The central theses:

• Innovex Medical has filed its second IPO application in Hong Kong as it prepares to launch two recently approved new products to move up the value chain
• The company has lost 1.07 billion yuan over the past two and a half years and is burdened with high management and R&D costs

By Emily Chan

Conventional wisdom says to strike while the iron is hot, and that’s exactly what medical device manufacturers do Innovex Medical Co.Ltd. is doing.

The maker of minimally invasive surgical equipment submitted an initial application for listing in Hong Kong in April this year, but it expired in October. Now, last week, it resubmitted an updated filing that includes the latest regulatory approval for two products that are a key part of its bid to move up the value chain. This marketing green light marks the beginning of Innovex’s next big test as the company searches for the large sums needed to commercialize some of its first devices in the active medical device space.

The company is focused on the ongoing shift to non-vascular interventional therapies, in which physicians insert tubes or catheters through natural openings in the human body or small incisions to reach organs and tissues. Such devices can be used to collect samples, perform imaging diagnostics, and for other therapeutic processing.

Compared to traditional open surgery, the technique is more precise and causes less tissue damage, resulting in faster recovery. It is used to treat a variety of conditions including respiratory, digestive, urological and reproductive disorders. Endoscopes, active medical devices, and non-active consumables are among the most common medical devices that use this technique.

Innovex was founded in Shanghai in 2009 and offers a portfolio that includes all three types of devices mentioned above. Its preliminary prospectus names the company a leading provider of integrated non-vascular interventional surgical solutions in China that also has a global footprint.

The company started as…