Minimally invasive surgical technology company to accelerate sales, marketing, and execution of product roadmap
December 2, 2016 Hong Kong – RETRACTION Limited (“RETRACTION”), the endoscopic device company that specializes in devices for mobilizing, retracting and protecting large organs during laparoscopic and endoscopic surgery, today announces that it has secured a Series A round of financing from Vincent Medical Holdings Limited (Stock Code: 1612.HK, “Vincent Medical”). The Series A will allow RETRACTION to expand its global distribution footprint, complete line extensions, and scale up manufacturing. Mr. Otto To, Executive Director and Chief Executive Officer of Vincent Medical, will join RETRACTION’s Board of Directors. The BlueFlame Healthcare Venture Fund also participated in the financing.
“We recognize RETRACTION as an innovative player in the endoscopic surgical device field and we are enthusiastic to support RETRACTION through its exciting growth phase.” said Mr. Vincent Choi, Chairman of Vincent Medical.
The REVEEL Endoscopic Retractor is RETRACTION’s first product. It employs patented design features that help prevent large organs from slipping during surgery while increasing organ protection, thereby making surgery faster and easier for the surgeon, and safer for the patient. The REVEEL dramatically improves exposure without increasing organ trauma. RETRACTION has already successfully secured CE Mark and US 510(k) market clearance for the REVEEL Retractor and has already facilitated over 3,500 surgical procedures around the world, drawing rave reviews from Laparoscopic Surgeons in over 15 markets.
The REVEEL has been found to be particularly beneficial in obesity surgery. Obesity, now recognized as a global epidemic, already rivals armed conflict and smoking as the largest economic drains on the world’s economy, and continues to grow in severity and incidence. Obesity has not only opened up a global market for new treatments to fight it, but it also has had a negative impact on all forms of medicine by making even unrelated procedures harder, more risky and more costly. Obese patients have thicker abdomens and larger organs, which complicate all types of surgery, not just bariatric surgery. In addition, obese patients have more injury-prone tissue and weaker immune systems — creating an incalculable need for stronger, better and safer surgery technology.
“Vincent Medical is committed to identifying suitable opportunities to enhance its strategic portfolio and to expand our reach into minimally-invasive surgery. This is a high growth area and we see opportunities where we can leverage our manufacturing infrastructure, distribution networks and development expertise to help Retraction reach its exciting market potential,” said Mr.Choi.
“We are scratching the surface of opportunities to develop surgical tools in areas of surgery which are often ignored by the larger players”, said RETRACTION’s Chief Executive Officer, Stuart Moran. “Having the financial support and expertise of Vincent Medical will help us to execute our vision – and it comes with the benefit of the experience, perspective, and relationships of a highly-focused healthcare device manufacturer and investor.”
Based in Hong Kong, RETRACTION Limited recognizes the challenges posed by the global obesity crisis. Its mission is to make a dramatic improvement in large organ retraction and in other staid areas of endoscopic surgery. RETRACTION’s strength derives from its unique mix of skills and experience, combining UK and US progressive device design with HK leading-edge manufacturing. This unparalleled combination ensures that RETRACTION delivers innovative, high quality devices that improve patient outcomes and surgeon satisfaction. Privately funded and based in Hong Kong, RETRACTION has distribution in several major international territories.
About Vincent Medical Holdings Limited
Established in 1997, Vincent Medical Holdings Limited is a Hong Kong-headquartered medical device manufacturing company. The Group develops, manufactures and sells a wide range of medical devices, focusing on respiratory products, imaging contrast media power injector disposable products, and orthopaedic and rehabilitation products, which satisfy internationally recognised quality assurance standards, to its customers in China and overseas markets. The Group has established its OEM business since its inception and OBM business in 2003 with its “Inspired Medical” (“英仕醫療”) brand. According to the CIC Report, Vincent Medical was the second largest exporter of respiratory and anaesthesia disposables in China based on export value in 2015. The Group has developed a domestic and overseas distributorship network for its OBM business, which has over 380 distributors and other customers in China in 2015, and 42 overseas distributors and other customers in various countries such as Australia, Japan, Korea, Indonesia, India, Chile, Brazil and Saudi Arabia in 2015.
Contact: Stuart Moran
CEO, RETRACTION Limited