Pulnovo Medical announced that it completed an oversubscribed $100 million strategic financing round led by Medtronic.
Separate from the financing, the companies entered into a commercial agreement that contemplates potential future commercialization opportunities. Medtronic was joined by existing investors EQT, Qiming Venture Partners, Gaorong Ventures, OrbiMed and Lilly Asia Ventures. New investors, including HSG, among other prominent entities, also participated. Funds add to a $100 million Series C round last year.
Related: ONWARD Medical raises over €40M in capital increase
Pulnovo’s funds will support its proprietary Pulmonary Artery Denervation (PADN) system for pulmonary hypertension. Medtronic is already a leader in this space with its Symplicity Spyral renal denervation (RDN) system. It competes against the likes Recor Medical’s Paradise system, with Boston Scientific making its move in the space by acquiring SoniVie.
The Pulnovo PADN System uses radiofrequency ablation to target the pulmonary vascular endothelial sympathetic nerve. This can reduce pulmonary artery pressure and slow disease progression. The PADN system has FDA breakthrough device designation and investigational device exemption (IDE).
Pulnovo reports approximately 1,500 procedures with its technology to date, securing approvals in seven countries. It hopes to advance commercial efforts in Europe, the Middle East and China while it continues clinical work in the U.S.
“Through the integration of industry expertise and long-term capital, Pulnovo is building a scalable growth model anchored in proprietary innovation, global clinical development, and strategic ecosystem partnerships,” said Cynthia Chen, Pulnovo Medical’s chair and president. “This financing marks a pivotal transition from a product-driven phase to a fully integrated global platform. As we continue to strengthen our capabilities across both clinical and technological fronts, we remain committed to delivering meaningful innovation to patients worldwide.”
Pulnovo makes a personnel move as part of its global expansion
Following the financing, Pulnovo named Andre Xiao as its chief strategy officer (CSO). His responsibilities include leading global financing and strategy.
The company expects Xiao to play a key role in strengthening its connection with global capital markets and industry ecosystems. It hopes the appointment supports its next phase of growth.
Pulnovo said that Xiao offers extensive experience in healthcare investment and global capital markets. Prior roles include stints at investment firms such as Citadel and Millennium Management. At those firms, he specialized in global medtech investments.
