An endoscopic surgical instrument includes a main body assembly, and a cannula having a lumen and formed with a slot. An inner tube, which houses a spring-biased retractable cutting blade assembly having a cutting blade, is mounted on one end of the main body assembly and extends axially therefrom. The tube is receivable within the lumen of the cannula, and may be particularly oriented within the cannula lumen such that the cutting blade may be caused to project from both the tube and the cannula slot. The inner tube has a bore in which the distal end of an endoscope may be received. The instrument may be locked in one position to allow the endoscope to engage the blade assembly and cause the cutting blade to project from the cannula slot during a tissue cutting procedure, or may be locked in another position wherein the cutting blade remains retracted.