional therapy, so far, there are no commercial renal nerve blocking products in China.
To address the unmet medical needs of Chinese patients with vascular disease and hypertension, the company has developed a comprehensive product portfolio of interventional devices under development, focusing on two treatments: (1) fully degradable stents (BRS) to meet the medical needs of Chinese patients in the treatment of coronary or peripheral arterial diseases. The core product, Bioheart, is a fully degradable stent system used in percutaneous coronary intervention for the treatment of coronary artery disease. Single-arm clinical trials are expected to begin at the beginning of 21, all necessary follow-up will be completed by the end of 22, and Bioheart will be approved by the State Drug Administration in the third quarter of 23.
Clinical trials and are expected to launch products in China in or around 25 and 27 years, respectively. (2) Renal nerve occlusion (RDN) to address the unmet medical needs of patients in the treatment of uncontrolled hypertension. According to Frost Sullivan, the company is one of only three companies in China that have renal nerve blocking products in clinical trials, and the second generation Iberis is expected to be the first approved multi-electrode renal nerve blocking product in China. The second generation Iberis is also recognized as an "innovative medical device" by the State Drug Administration, so it is eligible to enter the rapid approval channel. It is expected that the second generation Iberis will be approved by the State Drug Administration in the second quarter of 23. The company is working with Japan's Termao to conduct the second generation Iberis clinical trial. The first human clinical trial has been completed in Japan, and a randomized controlled clinical trial is planned in the second half of 21. The second generation of Iberis is expected to be launched in Japan in 25 years. In addition to fully degradable stents and renal nerve occlusion product lines, the company also actively promotes the development of balloon catheters under development (including balloon dilatation catheters, high pressure balloon dilatation catheters and three pulse balloon dilatation catheters for the treatment of coronary artery calcification (CAC), peripheral vascular calcification (PVC) and aortic valve calcification (AVC) respectively.
The company has not yet approved products for commercial sale. The net losses during the period of 19, 20 and the first half of 21 were $23.72 million, $340 million and $228 million respectively, and R & D expenditure was $21.53 million, $246 million and $120 million respectively.
After listing, the company is expected to have a market capitalization of HK $50.59-5.837 billion. Aiming at the fast-growing cardiovascular medical device market and the underserved hypertension market, the company is a leading domestic company focusing on fully degradable stent therapy. at the same time, it is also expected to launch the first commercial renal nerve blocking product on the market, so it is recommended to apply carefully.
