According to the HKEX disclosure on June 25, Shanghai HeartCare Medical Technology Co., Ltd. (Shanghai HeartCare Medical Technology Corporation Limited, hereinafter referred to as "HeartCare") has passed the listing hearing for the Main Board of the HKEX, with Goldman Sachs and China International Capital Corporation Limited serving as its joint sponsors. On January 27 this year, HeartCare submitted a listing application to the HKEX, with Goldman Sachs and China International Capital Corporation Limited acting as joint sponsors. According to the prospectus, the company's four ischemic stroke treatment devices have currently obtained approval from the NMPA (National Medical Products Administration). It is expected that nine additional products will be commercialized in 2021, and 10 early-stage pipeline products will be commercialized between 2022 and 2025.
On July 19, 2020, HeartCare announced the completion of a Series C financing round raising tens of millions of US dollars. Co-invested by Jifeng Capital and Sherpa Investments, the round saw Dianshi Capital continue to serve as the exclusive financial advisor. The proceeds will drive the clinical development of new products across HeartCare’s five major product lines, as well as accelerate the market promotion and commercialization of upcoming products. This funding will help the company strengthen its presence in the neurointerventional market and expedite the realization of a comprehensive solution for stroke. Founded in 2016, HeartCare specializes in the development and commercialization of innovative minimally invasive interventional technologies for stroke prevention and treatment. To date, the company has completed five rounds of financing, including three equity financing rounds in 2020 alone.
It is reported that after four years of development, HeartCare has established five major product lines, including ischemic stroke thrombectomy treatment, ischemic stroke stenosis treatment, hemorrhagic stroke treatment, cardioembolic stroke prevention, and vascular access products. The company has developed a portfolio of 23 commercialized and pipeline products, covering the vast, rapidly growing, and significantly under-penetrated neurointerventional market. Its independently developed intracranial rapamycin-eluting drug-coated balloon is the world’s first product poised to enable interventional therapy for intracranial stenosis; its independently developed product for acute ischemic stroke treatment—the thrombectomy stent, features China’s first multi-radiopaque marker design, benchmarking against Medtronic’s latest-generation platinum Solitaire, and is expected to receive regulatory approval for commercial launch in the near future. Driven by its outstanding product R&D capabilities, HeartCare won the Second Prize at the 2019 China Medical Device Innovation and Entrepreneurship Competition for its stroke interventional product development project.
Chinese-produced enterprises started relatively late in the neurointerventional medical device sector, with most neurointerventional products produced in China still in the stages of research and development, clinical trials, and regulatory submission. Foreign companies account for over 80% of the market, with Medtronic alone capturing more than 60%, clearly demonstrating that the path to import substitution remains long and arduous. On the other hand, the penetration rate of neurointerventional procedures in China remains relatively low compared to developed countries. In the United States, as the American Heart Association (AHA) guidelines in 2015 confirmed thrombectomy as a first-line therapy for ischemic stroke and an advanced technology, the penetration rate of thrombectomy rapidly rose from 1.4% in 2015 to 11.8% in 2019. In contrast, China's thrombectomy penetration rate stood at merely 1.7% in 2019. However, driven by a combination of technological innovation, favorable government policies, and continuously growing per capita disposable income and healthcare expenditure, the penetration rate is projected to reach 42.9% by 2030.
HeartCare stated that it will continue to intensify its marketing efforts for neurointerventional products in the future. HeartCare has currently collaborated with 27 distributors to establish a distribution network covering over 800 hospitals across more than 20 provinces, autonomous regions, and municipalities in China. HeartCare’s innovative and comprehensive product portfolio, combined with one globally first-of-its-kind and multiple domestically first-of-its-kind neurointerventional devices, positions it at the forefront of this industry transformation. As a market leader in China’s neurointerventional device sector, HeartCare will capitalize on these growth opportunities to consolidate its leading market position.
About the China Medical Device Innovation and Entrepreneurship Competition:
The China Medical Device Innovation and Entrepreneurship Competition is a national medical device industry innovation and entrepreneurship competition hosted by the Medical Device Industry Technology Innovation Strategic Alliance. Since 2018, the competition and its accompanying Innovation Week have been successfully held for three editions, receiving 283, 607, and 665 innovative medical device projects under research and development from domestic and international sources, respectively. The competition and its supporting activities attracted participation from over 1,200 enterprises, alongside innovation service and investment institutions. The events drew more than 30,000 on-site attendees and featured on-site guidance from leaders of various ministries, academicians, and over 100 authoritative experts from regulatory agencies and the industry. Across the three finals, a total of 167 projects were awarded first, second, and third prizes. Follow-up statistics within six months post-competition revealed cumulative financing exceeding RMB 4.2 billion. Subsequently, some projects secured research grants from ministries, provincial and municipal governments, and the military, as well as various other competition awards. The competition has effectively accelerated the technology transfer and commercialization of medical device innovations, earning unanimous acclaim from all stakeholders.
It is reported that after four years of development, HeartCare has established five major product lines, including ischemic stroke thrombectomy treatment, ischemic stroke stenosis treatment, hemorrhagic stroke treatment, cardioembolic stroke prevention, and vascular access products. The company has developed a portfolio of 23 commercialized and pipeline products, covering the vast, rapidly growing, and significantly under-penetrated neurointerventional market. Its independently developed intracranial rapamycin-eluting drug-coated balloon is the world’s first product poised to enable interventional therapy for intracranial stenosis; its independently developed product for acute ischemic stroke treatment—the thrombectomy stent, features China’s first multi-radiopaque marker design, benchmarking against Medtronic’s latest-generation platinum Solitaire, and is expected to receive regulatory approval for commercial launch in the near future. Driven by its outstanding product R&D capabilities, HeartCare won the Second Prize at the 2019 China Medical Device Innovation and Entrepreneurship Competition for its stroke interventional product development project.
Chinese-produced enterprises started relatively late in the neurointerventional medical device sector, with most neurointerventional products produced in China still in the stages of research and development, clinical trials, and regulatory submission. Foreign companies account for over 80% of the market, with Medtronic alone capturing more than 60%, clearly demonstrating that the path to import substitution remains long and arduous. On the other hand, the penetration rate of neurointerventional procedures in China remains relatively low compared to developed countries. In the United States, as the American Heart Association (AHA) guidelines in 2015 confirmed thrombectomy as a first-line therapy for ischemic stroke and an advanced technology, the penetration rate of thrombectomy rapidly rose from 1.4% in 2015 to 11.8% in 2019. In contrast, China's thrombectomy penetration rate stood at merely 1.7% in 2019. However, driven by a combination of technological innovation, favorable government policies, and continuously growing per capita disposable income and healthcare expenditure, the penetration rate is projected to reach 42.9% by 2030.
HeartCare stated that it will continue to intensify its marketing efforts for neurointerventional products in the future. HeartCare has currently collaborated with 27 distributors to establish a distribution network covering over 800 hospitals across more than 20 provinces, autonomous regions, and municipalities in China. HeartCare’s innovative and comprehensive product portfolio, combined with one globally first-of-its-kind and multiple domestically first-of-its-kind neurointerventional devices, positions it at the forefront of this industry transformation. As a market leader in China’s neurointerventional device sector, HeartCare will capitalize on these growth opportunities to consolidate its leading market position.
About the China Medical Device Innovation and Entrepreneurship Competition:
The China Medical Device Innovation and Entrepreneurship Competition is a national medical device industry innovation and entrepreneurship competition hosted by the Medical Device Industry Technology Innovation Strategic Alliance. Since 2018, the competition and its accompanying Innovation Week have been successfully held for three editions, receiving 283, 607, and 665 innovative medical device projects under research and development from domestic and international sources, respectively. The competition and its supporting activities attracted participation from over 1,200 enterprises, alongside innovation service and investment institutions. The events drew more than 30,000 on-site attendees and featured on-site guidance from leaders of various ministries, academicians, and over 100 authoritative experts from regulatory agencies and the industry. Across the three finals, a total of 167 projects were awarded first, second, and third prizes. Follow-up statistics within six months post-competition revealed cumulative financing exceeding RMB 4.2 billion. Subsequently, some projects secured research grants from ministries, provincial and municipal governments, and the military, as well as various other competition awards. The competition has effectively accelerated the technology transfer and commercialization of medical device innovations, earning unanimous acclaim from all stakeholders.
The Category and Special Track Competitions of the 4th China Medical Device Innovation and Entrepreneurship Competition Will Be Held Successively Across Various Regions, we welcome innovation teams, relevant enterprises, research institutes, innovation service and investment institutions, as well as hospitals and clinical experts from across the country to attend the competition on-site! For detailed information, please refer to the official website of the competition.www.cmddec.cnand the "Medical Device Innovation Network" Official Account!
Source: Medical Device Industry Technology Innovation Strategic Alliance / Unicorn
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