Pulnovo Medical has closed a Series C financing round, securing around $100m for progressing the company’s worldwide trials, global business expansion, and strategic initiatives.
Qiming Venture Partners and current Pulnovo shareholder Lilly Asia Ventures jointly led the financing round.
Other participants included OrbiMed and Gaorong Capital, who contributed on a super pro-rata basis.
Oversubscribed by two times, this financing round claims to be one of the significant fundraiser in the Asia-Pacific medical device sector in recent times.
Pulnovo Medical chairlady, executive chairwoman and president Cynthia Chen stated that the Series C round financing is set to offer support for two upcoming US Food and Drug Administration (FDA) trials for Group I PH and Group II PH (chronic heart failure combined with PH) that are planned for this year.
Founded in 2013, Pulnovo concentrates on developing therapeutic solutions for several stages of heart failure.
The company’s core product is pulmonary artery denervation (PADN) technology, which is a “minimally invasive” treatment for pulmonary hypertension (PH), a condition that leads to heart failure.
In 2021, PADN gained the breakthrough device designation from the FDA for various groups of PH.
The following year, it was included in the guidelines of the European Society of Cardiology and the European Respiratory Society.
In 2023, the company earned the Humanitarian Use Exemption Device designation for Group I PH, and its radio frequency (RF) catheter and RF generator were approved for marketing in China.
Qiming Venture Partners managing partner William Hu said: “The company’s PADN technology is now commercially available in Chinese Mainland, Hong Kong, and Macau, and in 2024, global multicentre trials were initiated in Portugal, Serbia, Georgia, and Southeast Asia.
“Following the FDA breakthrough device designation, the global clinical trials further validate the technology’s leadership and clinical value. As a long-term healthcare investor, Qiming is committed to supporting innovators with global visions.”
