MicroVention Terumo, owned by Japanese medical device maker Terumo Corp., is embarking on its long-term growth plan under a new name.
The company, which is known for making products to treat strokes and aneurysms, has rebranded to Terumo Neuro, signaling the company’s desire to expand into broader areas of neurovascular care, according to Chief Executive Carsten Schroeder.
“We thought it was a good idea to retire the name MicroVention to acknowledge that we have been part of Terumo for 18 years and show that we are no longer only focusing on hemorrhagic strokes and ischemic strokes,” Schroeder told the Business Journal.
The company unveiled the new branding at a ribbon cutting ceremony for its expanded Aliso Viejo headquarters last month.
Terumo Neuro in March acquired the former Pacific Life Insurance Co. building in March for $42.3 million because it needed more space to accommodate the rising demand for its products, Schroeder said.
“Every year, there’s more and more patients getting treated for hemorrhagic and ischemic strokes,” he said. “It’s a growing market.”
Schroeder said the company has added about 100 positions over the past four years at a growth rate of about 8% globally each year.
Terumo Neuro is currently Orange County’s seventh largest medical device maker with a local headcount of 1,250 employees and 3,800 globally.
10-Year Move in Plan
Last month, about 250 employees moved into the top three floors of the nine-story, 242,706-square-foot high-rise office tower, which will primarily be used for administrative purposes.
Terumo Neuro’s existing facility at 35 Enterprise, directly across the street from the new building, will remain as the company’s innovation center for manufacturing and research and development.
It was custom built with the necessary HVAC systems for clean rooms, chemistry labs and an angio suite, or procedure room with X-ray imaging.
Both properties are part of Summit Office Campus, a 1.7-million-square-foot master-planned office complex of 16 buildings, next to the San Joaquin Hills (73) Tolls Road.
The new building has amenities Terumo Neuro didn’t have at 35 Enterprise, including a large room for hosting events and a cafeteria on the first floor.
Terumo Neuro is planning to move in around 800 more employees in phases over the next five to 10 years while making cosmetic upgrades to the property, which was built in 2007.
Purchasing the former PacLife building was an “opportunistic move,” according to Schroeder, who said that the building came onto market after Terumo Neuro already identified that it needed more space.
Terumo Neuro bought the building at a 45% discount from its asking price after it sat on the market for nine months.
Schroeder attributes the increased demand for the company’s products to more people gaining more access to healthcare.
“Healthcare improves by doing more screening and preventative measures,” Schroeder said.
In June, the company launched its LVIS EVO stent in the U.S. following a European launch in 2019. Terumo Neuro said it has sold more than 12,000 units in Europe to date.
LVIS EVO is the first fully visible stent for depositing coils in brain aneurysms, according to the company.
The entire stent, which comes in 17 sizes, can be seen under fluoroscopy during procedures for more precise placement.
“We have good clinical date, and it has been well-accepted by customers,” Schroeder said.
Company Pivot to Brain Aneurysms
Strokes come in two different forms, Schroeder said.
There are hemorrhagic strokes, which occur due to bleeding, and ischemic strokes that are caused by the blockage of blood flow to the brain.
Terumo Neuro was founded in 1997 with the idea of producing a device to help ischemic stroke patients.
After developing early concepts and prototypes, the company decided to narrow its focus to aneurysm therapy instead.
“It took a bit longer and the money ran out, [so] they pivoted,” Schroeder said.
The company found more success with a line of platinum coils to put into brain aneurysms, or a weakened area in a blood vessel in the brain, and a detachment system.
They coated their coil with hydrogel technology developed to swell up to prevent more blood from flowing in and causing a rupture, which can lead to a stroke or brain damage.
Schroeder said this product put Terumo Neuro on the map and helped lead to Tokyo-based Terumo, one of the world’s leading manufacturers of medical devices and supplies, acquiring the company in 2006 for an undisclosed amount.
Terumo Neuro has since launched more than 30 products and expanded beyond cerebral aneurysms to include treatments for ischemic strokes, carotid artery disease and neurovascular malformations.
Broadened Neurovascular Focus
Terumo Neuro’s portfolio consists of products for hemorrhagic and ischemic strokes, ranging from stents to balloon guide catheters.
The recent rebranding reflects the company’s shifting strategy to capture more of the neurovascular market.
“We started talking to our customers, and those conversations started to go into different diseases,” Schroeder said.
One new area of neurovascular care the company wants to focus on is electrical stimulation for stroke patients.
“We’re starting to see evidence that electrical stimulation in certain parts of the brain helps with the reestablishment of movement in hands, arms and legs,” Schroeder said.
Terumo Neuro is also developing products for other conditions with ongoing studies, including chronic subdural hematomas (SDH) and hydrocephalus, or excess fluid in the brain.
All of these projects are in the early stages and will likely “not see the light of day for the next five years,” according to Schroeder.
