Pulnovo Medical has announced the closing of nearly US$100 million series C financing.
The round was co-led by Qiming Venture Partners and existing shareholder Lilly Asia Ventures, with existing investors OrbiMed and Gaorong Capital participating on a super pro-rata basis. The proceeds will be used to advance Pulnovo Medical’s global clinical trials, international business expansion and strategic initiatives.
The financing round was oversubscribed by two times, marking one of the largest fundraises in the Asia-Pacific innovative medical device sector in recent years. This reflects leading institutions’ confidence in Pulnovo Medical’s global strategy and technical capabilities.
Founded in 2013, Pulnovo Medical is a medtech company focused on developing therapeutic solutions for various stages of heart failure to enhance patient outcomes.
Pulnovo Medical’s core product, pulmonary artery denervation—PADN—technology, a minimally invasive treatment for pulmonary hypertension that has obtained market approval. PADN uses radiofrequency ablation to target the pulmonary vascular endothelial sympathetic nerve, effectively reducing pulmonary artery pressure and slowing disease progression.
PADN received US Food and Drug Administration (FDA) breakthrough device designation for group I, group II, and group IV pulmonary hypertension in 2021. PADN was included in European Society of Cardiology (ESC) and European Respiratory Society (ERS) guidelines in 2022.
In 2023, Pulnovo Medical achieved the humanitarian use exemption device designation for group I pulmonary hypertension. The radiofrequency catheter and radiofrequency generator received market approval in China in late 2023, becoming a commercially available interventional device in the field globally. In 2024, Pulnovo Medical’s accessory product, the 9Fr sheath, received FDA clearance.
Cynthia Chen, chairlady, executive chairwoman and president of Pulnovo Medical, announced that the proceeds of this round will support two upcoming FDA trials for group I pulmonary hypertension and group II pulmonary hypertension (chronic heart failure combined with pulmonary hypertension) planned this year.
William Hu, managing partner of Qiming Venture Partners, said: “Pulnovo Medical’s breakthroughs in interventional treatments for pulmonary hypertension and heart failure are impressive. The company’s PADN technology is now commercially available in Chinese Mainland, Hong Kong, and Macau, and in 2024, global multicentre trials were initiated in Portugal, Serbia, Georgia, and Southeast Asia. Following the FDA breakthrough device designation, the global clinical trials further validate the technology’s leadership and clinical value. As a long-term healthcare investor, Qiming is committed to supporting innovators with global visions. We are confident in Pulnovo Medical’s potential and will support its international expansion and commercialisation, bringing new hope to patients worldwide.”
