FeiZhen Network Files IPO Prospectus: Building a Leading Internet-Based Pulmonary Specialty Platform with MDT Model Serving Over 350,000 Patients

Lung cancer incidence and mortality rates in China have consistently ranked first among all cancers.

According to the "Latest Estimates of Global Cancer Burden 2020" released by the International Agency for Research on Cancer (IARC), a specialized agency of the World Health Organization, there were 4.57 million new cancer cases in China in 2020, with lung cancer ranking first at 820,000 new cases.

Early screening and early diagnosis of lung cancer have become the key to its prevention and control.

Statistics show that as many as 67.7% of lung cancer patients are already in the advanced stage at the time of diagnosis. Typically, early-stage lung cancers are less than 1 cm in diameter and remain occult and asymptomatic. Accurately predicting the nature (benign or malignant) of pulmonary nodules can significantly improve survival rates for lung cancer patients; if diagnosis and surgical intervention are performed during the early stage, the 10-year survival rate can reach as high as 90%.

According to the latest research report from the American Cancer Society (ACS), published on January 12 in the premier authoritative journal CA: A Cancer Journal for Clinicians (with incidence data up to 2018 and mortality data up to 2019), the cancer mortality rate among patients in the United States declined by 32% from its peak in 1991 to 2019, over a period of 28 years. This decline is partly attributable to an increased proportion of lung cancer patients experiencing prolonged survival following diagnosis and treatment, while a greater number of individuals are being diagnosed at earlier stages of the disease, thereby enabling timely intervention.

Starting with pulmonary nodules to improve the survival rate of lung cancer patients has become a key challenge that many healthcare technology companies aim to address.

Feizhen.com is an internet-based medical technology company founded in 2018. By integrating systems, data centers, and diagnostic and treatment service platforms, it brings together renowned experts from top-tier (Grade A tertiary) hospitals in China specializing in thoracic surgery, radiology, respiratory medicine, and oncology. Adopting a Multidisciplinary Team (MDT) consultation approach, the company helps patients safeguard their lung health.

Healthcare is a highly specialized field, a reality profoundly understood by those who have practiced as physicians. As a founder with a medical background, I possess a clearer understanding of patients’ current living conditions and am driven to improve their quality of life through dedicated efforts.

The founding team of Lung Diagnosis Network is no exception.

Miao Peisheng, one of the co-founders, was once a physician with eight years of clinical experience. After leaving his medical post in 2004 to engage in business for a period, he chose to return to the healthcare industry, which still held great promise and met his aspirations. His decision to re-enter the field, particularly the specialty of pulmonary medicine, was driven by his deep understanding of the industry and the accumulation of his own medical resources.

Currently, there is a large number of patients with pulmonary nodules and lung cancer in China.With the improvement of socioeconomic conditions and the widespread adoption of medical equipment, particularly CT scanners, an increasing number of patients with pulmonary nodules are being identified through screening. However, there is insufficient attention paid to these patients within the healthcare industry, and patient awareness of the condition remains low. There is an urgent need for extensive dissemination of medical knowledge and targeted patient education to address the current neglect of pulmonary nodules by both healthcare providers and patients, thereby promoting earlier diagnosis and treatment of pulmonary nodules and lung cancer.

Based on a clear understanding of the industry, Miao Peisheng and his mentor Yang Zhiyin (Co-founder of Feizhen.com; Chief Physician in the Department of Thoracic Surgery at Shanghai Ninth People’s Hospital, Shanghai Jiao Tong University School of Medicine), along with other co-founders, established Feizhen.com, a platform dedicated to the diagnosis and treatment of pulmonary diseases, particularly pulmonary nodules and lung cancer.

This founding team brings together industry elites, boasting a formidable lineup., wherever it is placed, it is bound to catch the eye of the outside world. Its team members include—

“Doctors should always hold the medical profession in awe. As renowned physicians in the field, they also hope to contribute their efforts toward building a ‘Healthy China.’ In light of the reality that the five-year survival rate for lung cancer patients in China is lower than that in developed countries in Europe and America, they are willing to do more for the industry and for patients, with the aim of further improving the survival rates of lung cancer patients.” This is how Miu Peisheng explained his original intention behind founding Feizhen.com to VCBeat.

Driven by the vision of safeguarding patients' pulmonary health, Feizhen Wang has gradually assembled an expert team of more than 50 members, with hundreds of renowned specialists under contract, providing support to over 350,000 patients with lung diseases.

Compared with the generalist model of internet healthcare, Feizhenwang focuses on lung health, currently placing particular emphasis on areas such as pulmonary nodules and lung cancer.

In terms of healthcare service supply, to better incentivize physicians to join the platform, Feizhen Wang has focused on building physicians’ personal brands (IP) in addition to providing transparent income opportunities. This initiative aims to enhance physicians’ individual visibility and, in turn, boost the influence of both physicians and hospitals.

He noted that there are differences in mindset between younger and senior physicians. Although senior physicians often enjoy established reputations and do not lack patients, such “fame” is inherently regional. Through the efforts of Feizhenwang (Lung Diagnosis Network), physicians can enhance their visibility nationwide. For instance, a well-known physician rapidly gained national influence after joining the Feizhenwang platform. While helping physicians build their professional brands (IPs), Feizhenwang also conducts patient education through popularizing medical knowledge, thereby connecting with patients. Meanwhile, Feizhenwang continues to explore its own business model throughout this process.

According to Miao Peisheng, the current main business of Feizhen Wang is divided into two parts:

First, the original intention behind the founding of Feizhenwang was to enhance awareness of pulmonary nodules among both physicians and patients.Therefore, a portion of Feizhenwang’s business focuses on providing patient and physician-oriented educational content about pulmonary diseases. It is reported that the cumulative number of views for health education articles by physicians on its platform has reached 500 million.

Secondly, as an internet technology company, Feizhen Wang has built a smart internet healthcare platform based on data centers, focusing on early screening, early diagnosis, and early treatment of lung cancer patients.For early screening, Feizhen Wang leverages artificial intelligence to assist physicians in collaboration with third-party testing institutions. Once patients are identified through screening, Feizhen Wang utilizes its platform-based physician resources to provide diagnostic services and timely treatment. In the postoperative phase, Feizhen Wang offers post-surgical health management services to patients.

Miao Peisheng stated that Feizhenwang’s services are directly oriented toward patients. As medical information and data gradually break down information silos, Feizhenwang believes it can better leverage patient data in the future to assist with disease diagnosis and treatment.Currently, Feizhen.com has also achieved revenue in the tens of millions.As health science popularization reaches a broader audience, Feizhen Wang also believes that the base of users for its follow-up services will continue to expand, further driving the growth of the company’s business.

Compared to other internet healthcare platforms,A key feature of Feizhen.com is its multidisciplinary team (MDT) approach to diagnosis and treatment.

When patients use the services provided by Feizhenwang, they do not need to travel to the designated hospital; instead, they can simply upload medical data, such as chest CT scans, via a mini-program. Physicians from Feizhenwang’s departments of thoracic surgery, oncology, and radiology will interpret the imaging data and provide diagnostic recommendations. During the treatment phase, specialists from additional departments will become involved to help address patients’ issues, thereby saving them time, effort, and financial resources.

To better serve patients, Feizhen Network plans to establish remote video centers in East China (Shanghai), North China (Beijing), South China (Guangzhou), Northwest China (Xi’an), Southwest China (Chengdu), Central China (Wuhan), Northeast China (Changchun), and the Taiwan, Hong Kong, and Macao regions (Hong Kong) within China. By aggregating high-quality medical resources, the initiative aims to support the Healthy China strategy and foster a health industry ecosystem.Currently, it has established and put into operation consultation centers in Shanghai, Beijing, Xi’an, Changchun, and other cities.

In addition to establishing a remote video center,Feizhen.com has also partnered with multiple hospitals to establish one-stop service centers, leveraging AI technology and renowned medical experts to deliver standardized services across different cities, thereby enhancing the quality of medical care at these institutions.

Also thanks to the tireless efforts of Feizhenwang,In September 2021, it was successfully selected for the Suzhou Industrial Park Listed Companies Incubation Project; in October, it was included in the Suzhou High-Tech Enterprise Cultivation Program and the Jinji Lake Partner Plan; and in November, it was recognized as one of the Top 50 Biotechnology Innovation Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area.

In an interview, Miao Peisheng mentioned that Feizhen.com currently focuses primarily on patients with pulmonary nodules and lung cancer,They will continue to deepen their focus on pulmonary diseases, expanding into conditions such as chronic obstructive pulmonary disease (COPD) that significantly impair patients' quality of life.

In 2021, Lung Diagnosis Network continued to make new attempts.

In 2021, Feizhen.com, together with the Second Affiliated Hospital of Naval Medical University (Shanghai Changzheng Hospital) and seven other institutions, applied for the Demonstration Project on the Construction and Application of a Continuous Service System for Early Screening and Diagnosis of Major Chronic Thoracic Diseases. In October 2021, the project was launched in collaboration with other participating entities as part of the 5G + Healthcare Application Pilot Program.

Feizhen.com has also organized charitable public welfare initiatives. Through the “Feizhen.com Healthy China Tour” campaign, Feizhen.com has extended high-quality medical resources to counties and townships, supporting the enhancement of primary healthcare services.

To better improve patients’ quality of life, Feizhen.com is continuously leveraging technology to empower its services.Last year, Feizhenwang jointly established the National Pulmonary Nodule and Lung Cancer Data Center in China., in the future, longitudinal comparison of CT images for patients with pulmonary nodules will be conducted more seamlessly. Once signs of worsening lung disease are detected, timely intervention and treatment will be administered to the patients.

For Feizhen Wang, the original aspiration remains unchanged. In light of the current situation where doctors and patients have yet to properly address pulmonary nodules, Feizhen Wang will continue to disseminate medical knowledge through public education initiatives. By leveraging its own medical resources, the platform aims to continuously enhance the service quality of healthcare institutions and further promote the homogenization of medical standards between remote and developed regions.

Currently, Feizhen.com has completed two rounds of financing and is preparing for a Series A+ round of RMB 30 million., aiming to further enhance the capabilities for early screening, early diagnosis, and early treatment of cancer patients. Meanwhile, Feizhen.com strives to improve the efficiency of experts and has launched the “Ten-Hundred-Thousand” initiative, under which 100 experts will each serve 10 patients per day. The company plans to establish a specialized pulmonary hospital in 2023, featuring a highly integrated online-offline model to provide patients with superior specialized medical services.

“Improving the 5-year, and even the 10-year, survival rates for lung cancer patients,” said Miao Peisheng, “Feizhen Wang still has a long and arduous journey ahead.”

The “Top 50 Biotech Innovation Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area” selection campaign is hosted by the Zhongchuang Industry Research Institute and organized by Guangdong Medical Valley. The initiative aims to foster an integrated innovation ecosystem combining industry, academia, and research in the Greater Bay Area, promote the in-depth integration and development of biotechnology—a strategic emerging industry—across Guangdong, Hong Kong, and Macao, systematically document the evolution of biotech innovation in the region, and drive the growth of the local biotechnology sector.

The selection covers three sectors: medical devices, biopharmaceuticals and technology, and healthcare services. It will comprehensively assess participating companies’ technological innovation and future development prospects from three dimensions: innovative technology, market application, and capital. A panel of expert judges from government agencies, third-party research firms, professional investment institutions, and healthcare organizations will compile an authoritative list of innovative enterprises after conducting in-depth on-site visits and investigations. This initiative aims to identify future unicorns in the biotechnology sector within the Greater Bay Area and showcase the region’s urban clusters’ achievements in developing the biotechnology industry.

“Top 50 Biotech Innovation Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area” has garnered extensive attention and coverage from government agencies, scholars and experts, media outlets, and biotechnology companies since its inaugural edition in 2018.