Chinese medical devices developer Stroke Medical announced this week that it has raised nearly RMB100 million (US$14.12 million) in a series B round of financing led by Hidea Venture Capital, a Chinese investment company specialized in healthcare and smart manufacturing.
Shanghai-based private equity companies Sharewin Investment and Grand Yangtze Capital also participated in the new round. Chinese boutique investment bank Das Capital served as the exclusive financial advisor of the deal, according to a statement released by Das Capital on Tuesday.
Stroke Medical was founded in 2016 to focus on the development of medical devices for stroke prevention and minimally invasive procedures. The company is working on two core products including a device to facilitate Percutaneous Coronary Intervention (PCI), which is a non-surgical procedure used to treat narrowing stenosis of the coronary arteries of the heart found in coronary artery disease. The other product, a Left Atrial Appendage (LAA) occlusion device, is used to implant a "watchman" that monitors the heart for the signs of a stroke.
"Despite the domestic stroke intervention market has been developing strikingly, it is still facing the clinical shortage of stroke interventional devices. There is an urgent need for more and better stroke intervention devices that are produced by domestic players," said Wang Guohui, the CEO of Stroke Medical, in the aforementioned statement.
Proceeds will be used to finance the clinical trials of the company’s new products, and the market promotion and industrialization of upcoming products to further construct a complete solution for the prevention and treatment of strokes.
Stroke Medical closed a series A round from investors including Fosun Pharmaceutical, a Hong Kong-listed pharmaceutical affiliate of Fosun International, in November 2018.