US-based Micrus Endovascular Corporation has signed a five-year, exclusive agreement with Beijing Tian Xin Fu Medical Appliances (TXF Medical) for distribution of its disposable medical devices used in the treatment of neurovascular diseases in China.
Micrus expects to begin distributing its products through TXF Medical in the Chinese market upon receiving regulatory approval. Under the terms of the agreement, TXF Medical will distribute Micrus' full product line throughout China. Micrus plans to formally introduce its products during the World Federation of Interventional and Therapeutic Neuroradiology meeting in Beijing in September 2007.
With approximately 7,500 endovascular procedures performed in Chinese hospitals last year and a countrywide procedure growth rate estimated at 25 to 30 percent, China is the world's fastest-growing neurointerventional market. Micrus' entry into the Chinese market is a significant milestone in its effort to be the premier neurointerventional company in the world.
Mr John Kilcoyne, Micrus Endovascular President and CEO, said, "We engaged in a rigorous selection process before choosing a distributor for China, and we are confident that TXF Medical will be an excellent partner. TXF Medical is a reputable leader in the vascular space and we are pleased to gain access to its well-established distribution network."