Jinshi Bio Secures Over RMB 300 Million Series C Funding to Advance Structural Heart Innovations

36Kr learned that,Kingstron Bio (Changshu) Co., Ltd.(hereinafter referred to as "Kingstron Bio"") has completed over 300 million yuan in Series C financing. This round of financing was led by HongShan, with participation from Everbright Financial Holding Asset Management Co.,ltd. and Guangfa Qianhe Investment Co., Ltd., and additional investment from existing shareholder Panlin Capital.

It is reported that this round of financing will help Kingstron Bio accelerate the research, development, and implementation of innovative products for interventional mitral and tricuspid valves, and advance the registration of its third-generation TAVR products, as well as the large-scale production of surgical bioprosthetic valves and biological patches. 

Kingstron Bio is a platform-based enterprise focused on innovative medical devices for structural heart disease, with product categories including surgical bioprosthetic valves, annuloplasty rings, biological patches, TAVR, interventional mitral valves, and interventional tricuspid valves.

So far, the company's surgical product line of annuloplasty rings and surgical bioprosthetic valves have been launched for sale. The biological patch product is expected to complete registration this year. The first domestically produced third-generation transcatheter aortic valve system is about to complete clinical trial enrollment and is expected to obtain the registration certificate for the third-generation valve. 

Valvular Heart Disease is One of the More Common Cardiovascular Diseases in ChinaIn recent years, the number of valve disease surgeries in China has been increasing year by year, and the market size in the cardiac valve field is gradually expanding.

• In China, the majority of the market share in the surgical valve product line, such as annuloplasty rings and biological valves, is occupied by foreign companies like Edwards and Medtronic, leaving significant room for import substitution.

• The market for biological patch product lines is growing rapidly, with strong demand growth. Moreover, there are no similar imported products available in China, making it a blue ocean market with fewer competitors.

• Transcatheter Aortic Valve Replacement (TAVR), as a minimally invasive interventional treatment method, has seen a continuously rapid increase in patient acceptance. As indications extend from high-risk populations to medium- and low-risk populations, the market potential is enormous.

According to data statistics from third-party institutions, the number of tricuspid regurgitation patients in China increased from 8.6 million in 2016 to 9.2 million in 2020, and is expected to rise to 10.6 million by 2030. Since tricuspid valve closure in the early stages does not present easily detectable clinical symptoms, patients are typically diagnosed only at the middle or late stages of the disease, thus the total number of tricuspid regurgitation patients may be underestimated.

As of now, in the field of mitral valve interventional replacement, the only country with relevant developments globally is the United States.AbbottThe company's Tendyne has been launched in Europe, while the domestic market in China remains untapped; in the field of transcatheter tricuspid valve replacement, there are no products currently available on the global market. The products approved in the Chinese market are mainly the previous generation of aortic valve products, while the newer generation of aortic valve, mitral valve, and tricuspid valve products are still in the early market stage.

In this track, 36Kr has also reported onPulse Medical、Hanyu Medical、NewMed Medical、Dejin Medical、Zhenyi Medical、Jian Shi Technology、Huihe Medical、Yingmai MedicalAnd many other companies.

Further Reading

1.Focusing on the Cardiac Valve Field, Surgical Instrument Developer "Kingstron Bio" Completes 125 Million Yuan B Round Financing

2.Focus Analysis | Peijia Medical Goes Public: Can the "Heartfelt Business" TAVR Take Off?