Medical Device Firm Bioheart Secures an Additional ￥10 Million, Bringing its Series B Funding to ￥100 Million

According to VCBeat, Shanghai-based drugs developer Bioheart has closed an additional Series B funding round, worth tens of millions of yuan, led by Bioventure with participation from existing investor Shanghai VC firm CD Capital. Proceeds of this financing will be used to advance the third phase of its Bio-heart drug-eluting stent clinical trial and the registration and marketing of related products.

Bioheart carried out its Series B funding round a month ago, worth 60 million yuan (equivalent to US$ 8.5 million). The funding round was led by CD Capital, with participation from Shenzhen-based investment fund Qianhai FOF and tech investment company Zhejiang Technology Investment.

Founded in 2014 by Philip Li Wang, the heart stent research firm engages in the production, development, and sales of drug-eluting stents (metal mesh tubes inserted during PCI), which comprise the primary treatment for patients with coronary artery disease.

The Bio-heart drug-eluting stent independently developed by Bioheart can help blood vessels return to the normal state, and expand and contract according to the changes in blood flow. Currently, Bioheart is conducting the third phase trial in 800 patients, which is expected to be completed in 2020. The company will then conduct at least two years of clinical follow-up, with the product to be launched in 2022.

Founded in September 2013, Suzhou Industrial Park Bioventure Investment Management Limited ("Bioventure") manages the new bio-industry funds of 540 million yuan. Bioventure invests in life sciences companies such as biotechnology, drug discovery, medical devices and healthcare services companies in the early stages. It provides capital, management, operation, and other post-investment support and services.

CD Capital is a venture capital firm specialized in life sciences and medical technology. They are currently managing both RMB and USD funds with a total size of US$600 million. The company is operated by a professional team with diversified and profound industry backgrounds.

CD Capital has made over 40 investments with high growth potential and earned a reputation as a premier venture capital firm with the main focus on the China healthcare industry.