Pulnovo Medical announced that it closed a Series C funding round worth proceeds of nearly $100 million.
Qiming Venture Partners and existing shareholder Lilly Asia Ventures co-led the financing. Existing investors OrbiMed and Gaorong Capital participated on a super pro-rata basis as well. Shanghai-based Pulnovo said the $100 million represents made the round oversubscribed by two times. This made it one of the largest fundraises in the Asia-Pacific medical device sector in recent years, according to a news release.
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The company plans to use proceeds to advance its global clinical trials, international business expansion and strategic initiatives.
Pulnovo develops pulmonary artery denervation (PADN) technology for treating pulmonary hypertension (PH) and heart failure (HF). PADN 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. Pulnovo Executive Chair and President Cynthia Chen said the company plans to us proceeds to support upcoming FDA trials.
“Pulnovo Medical’s breakthroughs in interventional treatments for PH and HF are impressive. The company’s PADN technology is now commercially available in Chinese Mainland, Hong Kong, and Macau, and in 2024, global multicenter trials were initiated in Portugal, Serbia, Georgia, and Southeast Asia,” said William Hu, managing partner of Qiming Venture Partners. “Following the FDA breakthrough device designation, the global clinical trials further validate the technology’s leadership and clinical value.
We are confident in Pulnovo Medical’s potential and will support its international expansion and commercialization, bringing new hope to patients worldwide.”
Pulnovo marks another potential entry into the hot denervation space.
Recor Medical received a landmark FDA nod for its renal denervation (RDN) system in November 2023. Medtronic received its nod for RDN just weeks later. Boston Scientific entered the space with its planned acquisition of SoniVie announced.
