Pulnovo Medical, a Chinese medtech focused on therapies that target pulmonary hypertension and heart failure, hauled in $100 million in an oversubscribed finance round led by Medtronic.
Funds from the round will support ongoing clinical development, global regulatory submissions and international commercialization, the company said in an April 19 press release.
Pulnovo’s Pulmonary Artery Denervation (PADN) system is a minimally invasive therapy that modulates overactivated sympathetic nerve activity that can lead to pulmonary vascular remodeling and cardiopulmonary disease progression.
The system targets a key underlying disease mechanism and in global studies has shown improvements in functional capacity and reductions in major adverse clinical events, the company said.
“This financing marks a pivotal transition from a product-driven phase to a fully integrated global platform,” Cynthia Chen, president and chair of Pulnovo, said in the release. “As we continue to strengthen our capabilities across both clinical and technological fronts, we remain committed to delivering meaningful innovation to patients worldwide.”
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Additionally, the company named Andre Xiao as its chief strategy officer in charge of leading Pulnovo’s global finance.
Other participants in the funding round included EQT, Qiming Venture Partners, Gaorong Ventures, OrbiMed, and Lilly Asia Ventures, as well as HSG (formerly Sequoia China).
Separately, Pulnovo and Medtronic inked an agreement geared toward possible future commercialization opportunities. Details of that partnership weren’t disclosed.
The investment by Medtronic comes just a month after it shelled out $550 million to acquire Scientia Vascular in a move to bolster the medtech giant’s stroke treatment portfolio. Scientia produces specialized guidewires, microcatheters and access products for reaching complex clots deep within the brain.
