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| Thursday, 16 April 2020, 16:57 HKT/SGT | |
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SHANGHAI, CHINA, Apr 16, 2020 - (ACN Newswire) - On April 15, 2020, MicroPort Scientific Corporation (Stock code: 00853) ("MicroPort"), announced that MicroPort CardioFlow Medtech Corporation ("MicroPort CardioFlow"), which is a subsidiary of MicroPort, had completed raising a new round of funds on the basis of a pre-money valuation of US$1.1 billion. The introduction of seven prominent strategic investors, who are CPE, Hillhouse Capital Management, Ltd., Lake Bleu Capital, Gamnat, China Reform Conson Soochow Overseas Fund I L.P., Gortune Artemis Limited, and 3H Health Investment Fund I, L.P., raised approximately US$130 million. After this round of fundraising, the investors will have an aggregate shareholding of 10.83% in MicroPort CardioFlow. J.P. Morgan Securities (Asia Pacific) Limited and Citigroup Global Markets Asia Limited acted as co-placement agents in the transaction.
MicroPort CardioFlow focuses on the research, development, manufacturing and marketing of comprehensive medical device solutions to the treatment of valvular heart diseases. Its independently developed VitaFlow Transcatheter Aortic Valve and Delivery System ("VitaFlow Valve System") received the registration certificate from National Medical Products Administration of China (NMPA) in July 2019. VitaFlow Valve System is the first approved Transcatheter Aortic Valve Implantation (TAVI) product using bovine pericardium as valve tissue in China, as well as the first TAVI product that features a double-layer PET skirt and a motorized delivery system in China. Accompanied by Alwide Balloon Dilation Catheter and Alpass Catheter Sheath Set, which were independently developed by MicroPort CardioFlow and approved by NMPA, VitaFlow Valve System provides a comprehensive full-set therapeutic solution for clinicians. The clinical data of VitaFlow Valve System have proved that the product can effectively improve the safety and efficacy of the TAVI procedure, which has been widely endorsed by industry experts and clinicians in practice. VitaFlow Valve System launched its official commercialization in August 2019. As of April 16, 2020, the products have entered a total of 51 hospitals with TAVI capacity, including Zhongshan Hospital Affiliated to Fudan University, Chinese Academy of Medical Sciences Fuwai Hospital, the Second Affiliated Hospital of Zhejiang University School of Medicine, and Wuhan Asia Heart Hospital.
Dr. Qiyi Luo, Chief Technology Officer of MicroPort and Chairman of MicroPort CardioFlow, said, "With about 10 years of committed development of its aortic valve business, MicroPort CardioFlow has become an influential player in the field of heart valve in China and been favored by the capital market. This round of fundraising will bring in more resources for the development of the company in research and development, manufacturing, market expansion, and the enhancement of its market competitiveness. We have every confidence that we will maintain rapid development in the niche market of medical devices for valvular heart diseases, so as to provide more patients with high-quality and accessible integrated therapeutic solutions to valvular diseases."
Topic: Press release summary
Sectors: Daily Finance, Daily News, BioTech, Healthcare & Pharm
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