Changde Medical Secures Tens of Millions in Angel Funding to Build a Comprehensive Peripheral Interventional Solution

Recently, VCBeat learned thatShanghai Changde Medical Technology Co., Ltd. (hereinafter referred to as “Changde Medical”) has completed an angel round of financing amounting to tens of millions of yuan. The round was led by Legend Capital, with Shanghai Xinyue Jiupeng Enterprise Consulting Center (Limited Partnership) participating as a co-investor. The proceeds will be used for the research and development of the company’s peripheral intervention pipeline.

Changde Medical, established in November 2021, is dedicated to efficiently developing a comprehensive suite of solutions in the field of peripheral interventional devices. The company focuses on researching and developing products such as drug-coated balloons, catheters, stents, and thrombectomy devices for the treatment of peripheral arterial and venous diseases.

Peripheral Vascular Interventional Devices: The Next Billion-Dollar Market in the Vascular Intervention Sector. There is a large population of patients with peripheral vascular disease, including approximately 40 million with lower extremity arterial disease and around 100 million with varicose veins, with patient numbers increasing year by year. This substantial clinical demand creates a vast market opportunity.

According to Frost & Sullivan’s statistical analysis, the market size of peripheral vascular interventional medical devices in China is projected to reach RMB 7.12 billion in 2022. In 2021, Boston Scientific’s Peripheral Interventions segment generated revenue of approximately USD 1.8 billion, representing a year-on-year growth of 15%, making it one of the company’s fastest-growing business segments. China’s peripheral intervention market is still in its early stages of development; apart from arterial balloons and inferior vena cava filters, imported products dominate across other categories.

Miao Zhenghua, Chairman and General Manager of Changde Medical, is a former CEO of a listed company with over 20 years of experience in the field of vascular intervention. As an industry veteran embarking on a new journey, he rapidly attracted talent across multiple disciplines—including clinical registration, medical device R&D, and pharmaceutical research—from the company’s inception. Currently, all department heads and project leaders for R&D are in place, each bringing extensive relevant experience.

Since its inception,Changde Medical is committed to building a portfolio of peripheral interventional products, while strategically laying out “me-too,” “me-better,” and “me-only” offerings. The company’s development goals extend beyond breaking through with individual innovative products to treat refractory diseases; it also aims to launch clinically friendly products tailored for primary care settings, thereby constructing a product mix that spans both high-end and basic segments and efficiently establishing a comprehensive product line.

The Company is simultaneously pursuing independent R&D and external collaborations, further enhancing its product portfolio by introducing innovative products. Recently, the Company entered into a partnership with U.S.-based Control Medical to introduce its Control™ Mechanical Thrombectomy System. This device is designed for thrombus removal in peripheral vessels and coronary arteries, enabling efficient and controllable aspiration through manual operation by physicians. It has previously received FDA clearance and has been used in thousands of patients.

According to Miao Zhenghua, “The biggest challenge many startups currently face is rapid commercialization after product certification. On one hand, many founders come from R&D backgrounds and lack experience in quickly bringing products to market; furthermore, some companies focus on only one or two single products, making it difficult for their revenue and profits to cover marketing costs. On the other hand, the peripheral interventional device sector encompasses a wide range of product categories, and treating a single disease often requires multiple products. It is difficult for a single product to sustain the market, so adopting a product portfolio model is more appropriate.”

Unlike coronary stents, which can capture a million-dollar market share on their own, the peripheral intervention sector emphasizes product portfolios. By offering comprehensive product bundles and leveraging synergies between high-margin and low-margin products, companies can more effectively cover R&D, production, and sales costs. This strategy also strengthens their resilience in the face of future national healthcare cost-containment measures and centralized procurement of medical consumables.

Although established less than a year ago, Changde Medical boasts a rich product pipeline. The company has currently initiated R&D projects for balloons, stents, and catheters intended for the treatment of conditions such as peripheral artery stenosis, varicose veins, deep vein thrombosis, and arteriovenous fistulas.

The company is developing a sirolimus-coated drug-coated balloon (DCB) for the treatment of below-the-knee vascular lesions. Compared with paclitaxel coatings, sirolimus coatings offer superior anti-restenosis efficacy and a higher safety profile; however, the hydrophilic nature of sirolimus results in shorter retention time in the bloodstream and a reduced duration of drug effectiveness. Changde Medical is focusing on the integration of pharmaceuticals and medical devices to effectively prolong the drug’s retention time within tissues. Preliminary animal studies have demonstrated that the sirolimus from Changde Medical’s drug-coated balloon exhibits extended retention in animal vascular tissues, thereby providing sustained inhibition of intimal hyperplasia.

Meanwhile, Changde Medical has developed high-pressure drug-coated balloons to address arteriovenous fistula stenosis in hemodialysis patients. Hemodialysis is one of the life-sustaining treatments for patients with end-stage renal disease (ESRD), and adequate vascular access is a prerequisite for effective dialysis. Stenosis of the arteriovenous fistula is a common complication.

Current treatment modalities include surgical procedures such as arteriovenous fistula revision and interventional therapies. To ensure therapeutic efficacy, interventional procedures typically involve the use of high-pressure non-drug-coated balloons in conjunction with drug-coated balloons following initial dilation with conventional balloons. This approach results in substantial consumption of disposable materials and higher costs. High-pressure drug-coated balloons can simultaneously dilate vascular stenotic lesions under high pressure and release medication, thereby improving treatment efficiency and reducing overall patient expenses.

Built on years of accumulated experience and technical expertise, Changde Medical, which was established in November 2021, is by no means a new company. In 2023, the company will sequentially submit registration applications or initiate clinical trials for multiple products. Looking ahead, Changde Medical will continue to focus on the peripheral intervention market and launch innovative products, while adhering to its talent strategy to attract more young professionals to join the team.

For this round of financing,Zhou Quan, Managing Director at Legend Capital, stated“Legend Capital has long focused on investments in the medical device sector, having invested in and strategically positioned multiple companies to address unmet clinical needs in major diseases, particularly chronic conditions. The cardiovascular and cerebrovascular fields have consistently been a key focus for Legend Capital’s systematic analysis and market scanning. The Changde Medical team, represented by its founder Miao Zhenghua, comprises highly experienced industry experts. We are delighted to partner with Changde Medical and participate in the company’s growth. Moving forward, Legend Capital will fully leverage the ecosystem resources of its portfolio companies in the healthcare sector to support Changde Medical’s development as we advance together.”

Legend Capital was established in April 2001 as a fund management company under Legend Holdings, specializing in early-stage venture capital and growth-stage private equity investments. Over the past two decades, Legend Capital has adhered to international standards, establishing best practices in fund operations and management. Through its proactive value-added service system, Legend Capital fosters innovative corporate growth, delivering consistent strong investment returns across multiple sectors while driving industrial advancement and social development in China. With the vision of “becoming an investment firm with global influence,” Legend Capital upholds the core value of “Wealth with Integrity” and actively fulfills its social responsibilities.