US medical devices firm Micrus Endovascular has signed a five-year, exclusive distribution agreement with Beijing-based Tian Xin Fu Medical Appliances.
NAsdaq-listed Micrus specialises in implantable and disposable medical devices used in the treatment of cerebral vascular diseases. It expects to begin distributing its products through TXF Medical in the Chinese market upon receiving regulatory approval.
John Kilcoyne, Micrus Endovascular president and CEO, said:
With approximately 7,500 endovascular procedures performed in Chinese hospitals last year and a countrywide procedure growth rate estimated at 25 per cent to 30 per cent, China is the world's fastest-growing neurointerventional market.”
Micrus is a small San Jose-based company but has a strong position in its particular market and competes with big US medical device makers Boston Scientific and Johnson & Johnson. In fiscal 2007, revenues increased nearly 80% to almost $59m. Until now, almost all its sales in the AsiaPac have been through a Japanese distributor, so the deal with TXF has the potential to drive growth in the region much faster.