Puyi Biotechnology Received A Few Million Dollars In Series B Financing

Puyi Biotechnology just received a few million dollars in Series B financing, this round of financing was led by Zhenghe Huitong Fund. The funds will be used for product development and service improvement.

Puyi Biotechnology was established in October 2012. The company is mainly engaged in the R&D, production and sales of low-invasive high-end implanted medical devices in the ENT. Biodegradable Drug sinus stent system was the first product of Puyi Biotechnology. After the patient is diagnosed with severe chronic sinusitis, FESS surgery is performed for the treatment. Because the recurrence rate of chronic sinusitis is very high, many patients have to undergo two, three or even more surgeries after the first surgery. That's why Puyi Biotechnology has developed a degradable sinus stent.

The incidence of chronic sinusitis in China is about 8%. There are about 500,000 patients undergoing surgery every year in China. On average, each patient may need to implant 2 stents after surgery. The market demand is huge. On the other hand, the core technology of Puyi Biotechnology consists of three aspects: one is the fully degradable material that can be used in the human body; the other is the coating technology of drug spraying; the third is the leading polymer material weaving process.

Puyi Biotechnology uses its core technologies to make their own sinus stent. At present, there are only two types of sinus stents that have obtained registration certificates worldwide, one is from Puyi Biotechnology and the other is from American Intersect ENT. It is estimated that by the end of 2019, about 100 hospitals will introduce this technology in China.

Zhenghe Huitong Fund is a Chinese investment company, its main business includes equity investment, M&A funds, Maxima Fund and S-type funds.