Yuanxin Medical Completes Over RMB 200 Million Series B Strategic Financing to Advance Iron-Based Bioresorbable Stent Platform

Sep 04, 2023 17:56 CST Updated 17:56

Biotyx Medical

Developer of Biodegradable Vascular Materials and Stents

GF Qianhe

Investment Management Institution

IDG Capital

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Source: Biotyx Medical

Recently, Biotyx Medical (Shenzhen) Co., Ltd. ("Biotyx Medical") successfully completed a B-round strategic financing of over 200 million yuan. This round of financing introduced several strategic investors, including Gongqingcheng Huayi Private Equity Fund Management Co., Ltd. and Guangfa Qianhe Investment Co., Ltd., while A-round investors IDG Capital and Shanghai Baoquan continued to follow up with their investments.Biotyx Medical (Shenzhen) Co., Ltd. has completed the signing of the B-round capital increase agreement and shareholders' agreement. Investors in this round of financing will invest more than RMB 200 million into Biotyx Medical according to the terms of the capital increase agreement.

Biotyx Medical's iron-based bioabsorbable materials platform has experienced seventeen years of steady development, making it an innovator and leader in the global bioabsorbable stent field. Securing this Series B strategic financing marks another significant milestone for Biotyx Medical, providing essential financial support for its continued growth. This will further effectively motivate the iron-based bioabsorbable project team, attract external talent, and accelerate the clinical and regulatory approval processes for the project. Biotyx Medical will efficiently utilize the funds, actively integrate internal and external resources, while further diversifying its existing product portfolio to promote comprehensive and sustainable business development, bringing breakthrough clinical treatment solutions to patients worldwide. Meanwhile, this round of financing advances Biotyx Medical’s independent capital market financing operations, with the expansion of a leading team of strategic investors better supporting subsequent capitalization efforts, thereby enhancing Biotyx Medical’s overall value.

Biotyx Medical is the only company in the world engaged in the research and development of iron-based bioabsorbable stents. With advanced scientific research conditions and a high-level R&D team, it is committed to developing innovative interventional medical device products to serve a wide range of patients and address unmet clinical needs globally. Biotyx Medical's globally pioneering iron-based bioabsorbable material platform has broad application potential and room for expansion in the medical field. It has successfully developed multiple fully degradable iron-based bioabsorbable stent products that have been applied in several mainstream areas such as coronary heart disease, pediatric pulmonary artery stenosis, and infrapopliteal artery stenosis. Three core products are at different stages of clinical trials and market access, all of which have been approved to enter China’s special review process for innovative medical devices. The absorbable drug-eluting coronary stent has completed Phase III clinical enrollment in China, with over 1,300 implants across three phases, and its CE application has been submitted to the EU. The pediatric iron-based bioabsorbable vascular stent received FDA Compassionate Use approval in the United States, as well as registration certificates from Malaysia and the EU CE mark, gaining market access qualifications. The absorbable drug-eluting peripheral stent received FDA Compassionate Use approval in the U.S., ethical approvals from multiple centers in Europe, and successfully completed its first case enrollment in Florence, Italy, in July this year. Progress on all fronts is proceeding smoothly, promising significant breakthroughs in the effective treatment of related diseases.

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