CardioRhythm Medical Completes Tens of Millions of USD Series C Financing, China's First Innovative Company with a Full Portfolio for Stroke Prevention and Treatment

VCBeat has learned that Shanghai Xinwei Medical Technology Co., Ltd. (“Xinwei Medical”), a leading domestic enterprise in interventional medical devices for stroke, completed a tens-of-millions-of-US-dollars Series C financing round this month. The round was jointly led by LYFE Capital and Sherpa Healthcare Partners, with Dianshi Capital serving as the exclusive financial advisor. Wang Guohui, Founder and CEO of Xinwei Medical, stated that the funds will be used to develop more new products and promote the marketing of launched products, thereby accelerating industrialization.

Founded in 2016, Acandis Medical is an innovative enterprise dedicated to the development and commercialization of novel minimally invasive interventional technologies for the prevention and treatment of stroke. After four years of development, Acandis Medical has established five major product lines, including thrombectomy for ischemic stroke, treatment of ischemic stroke-related stenosis, hemorrhagic stroke management, prevention of cardioembolic stroke, and vascular access products, with a portfolio of 15–20 products.

Comprehensive Solution for Ischemic Stroke

Its independently developed intracranial sirolimus-eluting drug-coated balloon is the world’s first product with the potential to enable interventional treatment of intracranial stenosis. Its independently developed product for acute ischemic stroke—thrombectomy stent—is China’s first multi-point radiopaque thrombectomy stent, benchmarked against Medtronic’s latest-generation platinum Solitaire device, and is expected to receive regulatory approval for market launch in the near future.

With its extensive product portfolio, MicroPort NeuroTech has emerged as a leading enterprise in the field of stroke prevention and treatment in China.

In fact, prior to this round of financing, Xinwei Medical completed a RMB 100 million Series B financing last September, with investors including Shengyu Investment, Changjiang Guohong, and Haida Investment. Regarding Xinwei Medical’s ability to continuously attract capital favor, Wang Guohui, Founder and CEO of Xinwei Medical, believes that the following factors have been indispensable…

Stroke is a key area within neurointervention. The China Cardiovascular Disease Report 2016 states that there are currently 13 million stroke patients in China, with 2.5 million new cases and 1.9 million stroke-related deaths annually, making stroke the leading cause of death among the Chinese population.

The most common cause of stroke is the presence of small emboli on the inner walls of cerebral blood vessels, which detach and cause artery-to-artery embolism, resulting in ischemic stroke; it may also be caused by hemorrhage from cerebral blood vessels or thrombi, resulting in hemorrhagic stroke.

In the treatment of stroke, the most effective acute management strategy is rapid vascular recanalization, including intravenous thrombolysis and mechanical thrombectomy.

Traditional intravenous thrombolysis has a low recanalization rate for cerebral infarction caused by large vessel occlusion, while stent retriever thrombectomy provides a groundbreaking treatment option for stroke patients. In 2015, China and the United States updated their guidelines for the management of ischemic stroke, recommending that stent retriever technologies, such as the Solitaire™ device, be added to standard intravenous thrombolysis (IV-tPA) as the preferred treatment for patients with acute ischemic stroke. Stent retriever thrombectomy was also listed by the Cleveland Clinic as one of the “Top 10 Medical Technology Innovations of 2016.”

In recent years, the Chinese government has attached great importance to stroke treatment. The National Health Commission has established the Office of the Stroke Prevention and Control Committee, issued the “Administrative Measures for the Construction of China’s Stroke Emergency Map,” and incorporated “prevention and control of cardiovascular and cerebrovascular diseases” into the Healthy China Action.

Furthermore, at the technical level, continuous innovation in neurointerventional products for both hemorrhagic and ischemic stroke is evident. Domestic manufacturers are actively developing related products, including next-generation thrombectomy stents, aspiration catheters, flow diverters, and coils, thereby significantly driving market advancement.

In terms of clinical research, the 2020 DIRECT-MT study results confirmed that for patients with acute anterior circulation large vessel occlusion ischemic stroke within 4.5 hours of onset, endovascular thrombectomy alone yielded functional outcomes non-inferior to those achieved with intravenous alteplase thrombolysis combined with endovascular thrombectomy. This signifies that direct mechanical thrombectomy will become a new milestone in stroke treatment.

Currently, China has more than 600 hospitals capable of performing mechanical thrombectomy. From 2014 to 2019, the compound annual growth rate (CAGR) of thrombectomy procedures reached 105%, with an annual increase exceeding 60%. In 2019, the number of thrombectomy cases amounted to 40,000. Despite the enormous market potential, the vast majority of interventional devices for stroke available on the market are supplied by foreign companies.

Amid continuous policy support and ongoing technological innovation in China, a country with a high burden of stroke, there is an urgent need for domestic enterprises equipped with cutting-edge industry technologies and systematic product manufacturing capabilities to serve the interventional device market for stroke. The emergence of Xinwei Medical is poised to fill this gap.

When discussing Core Medical’s core competitiveness, Founder and CEO Wang Guohui emphasized the company’s team composition.

The founding team members of Xinwei Medical all come from leading domestic and international medical device companies such as Medtronic, Johnson & Johnson, and MicroPort, possessing over 15 years of industry experience in the research, development, and sales of cardiovascular and cerebrovascular products.

After graduation, Wang Guohui, Founder and CEO, joined MicroPort Scientific Corporation, a renowned domestic medical device company. During his eight-year tenure at MicroPort, he advanced from an engineer to the Director of Quality and Regulatory Affairs. After leaving the company, he successively co-founded Antong Medical and Baixinan Bio. Antong Medical is the first enterprise in China to manufacture renal denervation products for the treatment of resistant hypertension, while Baixinan Bio is a developer of bioresorbable stents in China. At Antong Medical, he participated in securing the CE marking registration, the only one for renal denervation in Asia; at Baixinan, he led the development of multiple innovative cardiovascular products.

Leveraging his years of experience in the field of cardiovascular and cerebrovascular medical devices, and recognizing the market potential in interventional stroke therapy, he embarked on his third entrepreneurial venture by leading the establishment of Xinwei Medical.

He stated that the core technical team at Xinwei Medical comprises dozens of top-tier technical talents from both domestic and international backgrounds, including experts in medicine, engineering, materials science, and other fields.

Dr. Li Zhigang, Vice President of R&D and Head of Core Technology at Perfuze Medical, brings 27 years of experience in the medical device and biomaterials industries. He previously held R&D positions at global healthcare giants such as Johnson & Johnson and Medtronic. Prior to joining Perfuze Medical, he served as a Senior Principal Engineer at Medtronic, where he led the development of vascular therapy products. Renowned for his technical expertise, Dr. Li holds more than 10 U.S. patents.

In terms of market operations, Ms. Zhang Ye, Co-Founder and Deputy General Manager of Xingwei Medical, brings 20 years of experience in the medical device industry. Having previously served as Deputy General Manager at Yisheng Technology and Sales & Marketing Director for MicroPort EP MedTech, she possesses extensive market resources and strong capabilities in market expansion.

Whether in product development, technology, or marketing, MicroPort NeuroTech boasts top-tier talent in the industry. Built on this foundation, MicroPort NeuroTech has cultivated strong innovation and execution capabilities, enabling it to rapidly capture market leadership while continuously advancing product and technological R&D.

“In fact, all the products we have launched are forward-looking and transcendental within the industry. We envisioned the product forms that would be needed by the market in the next three to five years right from the early stages of R&D,” said Wang Guohui, Founder and CEO of Xinwei Medical.

In just four years, Xinwei Medical has established five major product lines in the field of stroke prevention and treatment, covering thrombectomy for ischemic stroke, treatment of ischemic stroke stenosis, hemorrhagic stroke treatment, prevention of cardioembolic stroke, and vascular access products. Its portfolio includes a wide range of devices such as stents, balloons, guidewires, and catheters. The company has filed more than 50 patent applications.

The flagship thrombectomy stent enables multi-stage radiopacity, a first in China. Its advantage lies in allowing clear visualization of the engagement between the stent and the thrombus under DSA, thereby facilitating precise surgical manipulation by physicians.

Thrombectomy Stent

Drug-coated balloon product, the world’s first intracranial drug-coated balloon catheter, features a safe and effective rapamycin coating, a rapid-exchange design, and an ultra-thin balloon wall for superior efficacy.

Drug-Coated Balloon

“Both products are currently undergoing clinical trials, with smooth progress. ‘We have many other products in our pipeline, and multiple products are expected to receive approval for market launch next year,’ said Dr. Li Zhigang, Vice President of R&D at Xinwei Medical.”

Regarding future development, Wang Guohui, Founder and CEO of NeuroVascula, stated that the treatment costs for stroke patients are high. From a long-term perspective, as a country with a high burden of stroke, China should have domestic enterprises offering a comprehensive portfolio of stroke-related products. In the next phase, NeuroVascula will continue to deepen its expertise in stroke prevention and treatment, aiming to evolve into a global medical giant akin to Medtronic within the next five years by developing world-leading stroke care products.

Commenting on this investment, Chen Gang, Partner at LYFE Capital, stated: “NeuroVasc Medical boasts high-quality, high-tech products, a rapid and efficient R&D, regulatory registration, and industrialization system, as well as strong commercialization capabilities. The team members possess extensive experience in the R&D and sales of cardiovascular and cerebrovascular products. In the future, LYFE Capital will support the company in international market development and the recruitment of overseas talent with advanced technical expertise, aiming to build NeuroVasc into an internationally leading platform company in the field of stroke treatment.”

Ouyang Xiangyu, Partner at Sherpa Capital, stated: “Mindray Medical is currently the company with the most comprehensive product portfolio in China’s stroke market. It possesses full value chain capabilities spanning R&D, manufacturing, and sales, along with the robust strength and innovation needed to replace imported products. Sherpa Capital will provide support in terms of development strategy and industry resources, helping Mindray Medical ultimately become a global market leader.”

LYFE Capital, established in 2015, is a specialized China-US healthcare fund managing approximately $1.4 billion in assets. The fund is dedicated to investing in the Chinese and U.S. markets, with a focus on biopharmaceuticals, medical devices, and medical diagnostics. LYFE Capital works closely with its portfolio companies, providing not only financial support but also assistance in international business expansion, identifying overseas partners, and actively supporting market planning and team development to facilitate product approvals and market access. Portfolio companies are regarded not merely as investment targets, but as long-term strategic partners.

Sherpa Healthcare Partners, founded in 2018, was established by founders who previously worked together at a leading Chinese venture capital firm. In 2011, they created and led its healthcare investment team, gaining extensive experience through four fund vintages and over 100 healthcare projects (with cumulative investments exceeding USD 1 billion). They have had the privilege of partnering with numerous outstanding entrepreneurs, growing alongside them. Sherpa has become an influential venture capital institution in China’s healthcare sector, and its founders have been repeatedly ranked among the Top 10 Investors of the Year in China’s healthcare industry.