Recently, Beijing Pinchi Medical Equipment Co., Ltd. (hereinafter referred to as "Pinchi Medical") completed the listing guidance registration and planned IPO at the Beijing Securities Regulatory Bureau, and the guidance institution is CICC.
According to the counseling work arrangement, CICC plans to complete the counseling plan for Pinchi Medical in November and December this year, and apply to the Beijing Securities Regulatory Bureau for counseling acceptance. After the counseling is completed and accepted, Pinchi Medical may apply for an IPO.

This is another brain pacemaker company that plans to go public through an IPO in 2023 after Jingyu Medical started filing for listing counseling. According to Smart Medical Equipment, so far, the only two local companies that mass-produce brain pacemakers have embarked on the road to IPO.
Founded in 2008, Pinchi Medical is a high-tech enterprise specializing in the research and development, production and sales of a series of neuromodulatory products such as brain pacemakers, vagus nerve stimulators, spinal cord stimulators, and sacral nerve stimulators. It is committed to providing advanced treatments for patients with functional neurological diseases such as Parkinson's disease, epilepsy, pain, and urinary incontinence.

Tracing back to Pinchi Medical, you can find that its heritage is very deep. Although it was founded in 2008, in fact, as early as around the millennium, its founding team had begun to engage in key technologies and products for implantable neural regulation such as brain pacemakers. There is also a key figure in the team-Li Luming, an aerospace research expert at Tsinghua University. He was elected as an academician of the Chinese Academy of Sciences in November 2023 and served as deputy secretary of the Party Committee and president of Tsinghua University.

Pinchi Medical and Tsinghua University have also forged an indissoluble bond. Li Luming has served as Pinchi Medical's chief scientist. Pinchi Medical's general manager Hao Hongwei is a researcher and doctoral supervisor at Tsinghua University. He is also the deputy director of the National Engineering Laboratory for Neuromodulation Technology and the deputy director of the Institute of Human-Machine and Environmental Engineering. He has a deep understanding and contribution to Pinchi Medical's operations management and technological development. Wen Xiongwei, the chief engineer of Pinchi Medical, is also a high-end talent from Tsinghua. He has served as the director of the laboratory of the Institute of Human-Machine Environment and Medical Engineering of the School of Aeronautics and Astronautics of Tsinghua University, and has played an important role in promoting Pinchi Medical's technology research and development and product innovation.

At present, Pinchi Medical has achieved many research results with completely independent intellectual property rights, obtained product registration certificates for a series of brain pacemakers, vagus nerve stimulators, sacral nerve stimulators and spinal cord nerve stimulators, and put them on the market, breaking the monopoly of American companies in the field of neuromodulation products.

According to data from Yaozhi Medical Devices, nearly 20 products of Pinchi Medical have entered the innovation approval channel, including spinal nerve stimulation test electrodes, deep brain electrical stimulation systems, etc. On
May 28, 2024, Pinchi Medical had 4 innovative products-implantable deep brain electrical stimulation electrode lead kits, dual-channel rechargeable implantable deep brain electrical stimulation pulse generator kits, dual-channel implantable deep brain electrical stimulation pulse generator kits and implantable deep brain electrical stimulation extension lead kits approved for listing. They are the first directional deep brain electrical stimulation products in China. Through matching use, they can stimulate the subthalamic nucleus or the medial globus pallidus, and are used for combined treatment of patients with advanced levodopa-responsive Parkinson's disease whose symptoms cannot be effectively controlled by drugs. Whether Pinchi Medical can be successfully listed this time is also exciting.
Brain pacemaker implantation is the common name for deep brain stimulation (DBS). When it comes to brain pacemakers, the public may be relatively unfamiliar with them, but neuromodulatory products such as brain pacemaker implants are "electronic medicines" for patients with functional neurological diseases such as Parkinson's disease, epilepsy, pain, and urinary incontinence, which can improve their quality of life. According to the

latest research report released by Grand View Research, the global market size of DBS in 2016 was approximately US$796 million, and the annual compound growth rate of the DBS market during the forecast period was 11.5%. By 2025, the global DBS market capacity is expected to exceed US$2.1 billion.

In China, functional neurosurgery diseases have a large patient population. With the deepening of the aging of China's population, the number of Parkinson's disease patients nationwide is conservatively estimated to be around 2.5 million, but less than 1% of them receive neuromodulatory therapy.

As an active implantable high-end medical device, although brain pacemakers have obvious efficacy, the difficulty of research and development is extremely great. For a long time, the domestic brain pacemaker market has been monopolized by foreign brands such as Medtronic, Boco, Abbott and other companies, and the high prices have discouraged many patients.

In recent years, domestic alternative forces have risen. Jingyu Medical and Pinchi Medical have created many domestic firsts, and domestic overtaking is accelerating. In addition to Pinchi Medical, which is rushing for an IPO this time, Jingyu Medical is also a rising star among domestic brain pacemaker companies.

Jingyu Medical is an innovative high-tech medical device company that integrates R&D, production and sales of deep brain stimulation systems. It has complete independent intellectual property rights and continuously develops new technologies and new products.

In 2014, Jingyu Medical was included in the special approval channel for innovative medical devices by the National Drug Administration; in 2015, its dual-channel implantable deep brain stimulation pulse generator kit, implantable deep brain stimulation electrode lead kit and implantable deep brain stimulation extension lead kit were approved for listing. In 2017, Jingyu Medical's third-generation product, a brain pacemaker for the treatment of drug addiction, was included in the special approval channel for innovative medical devices by the National Drug Administration.

In April 2022, its dual-target deep brain stimulation technology and products for the treatment of drug addiction indications obtained breakthrough medical device qualifications from the U.S. Food and Drug Administration (FDA). This is also the first time that a Chinese company has obtained breakthrough medical device qualifications in the field of neurological and psychiatric diseases. Currently, Jingyu Medical is also making further expansion in the field of mental illness.
Today, both brain pacemaker companies have embarked on the IPO journey. Although many medical device companies have terminated the IPO listing process this year, whether they can break out of the cold winter, we will wait and see.

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