MicroPort Scientific Corporation announced that MicroPort Cardiac Rhythm Management Limited, which is MicroPort®'s subsidiary focused on developing and commercializing implantable pacemaker and defibrillator devices and related technologies to manage cardiac rhythm disorders, has entered into definitive agreements in connection with its Series C financing with total investment proceeds of US$150 million.
SHANGHAI, July 27, 2021 /PRNewswire/ -- MicroPort Scientific Corporation (“MicroPort®”) announced that MicroPort Cardiac Rhythm Management Limited (“MicroPort® CRM”), which is MicroPort®‘s subsidiary focused on developing and commercializing implantable pacemaker and defibrillator devices and related technologies to manage cardiac rhythm disorders, has entered into definitive agreements in connection with its Series C financing with total investment proceeds of US$150 million. Hillhouse Capital Group and MicroPort® will co-lead the Series C investment and will invest US$20 million and US$47 million, respectively. Six new investors that will invest an additional US$83 million in capital include CICC, Country Garden Venture Capital (CGVC), YongRong Asset Management Ltd., L Squared Private Management, E Fund Management Co. Ltd., and Wanhui Capital. After the completion of this transaction, MicroPort® will continue to be the majority shareholder of MicroPort® CRM. The financing is expected to close in early August 2021, subject to customary closing conditions.
Originally acquired in April 2018, MicroPort® CRM designs, develops, and markets solutions for the management of heart rhythm disorders, such as implantable pacemakers and defibrillators, as well as heart failure through cardiac resynchronization therapy (CRT). Headquartered in Clamart (outside Paris) France, MicroPort® CRM has dedicated R&D teams in Clamart and Shanghai, and world class manufacturing facilities in France, Italy, the Dominican Republic and China. Currently MicroPort® CRM employs approximately 1,100 employees globally.
For decades, MicroPort® CRM has been at the forefront of innovation in the CRM industry and has implanted more than two million patients worldwide with its pacemakers and defibrillators. The company is known for its cutting-edge technology, small, long-lasting devices, and the most advanced therapeutic solutions. In 2015, MicroPort® CRM launched the PLATINIUM™ family of implantable defibrillators, which has the longest projected service life of any implantable defibrillator on the market, reducing the risks associated to repeated replacements. In 2019, the company launched ENO™, TEO™ and OTO™, the world’s smallest family of pacemakers, 1.5T and 3T MRI conditional. In 2021, MicroPort® CRM launched a new family of pacemakers, ALIZEA™ and BOREA™, featuring Bluetooth® technology and wireless remote monitoring. In its product pipeline, MicroPort® CRM plans to launch a complete new line of defibrillator systems, including devices and leads, 1.5T and 3T MRI conditional. In addition, MicroPort® CRM is currently developing a sub-cutaneous ICD (S-ICD) and a leadless pacemaker. The company is pursuing the development of further innovative therapies in the field of Heart Failure, in particular with the Axone project for the delivery of Cardiac Resynchronization Therapy (CRT). The market introduction of these products will provide an additional growth inflection point for the CRM franchise.
Mr. Benoit Clinchamps, President of MicroPort® CRM said: “MicroPort® CRM continues to grow its global revenue and advance its product pipeline to bring the best CRM technologies to treat patients affected by heart arrhythmias worldwide. We are excited about the growth opportunities that can be accessed in the next few years through this investment capital.”
About MicroPort CRM
MicroPort® CRM is a pioneering company in the field of Cardiac Rhythm Management (CRM), and a subsidiary of MicroPort® Scientific Corporation (stock code: 00853.HK), with world headquarters in Clamart, just outside Paris, France. Through its long-standing expertise in CRM, MicroPort® CRM develops, manufactures and markets around the world cardiac pacemakers, implantable cardiac defibrillators, cardiac resynchronization systems and ECG diagnostic solutions for the management of cardiac rhythm disorders and heart failure. Its state-of-the-art products are manufactured in Clamart, France, Saluggia, Italy, Santo Domingo, Dominican Republic, and Shanghai, China.
For more information, please refer to www.microport.com
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SOURCE MicroPort
Company Codes: HongKong:0853
