#Shanghai #USA #Heart Failure #Pulnovo Medical #PADN Technology

Pulnovo Medical Secures $100 Million for Innovations in Heart Disease

In a major financial milestone, Pulnovo Medical has successfully closed a Series C funding round of nearly $100 million. The financing procedure was spearheaded by Qiming Venture Partners and existing shareholder Lilly Asia Ventures, complemented by participation from OrbiMed and Gaorong Capital. This significant funding will be instrumental in propelling Pulnovo Medical’s global clinical trials, international business expansion, and various strategic initiatives.

Groundbreaking Financing Round

This funding round was notably oversubscribed, reflecting strong confidence from leading institutions in Pulnovo Medical’s global strategy and technical expertise. As a pioneer in medical devices focusing on pulmonary hypertension (PH) and heart failure (HF), the company has achieved a monumental feat, marking one of the largest fundraisings in the Asia-Pacific innovative medical device sector in recent years.

Founded in 2013, Pulnovo Medical has evolved remarkably by harnessing its extensive clinical expertise. The company is dedicated toDriving scientific advancements and global commercialization of its medical solutions aimed at offering superior therapeutic options across various stages of heart failure.

Innovative Solutions at the Core

At the heart of Pulnovo Medical's success lies its pioneering technology—PADN (Pulmonary Artery Denervation). This innovative and minimally invasive treatment for PH has gained market approval, providing a new solution for patients suffering from conditions with limited treatment options. PADN operates through radiofrequency ablation aimed at the pulmonary vascular endothelial sympathetic nerve, effectively reducing pressure within the pulmonary artery and slowing disease progression.

In 2021, the FDA granted PADN the Breakthrough Device designation for Groups I, II, and IV PH. It also received recognition in the European Society of Cardiology and European Respiratory Society guidelines in 2022. Further, Pulnovo Medical obtained the Humanitarian Use Exemption Device designation for Group I PH in 2023. Key components of the technology, including the RF catheter and RF generator, received approval for the Chinese market at the end of 2023, establishing their commercial availability worldwide. Additionally, the FDA approved the accessory product, a 9F sheath, in 2024.

A Forward-Looking Strategy

Cynthia Chen, Chairlady and Executive Chairwoman of Pulnovo Medical, articulated the purpose of this latest funding round, emphasizing its role in supporting two upcoming FDA studies focusing on Group I and Group II PH (chronic heart failure combined with PH). The company’s executive team has successfully transformed it from a laboratory-based setup to a globally structured entity with offices across the United States, Singapore, Hong Kong SAR, and several mainland Chinese cities, including Beijing and Shanghai.

William Hu, Managing Partner at Qiming Venture Partners, expressed admiration for Pulnovo Medical’s groundbreaking advancements in interventional treatments for both PH and HF. He highlighted that the company's PADN technology is now commercially available in areas including mainland China, Hong Kong, and Macau. Furthermore, in 2024, global multicenter studies are set to commence in Portugal, Serbia, Georgia, and Southeast Asia. Following the FDA's endorsement as a 'Breakthrough Device,' these global clinical trials are expected to further validate the clinical leadership and value of this innovative technology. As a long-term healthcare investor, Qiming is committed to supporting innovators with global visions like Pulnovo Medical, aiming to bring new hope to patients worldwide through international expansion and commercialization efforts.

Ultimately, this substantial funding round showcases the growing recognition and investment potential in Pulnovo Medical’s pioneering medical technologies that aim to dramatically improve patient outcomes in cardiovascular health.