Maipu Medical Yuan Yuanyu: Attacking the Golden Decade of Medical Devices

As the first enterprise to apply for listing under the second set of listing standards for the ChiNext board, MaiPu Medical officially landed on the capital market on July 26. Adhering to innovation and daring to be the first to "eat the crab" are the successful genes of MaiPu Medical, a domestic high-performance medical device company: it was the first to use bioadditive manufacturing technology to develop absorbable dura mater (spinal cord) patches for neurosurgery, a technology that is internationally original; Sailu, its craniomaxillofacial repair product, obtained the first pilot registration certificate for the third-class medical device registrant system; Jisu Ting, an absorbable hemostatic gauze, has obtained the EU CE certificate...

　　“If the past ten years wereChina's biopharmaceuticalsand innovative pharmaceuticals' golden decade, then the next ten years will be China's golden decade for medical devices.” With the joy of a successful listing, Yuan YuYu, chairman of MaiPu Medical, spoke with even greater confidence.

　　Good at Doing Difficult Things

　　“We are good at doing difficult things,” said Yuan YuYu.

　　Entering the implantable medical device field is closely related to Yuan YuYu’s academic background. During his studies in the United States, Yuan YuYu studied at Clemson University, known as the "birthplace of global biomaterials," pursuing a doctorate in bioengineering. Together with his senior fellow student Xu Tao (currently another actual controller of MaiPu Medical), he followed his mentor in researching cutting-edge new technologies—bioadditive manufacturing technology (also known as bio-3D printing).

　　After graduating with his doctorate, did he continue doing research or start a business? Yuan YuYu chose the latter. After returning to China, Yuan YuYu and Xu Tao founded MaiPu Medical in Guangzhou in September 2008. The initial intention of establishing MaiPu Medical was to industrialize cutting-edge technologies such as bioadditive manufacturing technology and develop high-quality innovative products in the field of implantable medical devices.

　　“Using bioadditive manufacturing technology to make artificial dura mater (spinal cord) is the first difficult thing we chose.” According to Yuan YuYu’s recollection, at that time, most dural products on the market were of animal origin, with shortcomings such as the risk of animal virus immunity and poor designability, and there were many limitations in their use. The use of bioadditive manufacturing technology was limited to laboratory research, and industrial applications were completely blank.

　　There were no standards worldwide, making the industrial transformation of new technologies particularly difficult. At the beginning of its establishment, Yuan YuYu led MaiPu Medical’s multidisciplinary R&D team to continuously overcome difficulties, from equipment research and manufacturing, industrialization control after scaling up, to stability control and quality control, continuously making breakthroughs. MaiPu Medical started by taking the European market, which has more complete standards, as its entry point. “From the start of the company, we thought that it must enter the international market,” said Yuan YuYu.

　　In 2011, MaiPu Medical’s first product, the artificial dura mater patch Ruimo, obtained the EU CE certificate, allowing it to enter the European market and obtaining a domestic medical device registration certificate in 2014. “This means that additive manufacturing technology has truly achieved technological industrialization,” Yuan YuYu said with unconcealed excitement.

　　“The success of a single product is far from enough,” said Yuan YuYu. Many overseas counterparts provide multi-product line services, “packaging” a series of medical device products needed for surgery. In 2016, MaiPu Medical’s craniomaxillofacial repair product, Sailu, obtained the domestic NMPA registration certificate, officially launching a strategy of a full product line across multiple neurosurgical technology platforms.

　　Attacking the Golden Decade

　　“Over the past ten years, we have invested a lot of energy in expanding our technology platforms, driving market sales with product innovation, which is the main advantage of MaiPu Medical,” Yuan YuYu summarized.

　　According to the introduction, to enrich the layout of the neurosurgical product line, MaiPu Medical has expanded and established advanced manufacturing technology platforms such as digital design and precision processing, selective oxidation and micro-fiber mesh molding, multi-component cross-linking and atomization into glue, and successfully developed a series of innovative products. In the past three years, the company's cumulative R&D investment has accounted for as much as 27.19% of its revenue.

　　From 2018 to 2020, MaiPu Medical’s revenue steadily increased, reaching 85.7545 million yuan, 113 million yuan, and 124 million yuan, respectively; non-net profitturned profitable and grew rapidly, reaching -2.9489 million yuan, 11.3181 million yuan, and 22.2329 million yuan, respectively. Among them, artificial dura mater patches and craniomaxillofacial repair products are in a rapid growth stage, with a compound sales growth rate of 20.01%.

　　Currently, MaiPu Medical is the only company in China's neurosurgery field that simultaneously possesses artificial dura mater patches, craniomaxillofacial repair products, absorbable hemostatic gauze and other implantable medical device products, covering the key implantable medical devices needed for craniotomy.

　　But MaiPu Medical’s goals are not limited to this. “Technology platforms can be expanded, and products from the same technology platform can also be expanded in multiple departments,” Yuan YuYu said frankly. Through the horizontal and vertical expansion of technology platforms, the company will continue to explore areas with high material dependence and requirements and large market space.

　　“In the next 3 to 5 years, MaiPu Medical will launch new products every year, providing impetus for continuous growth through innovative product reserves,” said Yuan YuYu. The prospectus shows that MaiPu Medical has been approved to register 3 Class III, 1 Class II medical device products, and备案1 Class I medical device product, obtained 4 product CE certificates and CE Design certificates, and owns 9 products under research and development.

　　From the perspective of market demand and industry trends, the demand for tissue repair from surgeries such as tumors, cerebral hemorrhage, and functional diseases is increasing, and consumption upgrades further stimulate the market demand for the oral implantology product line. In addition, under the volume-based procurement policy, MaiPu Medical’s technological innovation and full product line advantages will be further highlighted. Yuan YuYu stated that the company has accumulated a strong foundation of technology and products, and its successful listing on the ChiNext board provides a good opportunity for further development and growth.

　　In Yuan YuYu’s view, the successful listing of MaiPu Medical benefits from the inclusiveness of the registration system reform and the policy support for growing innovative and entrepreneurial enterprises, allowing the enterprise to focus on long-term deployment and sustainable and healthy development in scientific research and innovation.

　　“After listing, MaiPu Medical will break through the biomaterial platform and consider integrating resources according to clinical departments, carrying out incubation and cultivation and mergers and acquisitions. The company will also consider using the capital market for mergers and acquisitions and undertaking the task of integrating the industrial chain,” Yuan YuYu said with firm eyes looking to the future. “Our goal is to become a leading enterprise in implantable medical devices and provide global patients with a full product line of high-performance medical device services.”

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