Chinese cardiovascular instruments supplier Jenscare Scientific, formally known as Ningbo Jenscare Biotechnology Co., Ltd, has raised a new round of financing co-led by Asia-focused private firm Hillhouse Capital’s venture unit GL Ventures.
Primavera Capital, which had led an undisclosed Series B round funding in Jenscare, acted as the co-lead investor in the latest round, according to a WeChat post on Friday.
Financial terms of the deal remain undisclosed but the funding is said to be in the ‘millions of US dollars’ range.
CICC Capital’s sub-fund CICC Pucheng Capital, China Asset Management, Agricultural Bank of China’s subsidiary ABC International, PICC Capital’s elderly care fund, and China Life Healthcare Fund joined the financing.
The round also attracted a slew of healthcare investment firms including Cormorant, GP Healthcare Capital, CD Capital, Forebright Capital, FutureX Capital, and Proxima Ventures.
Going forward, Jenscare will invest the proceeds to expedite developments related to clinical trials, pipeline candidates, R&D and manufacturing capacity enhancement.
The funding comes just a week after Jenscare submitted an overseas initial public offering (IPO) application to China Securities Regulatory Commission on May 21. Upon approval, Jenscare is expected to file for a Hong Kong IPO.
Set up in 2011, Jenscare is a medical equipment manufacturer for usage in minimally invasive surgery and for treatment of patients with heart valve diseases.
Jenscare claims that its proprietary instrument candidate LuX-Valve, a product that benefits tricuspid valve replacement, is under clinical trials in China. In addition, a pipeline candidate for aortic valve and mitral valve diseases has also entered into the pre-clinical trial stage.