NANJING, China, Aug. 3, 2021 /PRNewswire/ — Pulnovo Medical, a pioneer medical device company, specializing in the treatment of pulmonary artery hypertension, recently raised millions of dollars through OrbiMed, Cenova, Lilly Asia Ventures (LAV), and GaoRong Capital. Funds raised in this round will be used for full pipeline product layout, and global multi-center clinical trials.
At the beginning of 2021, Pulnovo Medical received the FDA breakthrough designation, being the first Chinese medical device company to receive such certification. In June, Pulnovo Medical has completed all the PADN-CFDA (China-FDA) clinical trial patients’ enrollment and will continue to work with the National Research Center to complete the follow-up work.
Being the pioneer in the industry, Pulnovo has previously explored all available energy sources in the treatment. The energy source used in the procedure is more optimal, stable, and suitable for PADN therapy. Moreover, the shape of Pulnovo’s product is more in line with the inner wall of the pulmonary artery, greatly improve the safety and efficiency of the radiofrequency ablation, while significantly reduces the surgical procedure time.
Cynthia Chen, MPH, Executive President, commented, "The road of global medical innovation has never been an easy journey. We have carefully selected professional healthcare investors as our partners. For the past few years, we are grateful to have Chiron-Ventures standing with us to set a strong foundation for the future. Today we are honored for the recognition and support from OrbiMed, Cenova Capital, Lilly Asia Ventures(LAV), and GaoRong Capital. We are confident and excited for the next chapter of Pulnovo Medical."
With solid clinical exploration and accumulation in the early stage, Pulnovo Medical goes into a period of vigorous and high-speed development with its products advancing rapidly. It will gradually carry out global multi-center clinical trials to benefit more patients with pulmonary hypertension.
David Wang, MD, PhD, Partner at OrbiMed Asia, commented, "Pulmonary hypertension is a severe cardiovascular disease with poor prognosis, and there are few clinical treatment options available. The 5-year survival rate for group 1 pulmonary hypertension patients is only 57%, while group 2 pulmonary hypertension, with a much larger patient population and no targeted therapy available, is facing even worse prognosis. As a global pioneer in PADN technology, Pulnovo’s product has been granted Breakthrough Device Designation for group 1, 2, and 4 pulmonary hypertension by FDA in February. Its NMPA registration clinical trial has also completed patient enrollment in June. We are impressed by Pulnovo’s innovation and progress in PADN, and willing to support the company to become a global leader in pulmonary hypertension by bringing more effective treatment solutions to this area."
Dr. Jun Wu, Managing Partner at Cenova Capital, commented, "Cenova Capital has long been focusing on global innovative medical products which fulfill patients’ unmet needs. Pulmonary arterial hypertension (PAH) has been often compared to ‘a cancer in the cardiovascular system’, a disease so severe that the five-year survival rate of patients suffered from PAH is less than 40%. Despite some approvals of targeted therapies, there is still huge and urgent unmet needs for around 80% of the PAH patients. We are delighted to see a global innovative intervention (PADN technology) being developed by Pulnovo’s team, and we are also very impressed by the team’s solid scientific R&D and execution for the past ten years. We look forward to a successful breakthrough of the PADN products that will bring significant benefits to the patients, and we will support the company to become a global leader in the PAH disease arena.
Fei Chen, PhD, Managing Partner at Lilly Asia Ventures (LAV), commented, "Pulmonary hypertension is known as the cancer of the heart and lung vascular system, which is a huge unmet medical need. PADN technology, invented by Pulnovo, is being investigated in a number of clinical studies to demonstrate benefits to patients with pulmonary hypertension, and has been granted breakthrough designation (BTD) by FDA. LAV is committed to supporting exceptional local companies with worldwide breakthrough innovation capabilities. Pulnovo is the first FDA BTD granted cardiac medtech company in China, we are very proud to partner with the company to support its long-term endeavor to fight pulmonary hypertension."
Kevin Yang, Partner at GaoRong Capital, commented, "Pulmonary hypertension is also called "the Cancer in Cardiovascular disease", as there are very limited treatment options while with poor prognosis. There are large unmet medical needs. Pulnovo Medical Ltd. is the global pioneer in Pulmonary Artery Denervation (PADN), and has been leading the practice for decades. The company’s first PADN device has been designated by FDA this February as the Breakthrough Device for group 1, 2, and 4 pulmonary hypertensions, and has recently completed the NMPA registration trial. GaoRong Capital has focused on global medical innovations for a long time, and we are willing to partner with Pulnovo to bring more effective treatments to global pulmonary hypertension patients."
David Liu, Chairman of Chiron-Ventures, commented, "As the angel investor of Pulnovo Medical, we realized years ago that pulmonary artery hypertension has become a global medical burden, accompanied by the ceiling effect of targeted drugs and the high mortality of patients. To this day, the world has still not yet developed effective means to treat the disease. Pulnovo Medical has proposed a strong clinical solution for patients with pulmonary artery hypertension, which has been clinically validated and has attracted the attention of the field of both cardiovascular and pulmonary artery hypertension globally. Chiron-Ventures has always committed to cultivating and supporting start-up companies with world-leading cutting-edge medical technology, we will continue to work with Pulnovo Medical to create a full pipeline of solutions for patients with pulmonary artery hypertension."
From biopharmaceuticals to medical devices, diagnostics, and healthcare services, OrbiMed is scouting the globe for innovations that will help ensure humanity lives healthier, longer and more productive lives. OrbiMed has been investing globally for over 20 years across the healthcare industry: from early-stage private companies to large multinational corporations. OrbiMed’s team of over 100 distinguished scientific, medical, investment and other professionals manages over $19 billion across public and private company investments worldwide.
Cenova Capital is one of the earliest healthcare funds dedicated to early and growth-stage investments in the life sciences and healthcare sectors in China. Since inception in 2010, Cenova Capital now has six funds under management with investments in over 60 companies in healthcare services, pharmaceuticals, medical devices and digital heath. Cenova Capital’s investors are mainly large domestic and international institutional investors including Asian sovereign wealth investors, government institutions, insurance companies, financial institutions and multinational companies.
About Lilly Asia Ventures (LAV)
Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm, with offices in Shanghai, Hong Kong, and Palo Alto. Originated in 2008 as a corporate venture subsidiary of Eli Lilly, LAV spun off and became an independent investment management company. As one of the earliest biomedical venture investors in China, LAV has been consistently investing in the region for over a decade, and have recently increased our footprint in the U.S. LAV’s team of over 30 distinguished scientific, medical, investment, and operational professionals embrace a culture of integrity, entrepreneurship, and team work. Currently, LAV manages over $4.5 billion of committed capital. LAV has significant resources in China, with extensive local expertise in preclinical and clinical development, regulatory knowhow, and market insights. LAV also has strong global perspective and connections, driven by the consolidated experience of LAV’s team members overseas as well as LAV’s network of scientific advisors. By combining LAV’s China expertise and global perspectives, we are uniquely positioned to support LAV’s portfolio companies and investors worldwide.
About GaoRong Capital
GaoRong Capital is dedicated in identifying the leading founders and collaborating with them to achieve long-term value. GaoRong Capital is focused on early and growth-stage investments, with a specialty in new consumption, new technology and healthcare. The total current AUM is approximately USD 4.3 billion, including both USD and RMB funds. GaoRong Capital has 19 successful IPO portfolios and over 20 projects valued more than USD 1 billion. GaoRong Capital continues to invest in the healthcare industry and are committed to discovering and accompanying leading companies in the fields of digital health, medical services, drug discovery, medical instrumentation and testing.
Chiron-Ventures, focusing on innovation and investment in healthcare industry, was founded in August 2008. The founding team accumulatively investing in more than 30 startup companies in the industry, with an investment amount of hundreds of millions. Chiron-Ventures has accumulated wealthy and successful experiences and resources in medtech development, medical innovation and entrepreneurship, and has provided substantial support and professional value-added services for its companies.