Pulnovo Medical Completes $100 Million Series D Round Led by Medtronic, with Gaorong Ventures Continuing to Invest

Today, Pulnovo Medical, a pioneer in breakthrough therapies for pulmonary hypertension and heart failure, announced the successful completion of an oversubscribed $100 million financing round. The round was led by Medtronic, the world's largest medical device company, with continued participation from existing investors EQT, Qiming Venture Partners, Gaorong Ventures, Aobo Capital, and Lilly Asia Ventures, among others, as well as investment from HSG and other globally recognized institutional investors. Gaorong Ventures first invested in Pulnovo Medical in 2021 and has continued to increase its stake in every subsequent financing round.

This financing round marks a significant milestone in Pulnovo Medical's global expansion, reflecting strong recognition from leading strategic and institutional investors of the company's technical capabilities, clinical progress, and long-term vision.

Meanwhile, Medtronic and Pulnovo Medical have signed a commercial cooperation agreement, establishing a framework for potential future commercial collaboration. The agreement aims to leverage the synergies between the two companies, utilizing Medtronic's unique and deep global commercialization capabilities to drive broader adoption of innovative therapies.

Approximately 1,500 PADN Procedures Completed Globally

International Market Presence Continues to Deepen

Driven by clinical value, Pulnovo Medical remains committed to delivering breakthrough therapies for pulmonary hypertension and heart failure, enhancing patients' resilience and quality of life.

Pulnovo Medical's self-developed Pulmonary Artery Denervation (PADN) system precisely targets the core pathological mechanisms of cardiopulmonary disease, demonstrating significant clinical benefits in functional capacity improvement and patient outcomes. To date, the company has completed approximately 1,500 PADN procedures worldwide and secured regulatory approvals in seven countries, with its international market presence continuing to deepen. Pulnovo Medical is actively advancing commercialization efforts in the EU, Middle East, and China.

In the US market, Pulnovo Medical has received FDA Breakthrough Device Designation and has initiated two fully approved Investigational Device Exemption (IDE) clinical trials, both led by Professor Gregg Stone of the Icahn School of Medicine at Mount Sinai as principal investigator.

Cynthia Chen, Chairwoman and President of Pulnovo Medical, stated, "By integrating industry resources with long-term capital, Pulnovo Medical is building a sustainable growth model centered on independent innovation, supported by global clinical development and strategic ecosystem partnerships. This financing round signals the company's critical transition from a product-driven stage to a globally integrated platform. We will continue to strengthen our dual-driven capabilities in clinical and technological development, dedicated to bringing valuable innovative therapies to patients worldwide."

From Clinical Innovation-Driven Growth

To Globalized Operations System Upgrade

This financing round further deepens Pulnovo Medical's strategic alignment with global industry and capital partners, comprehensively enhancing the company's capabilities in advancing clinical R&D, global strategic deployment, and expanding commercial operations.

The proceeds will support ongoing clinical development, global regulatory submissions, international commercialization efforts, and continued investment in core technology platforms.

Jia Lian, CEO of Pulnovo Medical, stated that the company is fully advancing its strategic transformation from clinical innovation-driven growth to a globalized operations system, accelerating the construction of an integrated global capability system spanning R&D, clinical development, and industrialization.

To support this strategic objective, Pulnovo Medical continues to strengthen its global leadership team. Andre Xiao recently joined the company as Chief Strategy Officer, leading global financing and strategic planning. Andre brings extensive experience in healthcare investment and global capital markets, having previously worked at top-tier investment firms including Citadel and Millennium Management, with a focus on global medical device investments.

About Pulmonary Artery Denervation (PADN)

Pulnovo Medical's self-developed PADN system is the world's first minimally invasive interventional therapy product, targeting the core mechanisms of pulmonary vascular remodeling and cardiopulmonary disease progression by modulating overactive sympathetic nervous system activity. Multiple global studies have confirmed that PADN demonstrates clinically meaningful benefits in both functional capacity improvement and reduction of major adverse clinical events.

The therapy has been included in multiple international clinical guidelines, including the 2022 European Society of Cardiology (ESC)/European Respiratory Society (ERS) Guidelines for the Diagnosis and Treatment of Pulmonary Hypertension, and has been cited in seven clinical guidelines domestically and internationally to date.

Multiple clinical studies are being advanced simultaneously across multiple global regions, including the recently initiated PULSE-LHD IDE clinical trial in the United States, which will further solidify PADN's clinical evidence base and support its substantial potential to address significant unmet medical needs in heart failure and related cardiopulmonary disease patients.