ForQaly Medical (hereinafter referred to as “ForQaly”), located in Shanghai Zhangjiang International Medical Zone, is a leading high-tech company focused on developing micro-traumatic circulatory assistant devices. Recently, it completed its Series B fundraising led by Legend Capital, followed by CD Capital, SAIF Partners, Chengwei Chuangban and Co-win Ventures. Existing investors Lilly Asia Ventures and Kaitai Capital also participated in the funding round.
This round of financing will be applied to promote the clinical research of ForQaly’s existing products, so that the transvalvular ventricular assist devices (VAD) could be affordable for patients with urgent needs as early as possible. On the other hand, the capital will go for the expansion of ForQaly’s research team to accelerate the parallel development of products, so that potential comprehensive solutions could be provided for high-risk PCI intraoperative protection and cardiogenic shock treatment.
Mr. Tang Zhirong, the founder of ForQaly, said: “For the past years, the clinical applications of the transvalvular VAD was uncommon in China. ForQaly, as a domestic pioneer in the field, will make full use of its resources to support pre-clinical training and ensure the quality of product clinical research, so as to collect reliable and evidence-based medicine data.”
Joe Zhou, the Managing Director of Legend Capital, said: “VAD, especially the interventional one, has a huge market prospect in China. ForQaly’s senior management team represented by Mr. Tang has dedicated and hardly-worked in this field for nearly 6 years with leading products launched both at home and abroad. We are glad to partner with ForQaly Medical and will establish a long-term cooperation with the company.
Legend Capital has long focused on its investment in medical devices and diagnostics, among which many portfolio companies have successfully went public at home and abroad, such as KingMed Diagnostics (603882.SH), Berry Genomics (000710.SZ), EasyDiagnosis (002932.SZ), Axonics (AXNX), CareRay Digital Medical (688607.SH), New Horizon Health (06606.HK), Singular Genomics (NASDAQ: OMIC), etc. In addition, Legend Capital has invested in a lot of leading companies in subdivisions of this field, such as Puyi Biotechnology, Reliable Med, StarSportMed, Genext, ET Healthcare, GKHT Medical Technology, GensKey, Best Brain Health, Bioheart, HeMo, Shanghai Aohua and Berry Oncology.