Pulnovo Medical, a New York-based pioneer in breakthrough therapies for pulmonary hypertension and heart failure, has completed an oversubscribed $100 million strategic financing round led by Medtronic, one of the world’s largest medical technology companies. The round also includes continued support from existing investors EQT, Qiming Venture Partners, Gaorong Ventures, OrbiMed, and Lilly Asia Ventures, as well as new investors HSG (formerly known as Sequoia China) and other prominent global investors.
Separately, Medtronic and Pulnovo have entered into a commercial agreement that contemplates potential future commercialization opportunities to leverage Medtronic’s global commercial capabilities.
Pulnovo’s proprietary Pulmonary Artery Denervation, or PADN, System is a first-in-class, minimally invasive therapy designed to modulate overactivated sympathetic nerve activity that contributes to pulmonary vascular remodeling and cardiopulmonary disease progression. To date, the company has performed approximately 1,500 PADN procedures globally and has secured regulatory approvals in seven countries. The therapy has been referenced in seven international clinical guidelines, including the 2022 European Society of Cardiology and European Respiratory Society guidelines for the diagnosis and treatment of pulmonary hypertension. Pulnovo is advancing commercialization across the European Union, Middle East, and China.
In the United States, Pulnovo has received FDA Breakthrough Device designation and has initiated two fully approved Investigational Device Exemption trials, both led by Dr. Gregg Stone, Senior Faculty and Professor at Mount Sinai. Clinical studies are also ongoing across Europe and Asia, approaching completion, as well as the PULSE-LHD IDE trial recently initiated in the United States. Proceeds from the financing will support ongoing clinical development, global regulatory submissions, international commercialization, and continued investment in the company’s core technology platform.
As part of Pulnovo’s global leadership expansion, Andre Xiao has joined the company as Chief Strategy Officer, responsible for global financing and strategy. Xiao brings experience in healthcare investment and global capital markets from prior roles at Citadel and Millennium Management, where he specialized in global MedTech investments.
KEY QUOTE:
“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 and President, Pulnovo Medical
