Shanghai, China—Shanghai MicroPort® NeuroTech Co., Ltd. (“MicroPort® NeuroTech”), a subsidiary of MicroPort Scientific Corporation (00853.HK), has recently closed an equity investment deal with Rapid Medical. As the lead investor in the Series D funding round, MicroPort® NeuroTech, together with CPE, Deep Insight and existing investors of Rapid Medical, will place a strategic investment totaling USD 50 million in Rapid Medical., MicroPort® NeuroTech will become the largest shareholder in Rapid Medical upon completion of the investment.
Rapid Medical is an innovative medical device company based in Israel that specializes in the development, production and marketing of medical devices for neuroendovascular therapy. MicroPort® NeuroTech became a shareholder of Rapid Medical through capital investment in April 2019 and has since become the exclusive distributor of three flagship products of Rapid Medical in Greater China, namely the Tigertriever® Adjustable Clot Retriever, Comaneci® Aneurysm Embolization Assist Device and Tigertriever® 13, responsible for their registration and marketing in the region. All three products have received CE mark and have been used in clinical practice in Europe. The Tigertriever® Adjustable Clot Retriever and the Comaneci® Aneurysm Embolization Assist Device have been approved by the FDA. In addition, the Tigertriever® was approved by the National Medical Products Administration of China (NMPA) in May 2020 and entered the special review procedure for innovative medical devices (the “Green Channel”).
“It is very exciting to enter into further collaboration with MicroPort® NeuroTech at a critical time in the development of Rapid Medical. We believe that as collaboration deepens, both companies will work together to advance the promotion and use of our products in the global market,” said Ronen Eckhouse, Co-founder and CEO of Rapid Medical.
As the product lines of MicroPort® NeuroTech and Rapid Medical are highly complementary, this round of strategic investment will further strengthen the cooperation between the two companies. Bruce Wang, Executive Vice President of MicroPort® NeuroTech, said, “MicroPort® NeuroTech and Rapid Medical will fully consolidate their market resources at home and abroad towards a complete and diverse portfolio of hemorrhagic and ischemic products. We will continue to launch and promote our products in Europe, the Americas, the Asia Pacific and other global markets, and provide a total solution provider for cerebral apoplexy to benefit doctors and patients worldwide.”