MAGAL, Israel--(BUSINESS WIRE)--MinInvasive Ltd. developer of the OmniCuff™ device for the treatment of rotator cuff repair, announced today the completion of a financing transaction and a strategic partnership with MicroPort Scientific Corporation (HKSE:0853). MicroPort is leading a financing round in MinInvasive and will be granted an exclusive right to distribute OmniCuff™ in the China market.
The field of shoulder rotator cuff repair is a fast growing market segment within the sports medicine market with over one million procedures performed worldwide annually and an annual growth rate of 7%. The OmniCuff™ System enables arthroscopic rotator cuff repair, which obviates the need for suture anchors, provides the clinical advantages of minimally invasive transosseous repair and reduces overall procedure costs.
MinIvasive’s CEO, Ronen Raz stated, “The partnership with MicroPort, a leading medical device company and a strategic global player, is a significant milestone for the company and we look forward to expanding our activity into the Chinese market with MicroPort”.
MinInvasive, founded in 2011 in the ATI incubator, is a privately held medical device company, with key investors Anatomy Medical Technology Fund, Access Medical Ventures and several private investors from Israel and the US. The company has developed the OmniCuff™ System – a disposable device enabling arthroscopic, transosseous rotator cuff repair that obviates the need for suture anchors. The company recently completed a successful post-market multi–center clinical study in leading medical centers in the US with excellent clinical results and high patient and surgeon satisfaction. The company plans to initiate commercialization of the OmniCuff™ System with a partner in the US in 2017.
MicroPort Scientific Corporation
MicroPort Scientific Corporation (the "MicroPort Group") is a leading medical device company with business focusing on innovating, manufacturing, and marketing high-quality and high-end medical devices globally. With a diverse portfolio of products now being used at an average rate of one for every 15 seconds in thousands of major hospitals around the world, the MicroPort Group maintains world-wide operations in a broad range of business segments including Cardiovascular, Orthopedic, Electrophysiology, Endovascular, Neurovascular, Surgical, Diabetes Care and Endocrinal Management, and others. The MicroPort Group is dedicated to becoming a patient oriented global enterprise improving and reshaping patient lives through the application of innovative science and technology.