Pulnovo Medical, a globally recognized pioneer in medical devices for pulmonary hypertension (PH) and heart failure (HF), has announced the closing of nearly $100 million Series C financing. This round was co-led by Qiming Venture Partners. The proceeds will be used to advance Pulnovo Medical's global clinical trials, international business expansion and strategic initiatives.
The financing round was oversubscribed by two times, marking one of the largest fundraises in the Asia-Pacific innovative medical device sector in recent years. This reflects leading institutions' confidence in Pulnovo Medical's global strategy and technical capabilities.
Founded in 2013, Pulnovo Medical is a pioneering medtech company recognized in international guidelines. The company leverages its extensive clinical expertise to drive scientific advancements and global commercialization. The company focuses on developing superior therapeutic solutions for various stages of heart failure to enhance patient outcomes.
Pulnovo Medical's core product, PADN (pulmonary artery denervation) technology, is the world's first minimally invasive treatment for PH to receive market approval. PH is a condition that can lead to heart failure and mortality, with limited treatment options. PADN uses radiofrequency ablation to target the pulmonary vascular endothelial sympathetic nerve, effectively reducing pulmonary artery pressure and slowing disease progression.
PADN received FDA Breakthrough Device designation for Group I, Group II, and Group IV PH in 2021. PADN was included in European Society of Cardiology and European Respiratory Society Guidelines in 2022. In 2023, Pulnovo Medical achieved the Humanitarian Use Exemption Device designation for Group I PH. The RF catheter and RF generator received market approval in China in late 2023, becoming the first commercially available interventional device in the field globally. In 2024, Pulnovo Medical's accessory product, the 9F sheath, received FDA clearance.
Cynthia Chen, Chairlady, Executive Chairwoman and President of Pulnovo Medical, announced that the proceeds of this round will support two upcoming FDA trials for Group I PH (pulmonary artery hypertension) and Group II PH (chronic heart failure combined with PH) planned this year. Under the leadership of the executive team, the company has transformed from a laboratory to a globally structured firm with offices in the US, Singapore, as well as Hong Kong and four cities in Chinese Mainland, including Beijing and Shanghai.
William Hu, Managing Partner of Qiming Venture Partners, said, "Pulnovo Medical's breakthroughs in interventional treatments for pulmonary hypertension and heart failure are impressive. The company's PADN technology is now commercially available in Chinese Mainland, Hong Kong, and Macau, and in 2024, global multicenter 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. We are confident in Pulnovo Medical's potential and will support its international expansion and commercialization, bringing new hope to patients worldwide."
This round was co-led by Qiming Venture Partners and existing shareholder Lilly Asia Ventures, with existing investors OrbiMed and Gaorong Ventures participating on a super pro-rata basis.
