EVAHEART Developer Yongrenxin Medical Completes Nearly $100M Series A Funding to Build Heart Failure Critical Care Platform

Recently, EVAHEART Medical Device Co., Ltd. ("EVAHEART Medical" for short) has completed nearly 100 million US dollars in A-round financing, led by SINOVAC Biotech Ltd. (SINOVAC), with follow-up investments from Taiping (Shenzhen) Medical and Health Industry Private Equity Investment Fund Partnership (Limited Partnership), and additional investment from existing shareholder Vivo Capital. The funds will be used to further build and develop a heart failure and critical care treatment health industry platform.

In 2021, Vivo Capital invested tens of millions of dollars to complete the controlling acquisition of EVAHEART. Afterwards, the medical device industry entered a financing winter period, but EVAHEART received high attention and recognition from investors and successfully completed its Series A financing during this time. It is reported that,This financing is one of the rare ultra-large financing events in the global innovative medical device field in nearly a year.

EVAHEART Medical, established on June 3, 2014, is an industry platform focusing on the full range of products for heart failure and severe conditions. It aims to provide patients with a full life-cycle solution from prevention, diagnosis, monitoring, treatment, to end-stage assistance. The company specializes in the research, development, production, and sales of innovative medical devices for heart failure and critical care. Its core product is the implantable left ventricular assist device EVAHEART (artificial heart).It is the only artificial heart in China that has been approved for both short-term and long-term treatment indications.。

Why has EVAHEART Medical been favored by the capital market and gained extensive attention from the media and the public? We will conduct an in-depth analysis of its future development potential from the perspectives of end-stage heart failure treatment options and the product advantages of EVAHEART.

Jin Jinghua, General Manager of Strategic Investment at SINOVAC and Director of EVAHEARTCardiovascular disease is one of the hardest areas to tackle, with a large number of unmet clinical needs. EVAHEART, the implantable left ventricular assist device developed and produced by Chongqing EVAHEART Medical Device Co., Ltd., as the first artificial heart product approved for marketing in China, has led the development of the industry. SINOVAC hopes to support the growth of innovative Chinese companies like EVAHEART, and accelerate the research, development, and commercialization of products in the field of heart failure, allowing more patients to benefit as soon as possible.

Ms. Lu Shanshan, Vice General Manager of Taiping InnovationEVAHEART is a pioneer in the clinical application of artificial hearts in China, and we have high expectations for the outstanding achievements EVAHEART has made. Heart failure is a key area for health insurance, and around this field, Taiping's "Insurance + Medical Care and Rehabilitation" ecosystem is committed to creating a closed-loop service system covering prevention, diagnosis, treatment, and rehabilitation. Facing a heart failure patient population of over 13 million in China, Taiping will work together with EVAHEART to provide whole-process management services for heart failure patients. The Taiping Medical and Health Fund will help EVAHEART improve the accessibility of artificial heart products, benefiting more patients and enabling new technologies needed in clinical practice to play a greater social role.

Fu Shan, Partner of Controlling Shareholder Vivo Capital and Chairman of EVAHEART MedicalVivo Capital is an investment company focused on the life sciences and healthcare sectors, dedicated to discovering and investing in great companies that benefit the physical and mental health of people around the world within the U.S. and Chinese markets. As the controlling shareholder of EVAHEART, Vivo Capital has witnessed the healthy development and breakthroughs of EVAHEART during its growth journey. We believe that EVAHEART's products demonstrate a high level of technological innovation, strong clinical demand, and a sufficiently large market size and scale. We look forward to EVAHEART accelerating the improvement of its product portfolio after completing this round of financing, providing support for heart failure patients with different auxiliary needs and across various clinical scenarios, and better serving patients worldwide.

EVAHEART Medical Director and CEO, Hua YanAs the first company in China to receive approval for an artificial heart product, EVAHEART is proud to have made its due contribution to the advancement of China's heart failure initiatives. "Tackling the toughest challenges to achieve the farthest-reaching goals," we will continue to push forward into the latest and most difficult areas of research, striving for the grandest objectives while efficiently advancing the development, registration, and market launch of the EVAHEART series of new products. As the only artificial heart R&D and manufacturing enterprise in China with a substantial accumulation of international clinical data, EVAHEART Medical will establish a high-end medical device industrialization platform based on heart failure treatment, gradually building an integrated industrial chain cluster encompassing "government, industry, academia, medicine, and research." In areas such as clinical diagnosis and treatment of diseases, disease prevention and control, fundamental medical research, development and training of medical professionals, and the transformation of industry-academia-research collaborations, EVAHEART will support hospitals and doctors, promote the accessibility of high-quality medical resources to a broader customer base, and bring more advanced and convenient medical services to the wider population.

Heart Failure (HF) refers to a syndrome of cardiac circulatory dysfunction caused by impaired systolic or diastolic function of the heart. The mortality rate of heart failure is comparable to that of malignant tumors, with a 5-year survival rate of only about 30%. Statistics show that there are currently approximately 22 million heart failure patients globally, including about 13 million in China, with more than 700,000 severe cases. As China enters an aging society, heart failure is the only cardiovascular disease showing an increasing trend. For patients with severe heart failure, heart transplantation and artificial hearts are currently the best treatment options.

Due to factors such as donor-recipient matching conditions, the annual number of heart transplants in China is only around 600. This means that out of 100 patients waiting for a heart donor, only one patient gets the opportunity. Many patients with heart failure lose their chance at life while waiting for a donor, thus highlighting the growing importance of artificial hearts. Artificial heart technology has become one of the standardized treatment methods for heart failure recommended by international medical guidelines.

 Principle of Artificial Heart

EVAHEART, developed by China's EVAHEART Medical and Japan's Tokyo Women's Medical University, Waseda University, and others, is a national innovative medical device and represents high-end intelligent manufacturing as a "Chinese heart." To date, EVAHEART has broken multiple industry records in China.

● Officially certified earliest: The first artificial heart product approved by the China Food and Drug Administration, with a 100% one-year survival rate in clinical trials;

● The most comprehensive indications: As of now, the only artificial heart in China approved by the drug administration for both short-term and long-term treatment indications;

● The fastest globalization process: approved for marketing in Europe and Japan, simultaneously obtained US IDE approval, and it is also the only Chinese artificial heart used overseas;

● Longest implantation duration: The first implant recipient has been supported for over 11 years.

Moreover, the safety and effectiveness of EVAHEART have been globally verified and widely recognized and praised by doctors and patients.

EVAHEART Artificial Heart

EVAHEART Artificial Heart Utilizes the Latest Hydrodynamic Suspension Technology to Achieve Physiological Pulsatile Blood Flow: Increasing Ejection During Systole and Reducing Ejection During Diastole, Maintaining a Pulse Pressure Difference of 20-30mmHg and Generating Pulsatile Blood Flow. As a Result, Implanted Patients Retain Their Pulse and Heartbeat, with a Cardiac Rehabilitation Rate More Than Three Times Higher Than Patients Using Non-Pulsatile Heart Pumps, Effectively Preserving Vascular Elasticity While Significantly Lowering the Incidence of Aortic Valve Insufficiency and Gastrointestinal Bleeding. This Bionic Pulsatile Feature Brings “Life” to the Artificial Heart, Placing It at the Forefront Globally and Earning Strong Endorsement from Experts in the United States.

Dr. Robert Dowling, a professor at the Penn State Cardiovascular Center in the United States, stated: "The EVAHEART artificial heart can provide continuous pulsatile blood flow like a natural heart. Compared to currently available heart pumps or LVADs in the U.S., this device can better improve patients' quality of life and reduce the occurrence of complications."

 Professor Dr. Robert Dowling