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Recently, the official website of the China Securities Regulatory Commission disclosed that Shenzhen Hanxiang Brain Science and Technology Co., Ltd. (hereinafter referred to as "Hanxiang Brain Science") was listed for counseling, and the counseling agency was Guosen Securities Co., Ltd. and the dispatched agency was the Shenzhen Securities Regulatory Bureau.
Founded in 1997, Hanxiang Brain Science is committed to providing professional system solutions for brain science, neuroscience and sports science, with branches in Beijing, Chengdu, Xi'an, Nanjing and Wuhan.
In 2016, Hanxiang Brain Science acquired 100% equity of Shenzhen Yingzhi Technology Co., Ltd. held by Yang Yizheng with its own funds of 15 million yuan, and independently developed two major diagnosis and treatment systems with transcranial magnetic stimulation (TMS) and transcranial direct current stimulation (tDCS) as the core technologies, which are widely used in neurology, psychiatry, rehabilitation, pediatrics and neuroscience research institutions, and won a number of national first certificates.
IN 2018, HANXIANG BRAIN SCIENCE COMPLETED ITS STAKE IN EB NEURO, A WELL-KNOWN BRAIN SCIENCE EQUIPMENT MANUFACTURER. At present, the company's own products have completely covered the fields of brain and nerve disease diagnosis and treatment, surgical monitoring and rehabilitation.
01
Fight depression and win the first FDA certificate
According to reports, Yingzhi Technology, a wholly-owned subsidiary of Hanxiang Brain Science, has continuously promoted TMS technology innovation and independent research and development, and its M series transcranial magnetic stimulator has created a number of "domestic firsts", leading the innovation and development of TMS technology in China.
TMS is an electrophysiological technique that acts on specific cortical areas of the brain and induces subcortical induced currents to affect metabolism and neural activity in the brain.
Repetitive Transcranial Magnetic Stimulation (rTMS) is a development of transcranial magnetic stimulation (TMS) technology, in which magnetic stimulators emit pulses continuously at equal intervals, mainly through different frequencies to achieve therapeutic purposes.
rTMS is a painless, non-invasive, green treatment that promotes medication and rehabilitation, and it is a non-systemic therapy, so it is not accompanied by the common side effects of medication, such as weight gain, nausea, drowsiness, dry mouth, etc. During the treatment, the patient does not need anesthesia and sedation and can remain fully awake. Compared with other treatments, it is safe, painless, and does not affect cognitive function.
Clinical indications for repetitive transcranial magnetic stimulation (rTMS) include depression, stroke, or various functional impairments caused by stroke. Among them, depression is the first approved clinical treatment indication for rTMS. rTMS is the recommended treatment for patients with depression and those who are resistant to or intolerant of medication for depressive episodes.
In September 2023, the M series transcranial magnetic stimulation (TMS) independently developed by Yingzhi Technology was officially approved by the US FDA for the treatment of Major Depressive Disorder (MDD) (K230735). This means that "Yingzhi TMS" has become the first domestic transcranial magnetic stimulator brand approved by the US FDA, and it is also the first non-invasive treatment device for mental diseases approved by the US FDA in China.
The product has also set a number of domestic firsts in terms of design.
First of all, the product adopts the first domestic split design, the stimulation generator and the liquid-cooled chassis split design, the liquid and electricity separation is safer, the stimulation generator integrates interaction and data storage system, equipped with LCD screen, and USB dongle, which can be operated independently from the PC side and store patient treatment information.
The product is also equipped with the first domestic multi-cooling system, which is liquid cooling system and air cooling system, which is efficient and environmentally friendly.
It is also equipped with the first visual independent adjustment coil in China, which is more intuitive and easy to use.
In addition, this is also the first evidence-based rTMS solution in China. The standard stimulation protocols built into the system are designed based on relevant authoritative guidelines and evidence-based medical evidence at home and abroad, and doctors can view the research details of the reference protocol, providing a reliable reference for clinical practice. In addition, users can customize the protocol according to their clinical needs.
The only dual-indication TMS in China
In May 2020, the M-Ultimate series pulsed magnetic field stimulator independently developed by Shenzhen Yingzhi Technology Co., Ltd. was approved as the first Class III medical device registration certificate for transcranial magnetic stimulator in China for improving hand dysfunction after stroke.
In July 2023, Yingzhi transcranial magnetic magnetic stimulator was once again approved as the first Class III medical device registration certificate for the treatment of nerve pain in China.
Yingzhi transcranial magnetic stimulator has become the only transcranial magnetic stimulator approved by the NMPA for the treatment of two clinical indications in China.
The world's first personalized TMS
Precision treatment overall solution
Although rTMS has been recommended by the FDA, as well as many domestic and international clinical guidelines and expert consensus, due to individual differences in cortical excitability levels, nerve oscillation rhythms, and anatomical structures, the effect of using traditional TMS treatment regimens varies from person to person, and some patients cannot respond to rTMS treatment and their symptoms cannot be relieved.
In response to this treatment situation, Yingzhi Technology has launched the world's first integrated TMS, EEG recorder, MEP, TMS navigation and other technologies to achieve individualized fixed frequency, quantitative and positioning of individualized precision treatment overall solution.
02
The rise of brain science applications
Magnetic stimulation technology is a new type of rehabilitation medical technology developed after electrical stimulation technology and gradually applied. Among them, the transcranial magnetic stimulation therapy instrument is known as one of the "four brain science and technology in the 21st century".
In China, the market for magnetic stimulation rehabilitation medical devices started late, and it was gradually promoted on a large scale around 2016.
Indications for transcranial magnetism
Depression is the main application market of transcranial magnetic stimulators. According to Frost & Sullivan, the number of people with depression in mainland China reached 62 million in 2018. In contrast to the huge prevalence base, the overall diagnosis rate of depression patients in China is still low, and drug treatment is the mainstay. Therefore, there is still a lot of room for release in the domestic depression treatment market.
Stroke rehabilitation is another major application market for transcranial magnetic stimulators. As a safe, painless and non-invasive neurointervention, transcranial magnetic stimulation combined with rehabilitation training can significantly improve limb dysfunction caused by stroke. In addition, transcranial magnetic stimulation has a good therapeutic effect on speech dysfunction, swallowing disorder, and cognitive dysfunction caused by stroke.
Parkinson's disease rehabilitation is also a major potential market for transcranial magnetic stimulators. The main clinical symptoms of Parkinson's disease include resting tremor, bradykinesia, muscle rigidity, and postural gait disturbances, along with non-motor symptoms such as depression, constipation, and sleep disturbances. The application of transcranial magnetic stimulation technology can effectively alleviate the resting tremor of patients, and at the same time, it can also improve the patient's posture and gait disorders, emotional depression, swallowing dysfunction, urinary and urinary dysfunction, etc., which can greatly improve the rehabilitation treatment effect of Parkinson's disease patients on the basis of drug treatment. According to Frost &Sullivan data, the number of people over the age of 65 with Parkinson's disease in mainland China continues to grow, reaching 2.832 million in 2018. The growing Parkinson's rehabilitation market will bring strong market demand for transcranial magnetic stimulators.
However, at present, the penetration rate of magnetic stimulation rehabilitation treatment in mainland China is still low. According to Frost &Sullivan data, in 2014~2018, the market size of China's magnetic stimulation rehabilitation medical devices increased from 40 million yuan to 220 million yuan in 2018, with a compound annual growth rate of 53.1%. With the continuous growth of the population of patients with indications, the improvement of the awareness of rehabilitation treatment, the active expansion of new clinical applications such as pelvic floor magnetic stimulation, and the promotion of favorable factors such as industry standardization and treatment standardization, China's magnetic stimulation rehabilitation medical device market will continue to maintain rapid growth and is expected to reach 1.78 billion yuan in 2023.
In terms of leading enterprises at home and abroad, MagStim is the world's earliest and largest manufacturer of magnetic stimulators, with a global market share of more than 70% and a market share of more than 90% for high-end users in China. The company has a wide range of coils that can treat a variety of diseases such as depression, Parkinson's disease, and epilepsy. In addition, the two generations of portable transcranial magnetic stimulators CerenaTMS and SpringTMS developed by the American company Neura (Neuralieve) are also internationally recognized portable transcranial magnetic stimulators.
Weiss Medical is one of the major players in this field in China, and the company's magnetic stimulation products mainly include transcranial magnetic stimulators, pelvic floor functional magnetic stimulators and pulsed magnetic recovery instruments. According to statistics, in 2021, the company's sales volume of magnetic stimulation products will be 1,249 units, and the operating income of magnetic stimulation products will be 169 million yuan, accounting for 39.46% of the company's entire business revenue.
As of January 29, 2024, Weiss Medical's share price is 48.36 yuan per share, with a total market capitalization of 3.319 billion yuan.
So in the future, can Hanxiang Brain Science be successfully listed?