Shanghai-based Pulnovo Medical has secured nearly $100 million in Series C financing, marking a significant milestone in the development of innovative treatments for pulmonary hypertension and heart failure. The oversubscribed funding round, which attracted twice the target amount, was co-led by Qiming Venture Partners and existing investor Lilly Asia Ventures, with strong participation from OrbiMed and Gaorong Capital.
Breakthrough Technology in Pulmonary Hypertension Treatment
At the core of Pulnovo Medical's innovation is their PADN (Pulmonary Artery Denervation) technology, a minimally invasive procedure that targets pulmonary vascular endothelial sympathetic nerves through radiofrequency ablation. This approach effectively reduces pulmonary artery pressure and slows disease progression in patients with pulmonary hypertension, a condition with historically limited treatment options.
The technology has gained significant regulatory recognition, receiving FDA Breakthrough Device designation in 2021 for multiple forms of pulmonary hypertension (Groups I, II, and IV). In 2022, PADN was incorporated into the European Society of Cardiology and European Respiratory Society Guidelines, further validating its clinical importance.
Recent Regulatory Achievements and Commercial Progress
The company achieved several regulatory milestones in recent years:
- Market approval in China for their RF catheter and RF generator in late 2023
- Humanitarian Use Exemption Device designation for Group I PH in 2023
- FDA clearance for their 9F sheath accessory product in 2024
Global Expansion and Clinical Development
Cynthia Chen, Chairlady, Executive Chairwoman and President of Pulnovo Medical, outlined the company's strategic plans for the funding. The proceeds will primarily support two FDA trials scheduled for this year:
- A trial focusing on Group I pulmonary hypertension
- A trial investigating Group II PH in patients with chronic heart failure
The company has established a strong global presence with offices across multiple locations:
- United States
- Singapore
- Hong Kong SAR
- Four cities in Chinese Mainland, including Beijing and Shanghai
Strategic Investment Support
William Hu, Managing Partner of Qiming Venture Partners, expressed strong confidence in Pulnovo Medical's potential, noting the company's successful expansion into international markets. The PADN technology is currently available commercially in Chinese Mainland, Hong Kong, and Macau, with ongoing multicenter trials in Portugal, Serbia, Georgia, and Southeast Asia.
The substantial funding round demonstrates investor confidence in Pulnovo Medical's global strategy and technical capabilities, positioning the company to further advance its mission of improving outcomes for patients with pulmonary hypertension and heart failure worldwide.
