Venus Medtech, a heart valve developer in China, has secured an undisclosed amount of equity investment from China-focused private equity firm DCP Capital to further boost its research and development and the internationalisation of its existing heart valve products.
Founded in 2013, Venus Medtech has been focusing on the research and development of artificial cardiovascular valves, which allow blood to flow in only one direction through the heart.
The company, which is backed by Sequoia China, Goldman Sachs, and Qiming Venture Partners, now has more than 300 patents of valve technology worldwide, according to a statement.
The company said its VenusP-Valve, a transcatheter pulmonary valve product, is the first self-expanding pulmonary valve in the world and it has completed 178 implantations in 27 centres in nearly 20 countries and regions.
In China, Venus Medtech said there are at least 500,000 patients in China who have transcatheter aortic valve replacement (TAVR) indications and a majority of them are not admitted to hospital for treatment.
Additionally, the company estimated that patients with severe Mitral Regurgitation, or the leakage of blood backward through the mitral valve, and Tricuspid Regurgitation, or a disorder in which the valve does not close tight enough, number over 10 million in China but the rate of surgical treatment is less than 2 per cent.
“The investment will be used to accelerate the upgrading and internationalization of existing valve products, support the company to rapidly enter into the clinical research stage for its new mitral/tricuspid valve disease treatment technology, and lay a solid foundation for the company to comprehensively enter the international heart valve market,” the company said.
Venus Medtech expects to enter the clinical trial stage in China and Europe in 2019.
Eric Zi, Co-founder and CEO of Venus Medtech, expressed confidence that DCP’s investment will further accelerate its global expansion.