Pulnovo Medical Secures Over RMB 100 Million in New Funding to Advance Global PADN Platform for Pulmonary Hypertension

VCBeat has learned that Pulnovo Medical recently completed a new round of financing exceeding RMB 100 million, led by OrbiMed and Cenova Capital, with participation from Lilly Asia Ventures (LAV) and Gaorong Ventures. The funds raised in this round will be primarily used to optimize the company’s full product pipeline layout and to initiate global multi-center clinical trials.

In early 2021, the pulmonary artery denervation radiofrequency ablation catheter independently developed by Pulnovo Medical for the treatment of pulmonary arterial hypertension received FDA Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA). Prior to this, Pulnovo Medical had completed full patient enrollment for the PADN-CFDA clinical trial and will continue to assist all participating centers in completing follow-up visits and other subsequent tasks for enrolled patients.

Pulnovo Medical stated, “Clinical awareness of pulmonary arterial hypertension (PAH) is gradually increasing; however, many physicians remain unfamiliar with the disease. To address this challenge, we will progressively establish demonstration centers and educational bases across China following product approval, aiming to educate more physicians and planning to invite additional top-tier tertiary hospitals to join. Numerous international PAH experts look forward to participating in market education efforts to save more patients with pulmonary arterial hypertension.” In terms of products, Pulnovo Medical’s radiofrequency ablation catheter holds a leading position compared to those developed by other companies. As a pioneer in the field, Pulnovo Medical has previously explored all available energy platforms. The energy source currently employed represents an optimized solution, offering stability and suitability for the PADN procedure. Furthermore, the self-developed catheter shape conforms better to the inner wall of the pulmonary artery, enabling the radiofrequency ablation catheter to achieve higher ablation efficiency and improved safety, while significantly reducing operative time.

Executive President of Pulnovo MedicalCynthia Chen stated:“As a brand-new track with exceptionally high technical barriers, the path of global innovation is fraught with challenges and stretches far ahead. Therefore, we have consistently and prudently chosen professional healthcare investors as our partners. We extend our gratitude to Qilun Venture Capital for its unwavering support of Pulnovo Medical over the years. We also thank OrbiMed, Cenova Capital, Lilly Asia Ventures, and Gaorong Ventures for recognizing and fully supporting Pulnovo Medical in continuing to expand its research and develop more products to benefit patients. Their assistance empowers us to address the deadly unmet needs in the field of pulmonary hypertension with truly original Chinese innovations.”

A Decade in the Making: Following a period of low-profile yet solid clinical exploration and accumulation, Pulnovo Medical is now experiencing robust and rapid growth. With accelerated product development, the company will gradually roll out global multi-center clinical trials to benefit more patients with pulmonary hypertension.

Dr. David Wang, Partner at OrbiMed, stated:“Pulmonary hypertension, a cardiovascular disease with an extremely poor prognosis, has very few clinically available treatment options. The five-year survival rate for patients with Group 1 pulmonary arterial hypertension is only 57%. Meanwhile, Group 2 pulmonary hypertension, which affects a larger patient population, carries an even worse prognosis due to the lack of targeted therapies. As the global pioneer of PADN technology, Pulnovo Medical received FDA Breakthrough Device Designation in 2021 for the use of PADN in patients with Group 1, 2, and 4 pulmonary hypertension. The company is currently organizing large-scale clinical trials in China and the United States to accelerate the market launch of PADN, placing it at the forefront globally. We are highly optimistic about Pulnovo Medical’s innovation and execution capabilities in PADN and are committed to supporting the company in becoming a global leader in the field of pulmonary hypertension treatment, thereby providing highly effective therapeutic solutions to a broad population of patients.”

Dr. Wu Jun, Managing Partner of Cenova Capital (Dr. Jun Wu stated：“Cenova Capital has long focused on global innovative products that address patients’ medical needs. Pulmonary arterial hypertension (PAH) is often referred to as ‘cancer of the cardiovascular system.’ Epidemiological data show that the five-year survival rate for PAH patients is less than 40%. Despite the approval of targeted therapies, approximately 80% of patients still lack access to any effective treatment options. We are delighted to witness Pulnovo Medical’s groundbreaking global advancement with its PADN technology in the treatment of PAH, and we recognize the Pulnovo team’s rigorous scientific research and strong execution capabilities demonstrated over the past decade. We look forward to Pulnovo’s PADN product delivering significant clinical benefits to PAH patients and helping the company become a leading enterprise in the field of PAH treatment.”

Lilly Asia Ventures(LAV)Dr. Chen Fei, Managing Partnerindicates：“Pulmonary hypertension is known as the ‘cancer of the cardiopulmonary vascular system.’ The long-standing lack of effective treatment options has imposed a substantial societal burden. Pulnovo Medical’s proprietary PADN technology, having undergone multiple preliminary clinical studies, has brought hope to patients with pulmonary arterial hypertension and successfully received FDA Breakthrough Device designation. Lilly Asia Ventures is committed to supporting Chinese indigenous enterprises engaged in source innovation. As the first domestic cardiovascular medical device company to receive FDA Breakthrough Device designation, Pulnovo is a partner we are delighted to work with, supporting its long-term development in the field of pulmonary hypertension.”

Yang Kun, Healthcare Partner at Gaorong Ventures(Kevin Yang)Indicates:“Pulmonary hypertension is known as the ‘cancer of the cardiovascular system.’ Currently, available treatment options are limited, patient prognosis is extremely poor, and there remains a significant unmet medical need in clinical practice. Pulnovo Medical is the pioneer of pulmonary artery denervation (PADN) procedures globally and has been leading exploration and clinical practice in the PADN field worldwide for over a decade. Its product has completed enrollment for registration clinical trials in China, received FDA Breakthrough Device Designation in 2021 for patients with Group 1, 2, and 4 pulmonary hypertension, and is about to commence clinical enrollment in the United States. Gaorong Ventures has consistently focused on innovative medical products and technologies worldwide. We are committed to partnering with the company to promote the global commercialization of PADN and bring hope to the vast number of patients suffering from pulmonary hypertension.”

Liu Jian, Chairman of Qilun Ventures (David Liu）Indicates:“As an angel investor in Pulnovo Medical, we recognized years ago that pulmonary hypertension had become a global medical-technological challenge, compounded by unresolved issues such as the ceiling effect of targeted therapies and high patient mortality. To this day, there remains no effective treatment for pulmonary hypertension worldwide. Pulnovo Medical has proposed a clinical solution for pulmonary hypertension that has been effectively validated in clinical practice and has drawn attention from the global cardiovascular community and the pulmonary hypertension field. Qilun Venture Capital has always been committed to nurturing and supporting startups with cutting-edge global medical technologies, and will continue to partner with Pulnovo Medical to develop comprehensive solutions for patients with pulmonary hypertension.”

OrbiMed is dedicated to identifying and supporting biopharmaceutical and life sciences companies that advance human health. OrbiMed manages approximately $13 billion in assets under management. With over two decades of focus on global healthcare investments, OrbiMed’s portfolio spans biopharmaceuticals, life sciences technologies, medical devices, healthcare services, and diagnostics, covering investment stages from early-stage and growth to mature companies and post-IPO entities. Its investment team comprises more than 80 distinguished professionals worldwide, with expertise in life sciences, medicine, finance, and law.

Cenova Capital, established in 2010, is one of the earliest professional investment funds in China dedicated to the healthcare and life sciences sectors, committed to promoting the transformation, upgrading, and innovation of China’s medical industry. Cenova Capital currently manages five healthcare industry funds, with limited partners comprising renowned international and domestic institutional investors, including Asian sovereign wealth funds, government agencies, domestic and foreign insurance and financial institutions, and multinational corporations.

Lilly Asia Ventures (LAV), established in 2008, is a leading venture capital fund focused on investments in the life sciences and healthcare sectors, with offices in Shanghai, China; Hong Kong, China; and Silicon Valley, USA. Lilly Asia Ventures is committed to being a trusted partner for outstanding entrepreneurs seeking smart capital, co-creating great companies that combat diseases and improve human health through breakthrough products.

Gaorong Ventures is one of the most active venture capital firms in China, dedicated to identifying outstanding entrepreneurs and building long-term value alongside them. Gaorong Ventures focuses on early-stage and growth-stage investments, with a particular emphasis on innovative sectors such as new consumer trends, emerging technologies, and healthcare. Over the past seven years, the total assets under management of its USD and RMB funds have amounted to approximately RMB 30 billion. To date, 19 companies invested in or held by Gaorong have successfully completed initial public offerings (IPOs), and more than 20 portfolio companies have achieved valuations exceeding USD 1 billion, with many growing into industry leaders. In the healthcare sector, Gaorong Ventures continues to invest in high-quality enterprises across digital health, medical services, new drug development, medical devices, and diagnostics.

Beijing Qilun Tianyou Venture Capital Co., Ltd. (Qilun Ventures), founded in August 2008, specializes in innovation and investment within the healthcare sector. Over the years, the company has maintained healthy, stable, and rapid growth, securing a prominent position among leading domestic peers. The founding team has cumulatively invested in more than 30 startups in the medical field, with total investments amounting to hundreds of millions of yuan. Qilun Ventures has accumulated extensive experience and resources in medical technology development, healthcare innovation and entrepreneurship, and medical market expansion, thereby providing substantial support and professional value-added services to its portfolio companies.