MicroPort Orthopedics Inc. (MPO) and MB Innovations (MBI) have entered into a multi-product development agreement for orthopedic instruments. MBI will initially provide design and development expertise in support of the development of MPO's portfolio of instruments and instrument systems associated with its Fast Recovery, tissue-sparing approach to hip arthroplasty procedures. During the term of the development agreement, there may be additional development programs initiated to develop other differentiated implants and instruments that are used for both hip and knee arthroplasty procedures.
With the support of its China-based global parent, MicroPort Scientific Corporation, MPO is poised to capitalize on the macro trends of increasing globalization and expanding the OrthoRecon business in the fast-growing emerging market economies. As MicroPort looks forward, 2014 will mark a significant opportunity to invest in specific research and development activities that will result in the launch of new and innovative products in the total joint replacement market. These products will ultimately allow MPO to enable surgeons to provide their patients with tissue-sparing surgical procedures that result in less pain and a quicker recovery from joint replacement surgery. With a rapidly increasing product offering, MPO intends to aggressively expand its US and OUS market presence.
MBI, established in late 2011, has assembled an accomplished team of engineers and advisors who have experience in developing commercially successful medical devices. Troy Drewry, President of MBI, leads the team. Troy began his career in product development at Medtronic Sofamor
"We have known and respected the team at MPO for years and are very excited to begin working with them," commented Troy Drewry, President of MBI. He continued, "The opportunity to work with a well-established, Memphis-based company that now has unfettered access to the global market is truly unique. MBI's goal is to rapidly develop the next generation of novel arthroplasty instruments for MicroPort. MicroPort is the ideal partner because they are highly focused and committed to innovation."
"We are excited to connect MPO's product development efforts with the team at MBI," said Ted Davis, MPO's Chief Executive Officer. "Troy and his team have an established track record of innovation and product commercialization. I'm looking forward to the impact they can have on our product offering. We have already identified the initial programs that leverage MPO's ongoing efforts at innovative, tissue friendly arthroplasty techniques. I am confident that MBI will accelerate the pace at which we execute on our mission of delivering important and highly differentiated technologies to help surgeons care for their patients."
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