Qiming Venture Partners' portfolio company Broncus (SEHK:2216), a pioneer in China’s interventional pulmonology navigation device market, today listed on the main board of Hong Kong Stock Exchange. The issue price is HK$ 18.7/share, representing a market cap of nearly HK$ 10 billion.
Qiming Venture Partners invested in the Broncus in Series A in 2014 and followed on in B and C rounds. As an early investor, Qiming was the company’s largest institutional shareholder before its IPO. The listing of Broncus is the ninth public listing in Qiming’s portfolio in 2021.
Broncus’ strategic investors include international industry giant Intuitive Surgical (NASDAQ: ISRG), aglobal technology leader in robotic-assisted, minimally invasive surgical platforms and diagnostic tools, and the manufacturer of the globally-renowned da Vinci surgical robots. Broncus’ IPO cornerstone investors include Springhill Fund, Qiming’s public equities unit.
Founded in 2012, Broncus is committed to providing innovative interventional pulmonology diagnostic and therapeutic solutions in China and globally. Excelling in real-time image lung navigation technologies, the company’s platform solved the pain points of the current diagnosis and treatment paradigms and addressed the unmet medical needs for lung diseases.
Broncus’ core products include InterVapor system and RF-II. InterVapor system is the world’s first and only thermal vapor energyablation system to treat lung diseases including COPD (chronic obstructive pulmonary disease) and lung cancer, according to Frost & Sullivan. The self-developed RF-II is the only catheter-based radiofrequency ablation system that specifically targets lung cancer.
As of date, Broncus had 132 and 60 patents and patent applications related to InterVapor and RF-II, respectively.
Broncus has gained significant competitive advantage with an efficient R&D model, global commercialization capabilities and strong production capacity. The company offers three commercialized navigation devices, where as most international competitors offer only one product. Broncus ranked first in China’s interventional pulmonology navigation device market with a market share of 43.2% measured by sales volume forthe years ended 2018, 2019 and 2020, according to Frost & Sullivan.
Guowei Zhan, CEO of Broncus, said, “The IPO is an important milestone for Broncus. We will continueto promote product R&D, achieve rapid product iteration, and strengthen our cooperation with global KOLs from innovative concepts, product development to technology promotion. We will address the market demand and facilitate global commercialization of our products, as well as increase investment in AI andmachine learning to optimize solutions for lung disease patients. We aim totake the responsibility as a healthcare company amid the journey of combating human diseases, and be a disseminator of innovative medical technologies and solutions.”
Nisa Leung, Managing Partner of Qiming Venture Partners, said, “Qiming has worked alongside Broncus team since our initial investment in 2014. The team has a global vision, high capacities and proven record. With Broncus achieving the IPO milestone, we hope that the company will continue to promote interventional diagnosis and therapeutic solutions as the gold standard for lung diseases treatment and become a world-leading company. Qiming will continue to provide full support to innovative companies in the long term and facilitate the development of the industry.”
SOURCE : Qiming Venture Partners
