#China #Shanghai #Pulnovo Medical #PADN #Qiming Venture

Pulnovo Medical's Major Financing Achievement

In a landmark development for the healthcare technology industry, Pulnovo Medical has announced the successful closing of its Series C funding round, raising nearly $100 million. The company, well-regarded in the field of medical devices tailored for pulmonary hypertension (PH) and heart failure (HF), secured this investment with co-leadership from Qiming Venture Partners alongside existing shareholder Lilly Asia Ventures. Notable participants in this financing also included OrbiMed and Gaorong Capital, both of which joined on a super pro-rata basis.

The fundraising effort was met with significant enthusiasm, attracting double the expected investment, thereby making it one of the largest financing rounds in the Asia-Pacific innovative medical device sector in recent times. This overwhelming response underscores the confidence that leading investment entities have in Pulnovo Medical’s global strategy and its technical prowess in developing groundbreaking solutions.

Founded in 2013, Pulnovo Medical has rapidly positioned itself as a pioneering force in medtech, achieving recognition in international clinical guidelines for its innovative approaches. The company is committed to leveraging its in-depth clinical expertise to enhance scientific and technical advancements, facilitating global commercialization of its products aimed at improving patient outcomes in heart failure.

Among its notable innovations is the PADN (Pulmonary Artery Denervation) technology — a cutting-edge, minimally invasive treatment method designed specifically for PH. This sophisticated technique utilizes radiofrequency ablation to adeptly target the pulmonary vascular endothelial sympathetic nerve, leading to a significant reduction in pulmonary artery pressure and effectively decelerating the progression of the disease.

Pulnovo's PADN technology was distinguished with FDA Breakthrough Device designation for various Group PH classifications in 2021, while it gained inclusion in the European Society of Cardiology and European Respiratory Society Guidelines by 2022. Furthermore, 2023 marked the achievement of the Humanitarian Use Exemption Device designation for Group I PH, highlighting its critical role across various stages of the disease. Notably, the RF catheter and RF generator obtained market approval in China towards the end of 2023, positioning them as commercially viable interventional devices in the global market.

In addition, the company’s accessory product, the 9F sheath, received FDA clearance in 2024. This progress is set to enhance the company's offerings as it prepares to broaden its impact across international markets.

Cynthia Chen, Chairlady, Executive Chairwoman, and President of Pulnovo Medical, elaborated on the intended use of the proceeds from this funding round, indicating that they will finance two upcoming FDA trials targeting Group I PH and Group II PH (chronic heart failure together with PH) slated for this year. Under her guidance, the company has transitioned from a laboratory-focused entity into a globally structured organization with operations spanning across the United States, Singapore, and multiple cities within China, including Shanghai and Beijing.

William Hu, Managing Partner at Qiming Venture Partners, expressed enthusiasm over Pulnovo's advancements in the treatment landscape for PH and HF. He affirmed that the PADN technology is available commercially in the Chinese Mainland, Hong Kong, and Macau, with global multicenter trials having commenced in diverse regions including Portugal, Serbia, Georgia, and parts of Southeast Asia in 2024. Hu emphasized Qiming’s dedication to supporting healthcare pioneers with global aspirations and their firm belief in Pulnovo Medical’s capacity for international growth, eventually bringing renewed hope to patients around the world.

With this substantial investment, Pulnovo Medical is poised not only to advance its clinical trials but also to significantly elevate its strategic initiatives and extend its reach in the thriving medtech landscape.