SUZHOU, China, Dec. 7, 2021 /PRNewswire/ — SyMap Medical (SyMap) announced its latest financing round of nearly $100 million led by Primavera Capital and VMS Group, with the participation of existing investors Simiao Equity Investment and Sequoia Capital China. CEC Capital served as the exclusive financial advisor for this transaction.
As the world’s largest financing round in the renal denervation (RDN) field to date, the funds will be used to accelerate global clinical trials for SyMap’s disruptive products, facilitate the next generation of renal mapping/selective RDN systems and products in interventional pulmonary space, and co-develop disruptive technologies with renowned inventors, think tanks and incubators in the U.S. and Israel.
SyMap is focused on developing revolutionary device therapies for the unmet clinical needs of cardiovascular and pulmonary diseases including hypertension, heart failure, arrhythmia, asthma and early-stage lung cancer.
The company, co-founded by Dr. Jie Wang and Mr. Kewen Jin, is based in bioBAY, located in Suzhou, China. Dr. Wang has a long track record in academic research and entrepreneurship. He is a faculty member of the College of Physicians & Surgeons of Columbia University, professor at the Jiangsu Province Hospital and is the former Dean of Nanjing University’s medical school. He has participated in the development of RDN since the technology’s infant stages via Ardian Inc.
SyMap is conducting two pivotal trials in China, the first is the SMART Study (NCT02761811) using the SyMapCath I™ Catheter/SYMPIONEER S1™ RF system for the treatment of uncontrolled hypertension. This system is based on proprietary technology and is able to map renal nerves for selective renal sympathetic denervation and to provide feedback for physicians before, during, and after the procedure. The second is the BATA Study (NCT03765307) which assesses the efficacy and safety of the Elation™ system to treat severe asthma via bronchial radiofrequency ablations. Both studies are executed by leading clinical investigators and are guided by well-known international experts who serve on the company’s Scientific Advisory Boards. Both systems have been granted "Green Channel Device" status by China’s regulatory agency.
"SyMap is built on years of experience from cutting-edge research at top universities in the U.S. and China, as well as our strong relationships within the industry, well-rounded network among leading clinical investigators, management capabilities acquired from serial entrepreneurial experience, vision in the cardiovascular and pulmonary fields, clinical attainments and solid patent portfolio. We are very grateful to have such a high powered group of new investors: Primavera Capital, VMS Group, and continuous support from our existing investors Simiao and Sequoia Capital China. We are confident in obtaining regulatory approval on time in China and delivering revolutionary interventional therapies to patients with hypertension and severe asthma. It would be via the efforts of our professional and hard working team, the dedication of our amazing clinical investigators, and guidance of regulatory authority via the "Green Channel," says Chairman and CEO Jie Wang, M.D./Ph.D.
VMS Group is a leading diversified financial institution, providing asset management in private equity, real estate investment and structured financing. It also provides securities brokerage and corporate finance services. Its private equity investment focuses on innovation and growth opportunities in key areas such as healthcare, technology, media and telecommunications ("TMT") and consumption. The healthcare team at VMS Group focuses on investing in healthcare companies that own global outstanding and innovative technologies which address unmet clinical needs. Its investment realm covers therapeutics, IVD and diagnostics, medtech and CXO services. VMS Group has successfully completed more than one hundred investments globally. Currently, the total assets under its management are more than 3.8 billion USD.
Mr. Andrew Ng, Managing Director and Head of Healthcare of VMS Group’s Private Equity Division, commented, "SyMap’s pipeline addresses unmet clinical needs. The company and its work are at the forefront of RDN and interventional pulmonary fields. We are very honored to jointly lead this round of financing."
Primavera Capital is a premier China-based global investment firm with offices in Beijing, Hong Kong, Singapore and Silicon Valley. Founded by respected economist Dr. Fred Hu in 2010, Primavera Capital manages approximately 15 billion USD in assets across both RMB and USD funds.
Mr. Jiaqi Zheng, Primavera Capital’s Managing Director, said, "The limitations of drug therapy due to unsatisfied efficacy and poor adherence lead to huge unmet clinical needs for hypertension patients. As a disruptive therapy, RDN is expected to provide a new option for a large population of patients with hypertension. With his outstanding academic achievements and rich experience in the industry, Professor Wang and his team have developed a first-in-class renal mapping/selective RDN system, developed a novel clinical trial protocol to fit device-based therapy for the treatment of hypertension and clinical environment in China, and built a unique and disruptive product pipeline. We are looking forward to a fruitful collaboration with Professor Wang and to fully support SyMap’s efforts to bring new therapies to a huge number of patients with hypertension both in China and around the world."
Simiao Equity Investment is a venture capital firm that focuses on China’s domestic healthcare sector. Guided by the principle of "passion for innovation and value creation," the firm has invested in multiple innovative companies including Venus MedTech, CLOUDR and REJOIN.
"RDN, the new interventional therapy, may become a preferred choice for patients with uncontrolled hypertension as the therapy provides long-term clinical benefits which drug therapies cannot achieve, such as 24-hour blood pressure reduction during a day at least for several years and no compliance issues following one single procedure. SyMap’s renal mapping/selective RDN system is highly innovative, providing readouts for physicians during the procedure. We will certainly see the approval and clinical adoption of SyMap’s RDN system both in clinical practice and in benefiting patients worldwide," said Mrs. Zhiying Chai, Partner of Simiao Equity Investment.
The Sequoia China helps daring founders build legendary companies. In partnering with Sequoia China, companies benefit from our unmatched community and the lessons we’ve learned over the years. As "The Entrepreneurs Behind The Entrepreneurs", Sequoia China focuses on three sectors: TMT, healthcare and consumer/service. Over the past 16 years we’ve had the privilege of working with more than 900 companies in China.
Qiang Xu, Managing Director of Sequoia Capital China, said "Disruptive innovations in medical technology have always been our focal point in investment, which makes us believe RDN has great potential in treating hypertension. As an early investor of SyMap, we are pleased to find that RDN and its values have been widely validated by clinical studies overseas. We hope SyMap will develop into a competitive Chinese company on the global arena, and bring more values to the patients across the world."
CEC Capital is a leading Chinese financing advisor with a focus on the global TMT, consumption and health sectors. In addition to investment banking, CEC Capital manages a RMB fund and a USD fund with offices in Beijing, Shanghai, Los Angeles and San Francisco, and it also has a license to the U.S. securities market. It has the largest and most expert health investment banking team in China, with the most complete industry chain. The healthcare industry is an advantageous industry that CEC Capital is concerned about.
As the financial advisor to SyMap, Dr. Xiao Zhang, Partner of CEC Capital, said, "SyMap demonstrated exceptional technology novelty compared to its counterparts globally as well as significant technical and clinical advantages to players in China. SyMap’s leading position helped it set a record in financing size in the field of RDN, and the CEC team is honored to work with SyMap. With this round of financing, SyMap will achieve a higher level and keep its leading position in RDN and the interventional pulmonary space."