Pulnovo Medical Nets $100M in Funding for Denervation Device Development

Pulnovo Medical has completed an oversubscribed $100 million strategic financing round led by Medtronic, with continued support from existing investors including EQT, Qiming Venture Partners, Gaorong Ventures, OrbiMed, and Lilly Asia Ventures. Pulnovo also welcomed new investors, including HSG (formerly Sequoia China), and other prominent global supporters.

Separately, Medtronic and Pulnovo have forged a commercial agreement for future commercialization opportunities. The agreement aims to leverage the commercial synergy between Pulnovo and Medtronic and Medtronic’s extensive global commercialization capabilities.

Pulnovo’s proprietary Pulmonary Artery Denervation (PADN) System targets a key underlying mechanism of cardiopulmonary disease and has demonstrated meaningful clinical benefits, including improvements in functional capacity and patient outcomes. To date, the company has performed approximately 1,500 PADN procedures globally and has secured regulatory approvals in seven countries, supporting its expanding international footprint. Pulnovo is advancing commercialization across the European Union, the Middle East, and China.

In the United States, Pulnovo has received U.S. Food and Drug Administration Breakthrough Device Designation and has initiated two fully approved Investigational Device Exemption (IDE) trials, both led by Dr. Gregg Stone, senior faculty and frofessor at Mount Sinai.

“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,” Pulnovo Medical President/Chair Cynthia Chen said. “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.”

This financing round strengthens Pulnovo’s strategic collaboration with global industry and capital partners, enhancing the company’s ability to advance clinical development, execute global regulatory strategies, and expand commercial operations, executives claim.

Pulnovo will use the money to 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 Pulnovo as chief strategy officer to lead global financing and strategy. Working closely with the Board of Directors, Xiao will help strengthen the company’s connection with global capital markets and industry ecosystems to support corporate growth.

Xiao has extensive 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 proprietary Pulmonary Artery Denervation (PADN) System is a first-in-class, minimally invasive therapy to modulate overactivated sympathetic nerve activity that contributes to pulmonary vascular remodeling and cardiopulmonary disease progression. By targeting a key underlying disease mechanism, PADN has demonstrated clinically meaningful outcomes in global studies, including improvements in functional capacity and reductions in major adverse clinical events.

The therapy has been recognized in multiple international clinical directives, including its inclusion in the 2022 European Society of Cardiology/European Respiratory Society guidelines for diagnosing and treating pulmonary hypertension, and has been referenced in seven clinical guidelines to date.

Ongoing clinical studies—including those in Europe and Asia—are approaching completion, while the U.S. PULSE-LHD IDE trial recently began. Together, these studies are expected to further strengthen the clinical evidence base for PADN and support its potential to address significant unmet needs in patients with heart failure and related cardiopulmonary conditions.

Pulnovo Medical is a medical technology company advancing interventional therapies for pulmonary hypertension and heart failure. Driven by clinical value, the company is developing breakthrough solutions based on its proprietary technology platform, with a focus on global clinical development and commercialization.