SyMap Medical has announced the completion of a financing round which will be used to accelerate global clinical trials for the company’s renal mapping and selective renal denervation systems.
The financing round of nearly US$100 million was led by Primavera Capital and VMS Group, with the participation of existing investors Simiao Equity Investment and Sequoia Capital China. CEC Capital served as the exclusive financial advisor for this transaction.
SyMap, co-founded by Jie Wang and Kewen Jin, is based in bioBAY in Suzhou, China. The company is conducting two pivotal trials in China, the first is the SMART Study using the SyMapCath I catheter and Sympioneer S1 RF system for the treatment of uncontrolled hypertension. The system is based on proprietary technology and is able to map renal nerves for selective renal sympathetic denervation and to provide feedback for physicians before, during, and after the procedure.
The second clinical study is the BATA Study which assesses the efficacy and safety of the Elation system to treat severe asthma via bronchial radiofrequency ablations.
“SyMap is built on years of experience from cutting-edge research at top universities in the USA and China, as well as our strong relationships within the industry, well-rounded network among leading clinical investigators, management capabilities acquired from serial entrepreneurial experience, vision in the cardiovascular and pulmonary fields, clinical attainments and solid patent portfolio,” said chairman and CEO, Jie Wang. “We are very grateful to have such a high powered group of new investors: Primavera Capital, VMS Group, and continuous support from our existing investors Simiao and Sequoia Capital China. We are confident in obtaining regulatory approval on time in China and delivering revolutionary interventional therapies to patients with hypertension and severe asthma. It would be via the efforts of our professional and hard-working team, the dedication of our amazing clinical investigators, and guidance of regulatory authority via the Green Channel.”