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Pulnovo Medical announced the successful completion of an oversubscribed $100 million strategic financing round, led by Medtronic, alongside continued support from existing investors including EQT, Qiming Venture Partners, Gaorong Ventures, OrbiMed, and Lilly Asia Ventures. The company also welcomed new investors, including HSG (formerly Sequoia China), and other prominent global investors. Pulnovo said the financing marks a milestone in its global growth trajectory and reflects validation from strategic and institutional investors of its technology, clinical progress, and long-term vision.
Separately, Medtronic and Pulnovo entered into a commercial agreement that contemplates potential future commercialization opportunities. The agreement is intended to leverage commercial synergy between Pulnovo and Medtronic, including Medtronic’s global commercialization capabilities.
Pulnovo’s proprietary Pulmonary Artery Denervation (PADN) System targets a key underlying mechanism of cardiopulmonary disease. The company reported meaningful clinical benefits, including improvements in functional capacity and patient outcomes. To date, Pulnovo has performed approximately 1,500 PADN procedures globally and secured regulatory approvals in seven countries.
Pulnovo said it is advancing commercialization across the European Union, the Middle East, and China.
In the United States, Pulnovo has received FDA Breakthrough Device designation and initiated two fully approved Investigational Device Exemption (IDE) trials, both led by Dr. Gregg Stone, Senior Faculty and Professor at Mount Sinai.
Pulnovo said the proceeds from the financing will support ongoing clinical development, global regulatory submissions, international commercialization, and continued investment in its core technology platform.
As part of its global leadership expansion, Andre Xiao has joined Pulnovo as Chief Strategy Officer. The company said he will lead global financing and strategy, working with the Board to strengthen connections with global capital markets and industry ecosystems. Pulnovo noted that Andre Xiao has experience in healthcare investment and global capital markets, including prior roles at Citadel and Millennium Management, where he specialized in global MedTech investments.
Pulnovo’s PADN System is described as a first-in-class, minimally invasive therapy designed to modulate overactivated sympathetic nerve activity that contributes to pulmonary vascular remodeling and cardiopulmonary disease progression. The company said PADN has demonstrated clinically meaningful outcomes in global studies, including improvements in functional capacity and reductions in major adverse clinical events.
Pulnovo said the therapy has been recognized in multiple international clinical guidelines, including inclusion in the 2022 European Society of Cardiology (ESC) / European Respiratory Society (ERS) Guidelines for the diagnosis and treatment of pulmonary hypertension. The company added that PADN has been referenced in a total of seven clinical guidelines to date.
Clinical studies are ongoing across multiple regions, including trials in Europe and Asia approaching completion, as well as the PULSE-LHD IDE trial in the United States, which has recently been initiated. Pulnovo said these studies are expected to further strengthen the clinical evidence base for PADN and support its potential to address unmet needs in patients with heart failure and related cardiopulmonary conditions.
“Through the integration of industry expertise and long-term capital, Pulnovo is building a scalable growth model anchored in proprietary innovation, global clinical development, and strategic ecosystem partnerships. This financing marks a pivotal transition from a product-driven phase to a fully integrated global platform. As we continue to strengthen our capabilities across both clinical and technological fronts, we remain committed to delivering meaningful innovation to patients worldwide.”
— Cynthia Chen, Chairlady, President, Pulnovo Medical
Pulnovo Medical is an innovative medical technology company focused on interventional therapies for pulmonary hypertension and heart failure. The company said it is developing breakthrough solutions based on its proprietary technology platform, with a focus on global clinical development and commercialization to improve patient outcomes worldwide.
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