Spin-off seems to have become a buzzword for listed medical device companies, and Salubris Biomedical Engineering is the latest example to make a step in that direction.
Salubris Biomedical Engineering (Chinese:信立泰生物医疗), an innovative cardio-cerebrovascular medical device developer, completed a Series A financing round worth hundreds of millions of CNY from Kunpeng Capital (Chinese:鲲鹏资本). Haoyue Capital (Chinese:浩悦资本) served as the exclusive financial adviser.
The financing will be used to promote the clinical trial progress of existing cardio-cerebrovascular product pipelines and supplement the working capital.
Affiliated to Salubris Pharmaceuticals (Chinese:信立泰药业, 002294. SZ), the startup is committed to the research, development, production and sale of intervention medical devices, and it is involved in the treatment of cardio-cerebrovascular, peripheral vascular, cardiac electrophysiology and structural heart disease.
According to the 2021 annual report of Salubris Pharmaceuticals, there are seven medical device projects under research, and another two device-related research programs have passed the review of the ethics committee and completed the filing with NMPA (National Medical Products Administration).
The latest round of financing by Salubris Pharmaceuticals and a CNY 250 million capital injection by the parent company at the beginning of this year pave the way for the spin-off and listing of Salubris Biomedical Engineering, as stated by the report.
Salubris Pharmaceuticals said that the spin-off of Salubris Biomedical Engineering is conducive to broadening financing channels, supporting the R&D and improving its core competitiveness.
Other medical device companies such as MicroPort (Chinese:微创医疗), WEGO(Chinese:威高股份) and Lepu Medical (Chinese:乐普医疗) also expanded their business through divestiture.