Core Medical Advances to IPO Filing with Breakthrough Artificial Heart Product Corheart 6

On April 11, 2023, the official website of the CSRC disclosed that the registration for the listing guidance of Shenzhen Core Medical Technology Co., Ltd. ("Core Medical") had been accepted by the CSRC. The tutoring institution is Huatai United Securities Co., Ltd., and the dispatched institution is the Shenzhen CSRC.

Source of the image: Official website of the CSRC

The listing coaching filing report shows that the IPO coaching work arrangement for Core Medical is as follows:

Official website information shows that Core Medical was established in August 2016, with its headquarters located in Nanshan Smart Park, Shenzhen. It is a national high-tech enterprise dedicated to the research, development, and production of advanced innovative medical devices such as artificial hearts and mechanical circulatory assist devices. Core Medical has developed a new generation of ultra-small, fully magnetically levitated artificial heart — the Corheart 6 Implantable Left Ventricular Assist System. The Corheart 6 blood pump has a diameter of only 34 millimeters, a thickness of 26 millimeters, and weighs approximately 90 grams, which is 40% smaller in diameter and 50% lighter in weight compared to existing magnetically levitated artificial hearts on the market.

In July 2022, Core Medical completed the clinical registration trial of the Corheart 6 implantable left ventricular assist system. Preliminary follow-up results show that the Corheart 6 implantable left ventricular assist device has demonstrated excellent performance in terms of device reliability, blood compatibility, and infection risk prevention, with positive clinical feedback. Core Medical has now applied for nearly 200 patents domestically and internationally, and its strong overall self-developed capabilities have made Core Medical's innovative achievements in the artificial heart field highly favored by the capital market.

Public information shows that Yu Shunzhou, the founder of Core Medical, is a part-time professor at Harbin Institute of Technology (Shenzhen). He graduated from the mechanical engineering program at Harbin Institute of Technology and the University of California, Davis. He has worked as a senior engineer at Terumo Heart, Thoratec, and Verb Surgical in the United States. At Terumo Heart and Thoratec, he participated in the development of several artificial heart products, including the Heartmate 3. As the main motor control and magnetic levitation design leader, he was also involved in the development of next-generation artificial hearts.

According to the PharmaCube InvestGo investment and financing database, Core Medical has previously completed four rounds of financing worth hundreds of millions of yuan. The investors include well-known venture capital firms such as Hillhouse Ventures, EF Capital, PuHua Capital, and Hotang Ventures, as well as industrial investors like Salubris.