Melei Weiye Secures Over RMB 100 Million in Series B+ Financing, Marking the Largest Single Investment in China's Neuromodulation RF Ablation Sector

VCBeat (WeChat ID: vcbeat) has learned that on April 5, 2021, Shanghai Meili Weiye Medical Technology Co., Ltd. (“Meili Weiye”), a domestic leader in neurovascular radiofrequency ablation, announced the completion of its Series B+ financing round, raising over RMB 100 million. The round was led by Kuanping Capital, with participation from Hengxu Capital, Pudong Sci-Tech Innovation, and Bomai Medical. Previously, the company had received investments from institutions including Northern Light Venture Capital, Boyuan Capital, and Sherpa Partners.

This funding round represents the largest single investment in China’s neuro-radiofrequency ablation sector to date, reflecting the strong confidence of both the industry and the investment community in the application of radiofrequency ablation technology across broad therapeutic areas, including hypertension, cancer pain, and diabetes.

Meili Weiye, established in 2013, specializes in the research, development, and commercialization of neuro-radiofrequency ablation technologies and products. The company holds multiple globally leading, independently owned patented technologies in this field and maintains close collaborative relationships with renowned experts, universities, and hospitals in China. Meili Weiye has successfully positioned itself in the management and treatment of chronic diseases, developing a proprietary transvascular nerve ablation technology platform. It holds a leading position both internationally and domestically in the minimally invasive treatment of hypertension, while also making significant progress in areas such as cancer pain management and diabetes. Following this round of financing, Meili Weiye plans to accelerate clinical trials, expand its clinical and technical teams, maintain its competitive advantage in products such as renal denervation (RDN), and build a platform-based enterprise centered on neuro-radiofrequency ablation technology.

According to the latest statistics, the prevalence of hypertension among adults in China is 23.3%, with nearly 300 million patients. Among them, approximately 50 million suffer from resistant hypertension that cannot be controlled with medication or hypertension comorbid with chronic kidney disease. Long-term follow-up data from both domestic and international studies indicate that elevated blood pressure significantly increases the risk of fatal complications, such as stroke and myocardial infarction.

The efficacy of renal denervation (RDN) in the treatment of hypertension has been validated by numerous clinical trials. Results from the widely watched SPYRAL HTN-OFF MED trial, presented at the 69th Annual Scientific Session of the American College of Cardiology (ACC) in March 2020, showed that patients in the RDN group experienced a reduction in office systolic blood pressure of 9.2 mmHg (versus 2.5 mmHg in the sham control group) and a reduction in office diastolic blood pressure of 5.1 mmHg (versus 1.0 mmHg in the sham control group) within three months post-procedure.

These data demonstrate that renal denervation (RDN) can significantly lower blood pressure without reliance on antihypertensive medications, providing effective 24-hour control. This is particularly beneficial during the midnight-to-early-morning hours, when cardiovascular and cerebrovascular events are most prevalent, thereby avoiding the limitations of slow drug onset and fluctuating plasma drug concentrations with peak-trough variations. Similarly, interim results from the SPYRAL HTN-ON MED clinical trial indicate that RDN offers superior blood pressure-lowering efficacy even in patients receiving standard antihypertensive therapy.

What excites industry experts and patients even more is that data from the global SYMPLICITY Registry, based on real-world evidence, showed that among over 1,700 hypertensive patients followed for three years after renal denervation (RDN), office systolic blood pressure decreased by 16.5 mmHg, with a trend of further decline year over year. Meanwhile, RDN demonstrated a favorable safety profile, with no serious adverse events observed during long-term follow-up.

As high-quality clinical trial results continue to be released, industry leaders and regulatory agencies are actively promoting the early market launch of renal denervation (RDN) products. Medtronic, a global leader in medical devices, raised its sales revenue forecast for RDN products during its October 2020 investor meeting, projecting that the global RDN market will exceed $1 billion by 2026 and surpass $3 billion by 2030. Medtronic’s RDN product was expected to receive approval and launch in 2022, becoming the first FDA-approved product in this category. In 2020, the U.S. FDA granted the “Breakthrough Device Designation” to three RDN products from Medtronic, ReCor Medical, and Sonivies, respectively, reflecting regulatory recognition of the clinical efficacy of RDN therapy.

Meili Weiye demonstrates the independent innovation capabilities of domestic medical device companies. Its self-developed, globally first-of-its-kind ablation catheter, featuring a six-electrode basket-shaped structure, achieves excellent wall apposition and efficient energy delivery, overcoming the challenge of renal artery blood flow occlusion. Meanwhile, the ablation generator is equipped with an intelligent operating system that includes temperature monitoring, impedance measurement, and power control, enabling precise control of the ablation endpoint to ensure consistent and stable ablation outcomes. The minimally invasive procedure is simple and easy to learn, takes less than 40 minutes, allows patients to remain conscious during surgery, and causes no significant surgical trauma.

Renal Denervation (RDN) is one of the few segments in the medical device industry where leading domestic companies are on par with global giants. In terms of both product performance and clinical outcomes, Medtronic’s original products have demonstrated significant advantages over its SPYRAL series, positioning them to become “Best in Class” products globally in the future.

Meili Weiye is currently advancing a prospective, multicenter, randomized controlled clinical trial to validate the efficacy and safety of its renal denervation (RDN) product. Led by Professor Zhou Yujie, Deputy Director of Beijing Anzhen Hospital affiliated with Capital Medical University, the trial involves active participation from 14 renowned Grade A tertiary hospitals across China, including the Chinese PLA General Hospital, Zhongshan Hospital, West China Hospital, and Xijing Hospital. Patient enrollment is proceeding smoothly, placing the clinical progress among the leading cohorts both domestically and internationally. The product was approved in late 2019 for entry into the national “green channel” for innovative medical devices.

Meanwhile, Meili Weiye has launched a prospective, multicenter clinical trial on interventional therapy for cancer-related pain, led by Professor Teng Gaojun, President of Zhongda Hospital Affiliated to Southeast University, with active participation from eight renowned Grade A tertiary hospitals across China.

Meili Weiye is one of the few neuro-radiofrequency ablation platform companies worldwide. In addition to treating hypertension, its core technology has been applied in multiple fields, including cancer pain management and diabetes.

Meili Weiye’s Globally First Percutaneous Endovascular Radiofrequency Neuroablation for the Treatment of Upper Abdominal Cancer Pain. This therapeutic approach offers advantages such as targeted ablation with minimal tissue injury and avoidance of adverse drug reactions, significantly improving the quality of life for patients with cancer pain. The product has completed multiple clinical trials, demonstrating evident therapeutic efficacy, with trial results published in core journals and attracting global attention.

Meili Weiye Pioneers World’s First Endovascular Radiofrequency Ablation of Sympathetic Nerves for Type 2 Diabetes, Demonstrating Significant Postoperative Glucose-Lowering Efficacy. This therapeutic approach opens a promising avenue for the treatment of refractory diabetes and adds a new option for patients, indicating substantial market potential. The product is currently in the clinical trial phase.

Meili Weiye boasts an experienced team of R&D and clinical executives. Mr. Cao Hongguang, the Founder and Chairman, is a successful serial entrepreneur in China’s medical device industry. He previously served as Deputy Director of the Neurosurgery Department and concurrently as Director of the Neurosurgery Research Institute at a Grade 3A hospital, possessing profound expertise in neurosurgery and radiofrequency ablation technology. He founded several industry-leading companies, including Shanghai Yirui Optoelectronics Technology Co., Ltd. (listed on the STAR Market in 2020 under stock code “688301”) and Beijing Weimai Medical Equipment Co., Ltd. The company’s core executive team members hail from renowned multinational and domestic medical device enterprises, bringing solid industry foundations and comprehensive, extensive management experience in product development, clinical affairs management, and other areas.

Regarding this financing round, Cao Hongguang, Founder and Chairman of Meili Weiye, stated that since Medtronic acquired the RDN project company, many internationally renowned corporations have invested in or focused on this field, with multiple clinical trials demonstrating favorable outcomes by 2020. We hope that Meili Weiye will continue to innovate in the field of Class III energy-based interventional devices, keeping pace with leading international enterprises, thereby benefiting a vast number of patients in China.

Li Huihui, Founding Partner and CEO of Kuanping Capital, stated that “renal artery ablation technology” is poised to become the next “blockbuster product” in the medical device sector, owing to its innovative therapeutic approach, increasingly mature product design, and significant clinical efficacy. Mr. Cao Hongguang, a serial successful entrepreneur, has earned his place as one of the undisputed “leading figures” in China’s healthcare industry, thanks to his acute product intuition, extensive management experience, sustained passion for innovation, and strong sense of mission to drive industry progress. Kuanping Capital is deeply honored to partner with Mr. Cao Hongguang in participating in and witnessing the development and success of Medtronic Leaf Medical (“Meili Weiye”) and the innovative field of renal artery ablation. Despite the considerable challenges ahead, Kuanping Capital remains committed to leveraging capital to propel industry advancement, working side by side with outstanding entrepreneurs to help Chinese medical devices achieve major breakthroughs in cutting-edge fields.

Lu Yongtao, Founding Partner of Hengxu Capital, stated that the population with hypertension is substantial, including over ten million patients with refractory hypertension whose blood pressure cannot be stably controlled through pharmacological therapy, thereby increasing the risk of cardiovascular and cerebrovascular events. Currently, overseas companies led by Medtronic are conducting clinical trials on renal denervation (RDN), with clinical data demonstrating favorable efficacy and safety. Meili Weiye is a first-tier domestic RDN company. Its founder, Mr. Cao Hongguang, is a seasoned entrepreneur in the healthcare industry with extensive industry resources. Hengxu Capital is honored to participate in this financing round, supporting the company’s accelerated development and promoting the high-quality growth of China’s medical device industry.

Kuanping Capital, established in 2016, is a private equity fund focused on the healthcare and wellness sector. The Kuanping team adheres to research-driven, strategy-oriented active investment, deeply engaging with the industry and partnering with outstanding entrepreneurs to create value through professionalism. Kuanping Capital has invested in leading companies in niche sectors, including Beijing Medos and Nuanwa Technology.

Hengxu Capital was established in 2019. As one of the private equity investment management platforms under SAIC Investment, the company aims to maximize investor returns and achieve asset appreciation through investments in sub-funds, S-funds, and direct projects. Leveraging the overall strengths of SAIC Motor, Hengxu Capital strategically allocates resources to emerging industries such as advanced manufacturing, healthcare, consumer goods, and frontier technologies. By serving as a capital link, it contributes to the development of SAIC Motor’s innovative industrial chain and mobility ecosystem, striving to become a respected premier industrial capital firm and a trusted top-tier investment institution. Hengxu Capital’s portfolio in the healthcare sector includes numerous outstanding enterprises such as Aier Eye Hospital (Note: Corrected from literal translation based on common knowledge, but sticking to text: AiBo Medical), Anzhiyin Biotechnology, Changfeng Pharmaceutical, Demei Medical, Gaocheng Biotechnology, Ribobio, Yihong Pharmaceuticals, and Weizhuzhuo Biotechnology.*Correction during thought process*: I must stick strictly to the provided Chinese names and translate them accurately without assuming external English brand names unless provided in the knowledge base or widely standardized. Let's refine the specific company names based on standard transliterations or known English names if available, otherwise use Pinyin with "Biotech/Pharma" etc.Refined Translation:Hengxu Capital was founded in 2019. As one of the private equity investment management platforms under SAIC Investment, the company is committed to maximizing investor returns and achieving asset appreciation through investments in sub-funds, S-funds, and direct projects. While leveraging the comprehensive advantages of SAIC Motor to strategically layout in emerging industries such as advanced manufacturing, big health, big consumption, and frontier technologies, Hengxu Capital acts as a capital bridge to contribute to the development of SAIC Motor’s innovative industrial chain and mobility ecosystem. It is dedicated to becoming a respected leading industrial capital firm and a trusted first-class investment institution. Hengxu Capital’s investments in the medical industry include many outstanding enterprises such as AiBo Medical, Anzhiyin Biotechnology, Changfeng Pharma, Demei Medical, Gaocheng Biotechnology, Ribobio, Yihong Medicine, and Weizhuzhuo Biotechnology.