Pulnovo Medical is significantly more solvent these days, having closed nearly $100 million Series C financing co-led by Qiming Venture Partners and existing shareholder Lilly Asia Ventures. The money 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. Existing investors OrbiMed and Gaorong Capital participated in the financing round on a super pro-rata basis.

Founded in 2013, Pulnovo Medical is a medtech company leveraging its extensive clinical expertise to drive scientific advancements and global commercialization. The is developing therapeutic solutions for various stages of heart failure (HF) to enhance patient outcomes.

Pulnovo Medical’s core product, PADN (Pulmonary Artery Denervation) technology, is an approved minimally invasive treatment for pulmonary hypertension (PH), a condition that can lead to heart failure and mortality, with limited treatment options. PADN uses radiofrequency ablation to target the pulmonary vascular endothelial sympathetic nerve, effectively reducing pulmonary artery pressure and slowing disease progression.

PADN received U.S. Food and Drug Administration (FDA) Breakthrough Device designation for Group I, Group II, and Group IV PH in 2021. PADN was included in European Society of Cardiology and European Respiratory Society Guidelines in 2022. In 2023, Pulnovo Medical achieved the Humanitarian Use Exemption Device designation for Group I PH. The RF catheter and RF 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 9F sheath, received FDA clearance.

The Series C funding will help support two FDA trials this year for Group I PH and Group II PH (chronic heart failure combined with PH), according to Pulnovo Medical Chair/Executive Chair/President Cynthia Chen. The company has transformed from a laboratory to a globally structured firm with offices in the United States, Singapore, and Hong Kong SAR as well as four cities in mainland China, including Beijing and Shanghai.

“Pulnovo Medical’s breakthroughs in interventional treatments for PH and HF are impressive. The company’s PADN technology is now commercially available in Chinese Mainland, Hong Kong, and Macau, and in 2024, global multicenter trials were initiated in Portugal, Serbia, Georgia, and Southeast Asia,” Qiming Venture Partners Managing Partner William Hu said. “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 commercialization, bringing new hope to patients worldwide.”

Pulnovo Medical Limited is a developer of pulmonary hypertension and heart failure solutions. Established in 2013 and rooted in innovation, Pulnovo Medical leverages its expertise in breakthrough technologies to market its therapeutic solutions.