Chuangyebang was informed that Sichuan Jinjiang Electronic Technology Co., Ltd. (hereinafter referred to as “Jinjiang Electronics”), a Chinese electrophysiological enterprise, announced the completion of the A+ and B rounds of financing transactions on August 22, with Xinda Kunpeng, Guanghua Wutong, Yuan Henryzhen, Weigao Group, Huiyi Capital and other joint investments. Prior to this, the company completed the A round of financing exclusively invested by Hillhouse Capital in December 2021. So far, Jinjiang Electronics has completed the AB round of financing and transactions of more than 700 million yuan, making it the largest first-tier domestic electrophysiology enterprise in the history. Market transactions, Haoyue Capital continued to serve as the exclusive financial advisor.
This round of financing will be used to continue to promote the registration and clinical trials of several blockbuster electrophysiology products and the research and development of a series of follow-up innovative products, continuously improve the company’s organizational structure and commercialization system, and comprehensively enhance the company’s domestic and global electrophysiology field. Comprehensive competitive advantage.
Cardiovascular intervention is the largest subdivision track in the future, and the barriers to cardiac electrophysiology industry are extremely high
The number of patients with arrhythmia in China is huge. The latest data from the Lancet magazine shows that the number of patients with atrial fibrillation in my country is nearly 20 million. For the choice of treatment methods for such patients, a large number of clinical trials have shown that electrophysiological surgery is more effective than drug therapy. In 2020, the number of electrophysiological surgeries in China will be nearly 200,000, and the overall market size will be nearly 10 billion yuan. The electrophysiological industry has achieved a compound growth rate of about 30% in the past ten years, and maintains a rapid growth trend.
The huge patient group has created a huge market space. However, compared with coronary interventional surgery, the current growth of electrophysiological surgery is still restricted by the existing technology. The data shows that the number of patients with atrial fibrillation in China is nearly 20 million, which is equivalent to the number of patients with coronary heart disease, but the number of operations is far away. In 2020, the total number of atrial fibrillation surgeries will be about 80,000, and the number of coronary interventional surgeries has reached more than 1 million in the same year.
The reasons mainly come from the following three aspects: (1) The current atrial fibrillation treatment is mainly radiofrequency ablation, and the learning curve of radiofrequency ablation of atrial fibrillation is as long as 3-5 years, while coronary intervention can take as short as 3 months. Therefore, the number of coronary surgeons is much higher than the number of electrophysiologists. (2) The operation of radiofrequency ablation of atrial fibrillation is complicated, and it is necessary to use 3D system modeling and mapping first, and then use radiofrequency ablation catheter to perform circular or linear ablation point by point. The operation usually lasts for 2 hours, which is significantly higher than that of coronary intervention. , and the requirements for the surgeon are extremely high. (3) The average success rate of coronary intervention is higher than 90%, while the success rate of radiofrequency ablation of atrial fibrillation is only 60-80% due to technical limitations and differences in operators. Although the advent of cryoablation has solved the shortcomings of radiofrequency ablation to a certain extent, both of them are essentially non-selective ablation, and the surgical process may affect the surrounding normal tissues and cause damage to the esophagus, coronary artery and phrenic nerve, etc. . Because of this, the electrophysiology industry is always looking for truly groundbreaking technologies to emerge.
Looking at the development and current situation of China’s electrophysiology industry, a notable feature is that imported brands entered the market early and monopolized the market for a long time. The reason is mainly in the cardiac electrophysiology track, especially in the complex arrhythmia treatment field represented by atrial fibrillation, and the comprehensive competition barriers for the product portfolio are extremely high. Electrophysiology manufacturers can only have sufficient product portfolio competitiveness if they build a complete solution of “mapping system + treatment equipment + consumables”. Among them, electrophysiology three-dimensional system is the core competitiveness of major manufacturers. However, most domestic electrophysiology companies started late and have relatively single product lines. If there are only ablation equipment and consumables, the lack of three-dimensional system support will greatly restrict the development of atrial fibrillation surgery. In complex arrhythmia surgery, the key surgical steps of the electrophysiologist are basically carried out under the guidance of the three-dimensional system. The heart structure and electrical activity information, mapping and ablation catheter information, ablation energy and tissue response information used in the operation are used in the operation. , surgical process information, etc. will be presented in the 3D system. The multinational companies represented by Johnson & Johnson and Abbott have established their dominant position in the global electrophysiology field by virtue of their overwhelming advantages in the core product of the 3D system. The 3D systems owned by Johnson & Johnson and Abbott both have experienced decades of continuous research and development, upgrades and iterations of software and hardware before forming the current extremely high technical barriers and clinical recognition. On the basis of the 3D system, multinational companies continue to iterate and upgrade related products: pressure perfusion ablation catheter, 3D ultrasound catheter, high-precision mapping catheter, 3D flexible sheath, quantitative ablation index, automatic mapping technology, etc. Wait. The emergence of these new technologies is based on the three-dimensional system, which continuously improves the efficiency and safety of electrophysiological surgery, thereby continuously consolidating the market monopoly position of imported brands. The development history of China’s electrophysiology industry has proved that if domestic manufacturers cannot achieve the comprehensive level of imported brands in 3D systems, it will be difficult to truly compete with multinational companies in the electrophysiology industry.
3D PFA technology is a revolutionary technology in the field of electrophysiology and is expected to subvert the existing competitive landscape
Pulsed electric field ablation (PFA) is a very short time (10^{-9}~10^{-6} seconds) high-voltage electric field stimulation, using the coupling effect of the electric field and cells to specifically destroy the cell membrane of a specific cell structure, break the physiological balance of cells, and then complete the selective ablation of specific tissues. In 2019, the HRS conference reported the results of human clinical trials using PFA technology for atrial fibrillation treatment in overseas medical centers: Compared with radiofrequency and cryoablation, PFA atrial fibrillation ablation has a high success rate (100% success rate of immediate pulmonary vein isolation), ultra-high Strong safety (non-thermal ablation and super tissue selectivity, extremely low complications), low surgical difficulty, short learning curve, etc., show great technical advantages, and can perfectly solve the obstacles to the development of the current electrophysiology industry. With the continuous upgrading of PFA technology and the promotion of therapy, domestic experts predict that by 2030, the number of atrial fibrillation surgeries in China is expected to reach 1 million, of which PFA will become the largest contributor to the growth of surgeries, and the cardiac electrophysiology track is also expected to become the The largest segmented track in the field of vascular intervention.
The huge market space and explosive potential have attracted a large number of manufacturers to enter the PFA arena, but the PFA technology of most manufacturers is pure 2D PFA technology, without its own 3D system, and can only rely on X-ray or other manufacturers during the operation The 3D system has multiple limitations, such as large X-ray radiation, long total operation time, lack of precise positioning, and the need to switch systems frequently. These products are only suitable for the treatment of paroxysmal atrial fibrillation, and cannot complete complex complex such as persistent atrial fibrillation. Arrhythmia treatment.
Jinjiang Electronics is the first company in China to launch a three-dimensional PFA solution for magnetoelectric positioning. Jinjiang Electronics’ PFA products have magnetoelectric positioning function, which can be seamlessly integrated with the company’s own three-dimensional magnetoelectric positioning system, combined with pressure sensing catheters, high-precision mapping technology, etc., to build a complete solution for electrophysiological surgery. In addition to all the advantages of PFA, this solution has wide surgical indications (suitable for all arrhythmia surgery), green electrophysiological surgery (can achieve extremely low X-ray surgery, and significantly prolong surgery) compared with two-dimensional PFA technology. There are significant advantages such as short learning curve and smooth surgical operation. The registered clinical trial of the “LEAD-PFA Pulsed Electric Field Ablation System” was launched in July 2021, and it took only more than 4 months to complete the enrollment of all cases, which further fully demonstrated the technical advantages of 3D PFA. At present, the clinical trial has entered the follow-up stage, and it is expected to become the first NMPA-approved pulsed electric field ablation system in China, providing a one-stop overall solution for PFA for the electrophysiology industry.
Jinjiang Electronics’ magnetoelectric positioning 3D system combined with the overall solution of pulse ablation
Jinjiang Electronics has been focusing on technology accumulation for 30 years
Jinjiang Electronics, founded in Chengdu, Sichuan, has been focusing on the cardiac electrophysiology industry for 30 years, always insisting on independent research and development, and is committed to becoming a leader in the cardiac electrophysiology industry in China. The company has established the world’s most complete electrophysiological product overall solution, and has all the related technologies of electrophysiological surgery related equipment and consumables, covering magnetoelectric three-dimensional system, electrophysiological multi-channel recorder, radio frequency ablation device, and PFA ablation system. , Radiofrequency ablation catheters, electrophysiological mapping catheters, needle sheaths and other electrophysiological surgery related products.
Jinjiang Electronics’ overall solution for electrophysiological products
The core competitiveness in the field of electrophysiology lies in the leadership of technology and products, and the accumulation of the leading edge of each technology comes from the accumulation of time and experience. Started at the same time as China’s electrophysiology industry, under the leadership of the company’s founder and technical director, Mr. Li Chuya, the company’s R&D team has been focusing on electrophysiology product development and technological breakthroughs: from China’s first radiofrequency ablation instrument to China’s first one All-digital multi-channel electrophysiological recorder, and then China’s first three-dimensional electric field mapping equipment… In 2020, the company successfully developed China’s first (and currently the only) magnetoelectric three-dimensional PFA. It can be said that it is precisely with the high stability of the technology and R&D team that Jinjiang Electronics has enough time to complete the deep understanding and accumulation of electrophysiology technology and applications, and that Jinjiang Electronics is about to enter the PFA era in the global electrophysiology industry. At the same time, with decades of technical foundation, it can firmly grasp the pain points of the industry, and it is the first to combine the magnetoelectric three-dimensional system with PFA, bringing new changes and breakthroughs to the electrophysiology of atrial fibrillation.
In the development history of Jinjiang Electronics, there are two events of great significance to the company: 1) In 2004, Jinjiang Electronics developed and produced multipolar discharge radiofrequency ablation equipment for Bard, the top three electrophysiological company in the world at that time. In cooperation with Bard, Jinjiang Electronics has not only broken through the core technology of multi-polar discharge (one of the underlying technologies of PFA), but more importantly, under the guidance and requirements of Bard, Jinjiang Electronics has carried out comprehensive research and development, production, With the construction of the quality management framework system, the equipment performance of Jinjiang Electronics has been improved by leaps and bounds. 2) In 2011, Jinjiang Electronics acquired CARDIMA, a Nasdaq-listed company in the United States, and obtained the international leading R&D and production capacity of a full set of consumable products. Based on this, it realized the construction of a complete electrophysiological technology platform for equipment and consumables. , and a comprehensive breakthrough in complex arrhythmia solution products: the second-generation magnetoelectric positioning 3D system was developed in 2017, the pressure-sensing ablation catheter was successfully developed in 2020, and the first PFA based on magnetoelectric positioning 3D in China was successfully developed by the end of 2020. Ablation system, and obtained the first domestic PFA product type inspection report in April 2021.
In November 2021, the company successfully completed the registration of clinical trial cases for the LEAD-PFA pulsed electric field ablation system, becoming the first company in the Chinese market to complete the registration of PFA product registration clinical trial cases. 100% PVI isolation, short operative time, high patient comfort, and significant clinical outcomes, the overall results are encouraging for the industry. The full launch of the electrophysiology overall solution with the magnetoelectric positioning 3D system and PFA as the core will enable Chinese electrophysiology companies to lead the world and compete with imported manufacturers in the core track of the electrophysiology industry. Up to now, the registered clinical trial of the company’s LEAD-PFA pulsed electric field ablation system has completed 6-month follow-up, and the effect is good, meeting the requirements of the clinical design plan. It is worth mentioning that the “cardiac pulse electric field ablation device” has passed the special review and approval of the National Medical Products Administration (NMPA) for innovative medical devices, and entered the special review process “green channel”.
In 2021 and 2022, Jinjiang Electronics products will enter the explosive stage, and a number of clinical trials will be advanced simultaneously, which can be described as fruitful. The blockbuster products, the pressure perfusion ablation catheter and the three-dimensional magnetoelectric positioning system with pressure display, have entered the clinical trial case enrollment stage and are being efficiently advanced. The company’s innovative product pulsed radio frequency dual-mode pressure catheter has entered the clinical trial approval stage. There are also radiofrequency treatment systems used in the field of pain treatment that have also completed clinical case enrollment. With the launch of these products in the future, Jinjiang Electronics will continue to enhance the company’s comprehensive competitive advantages in the domestic and global electrophysiology field.
Jinjiang Electronics’ magnetoelectric positioning 3D system combined with pulse ablation 3D map
Mr. Li Chuwen, founder and general manager of Jinjiang Electronics, said that a journey of a thousand miles begins with a single step. The achievements that Jinjiang Electronics has achieved today are the results of all Jinjiang people who have been cultivating the field of cardiac electrophysiology for decades with the spirit of innovation and exploration, and the attitude of seeking truth and pragmatism. We thank and welcome the new employer partners who have joined Jinjiang. They have given us great support in terms of marketing strategies and the sharing of the latest industry information. The recognition and support of various institutions is a huge driving force for us to move forward.
Mr. Li Chuya, founder and head of research and development of Jinjiang Electronics, said that since the first Great Wall International Cardiology Conference (Great Wall Conference) in 1990, the field of electrophysiology in China has developed rapidly in the past 30 years. As witnesses and witnesses along the way, we have always adhered to the mission of “protecting life with technology”, and redoubled our efforts to provide affordable, world-class products for the majority of arrhythmia patients in China.
Mr. Zhao Yanchen, executive deputy general manager of Cinda Kunpeng, said that there are many patients with arrhythmia in my country, which seriously affects people’s health and quality of life. However, there are many pain points in traditional treatment methods, and my country’s cardiac electrophysiology market is also dominated by foreign companies. Jinjiang Electronics has a deep accumulation of active equipment for decades, and through continuous research and development, absorption and integration, it is in the leading position in PFA + three-dimensional products, and is expected to achieve the corner overtaking of domestic and imported brands in the field of cardiac electrophysiology. Cinda Kunpeng highly recognizes Jinjiang Electronics and its founder/management team, and hopes to take the opportunity of participating in this round of financing of Jinjiang Electronics to help further upgrade the industrial structure and platform development of Jinjiang Electronics, so as to better meet the unmet clinical needs.
Mr. Wang Fei, investment director of Guanghua Wutong, said that Jinjiang Electronics has been focusing on the electrophysiology track for many years, and has been continuously investing in research and development and iterating technology. It is with this craftsmanship that Jinjiang Electronics has the advantage of accumulating technology. With the launch of Jinjiang Electronics’ world-leading magnetoelectric three-dimensional positioning system and pulse ablation system, it is believed that the long-term monopoly of the domestic electrophysiology track by foreign companies will be broken, and the localization of high-end medical equipment will be truly replaced. In addition, we are also very much looking forward to Jinjiang’s subsequent technological iterations and the development of international markets.
Mr. Zhang Xuan, founding partner of Yuan Henryzhen, said that the breakthrough application of PFA in the field of electrophysiology is like an electric vehicle, which is a once-in-a-lifetime opportunity for overtaking on the curve in China. As a leader and a master in the field of PFA, Jinjiang is the “Panda-level enterprise” we have been choosing among thousands of miles. Its technology leads the world, its products attract much attention, and its market value is expected to be 100 billion. We will fully support Jinjiang to develop into an international medical device industry leader!
Mr. Lu Dongren, partner of Weigao Songyuan Fund, said that Jinjiang Electronics has been focusing on the field of cardiac electrophysiology for decades since it developed the first radiofrequency ablation instrument in China. It covers 14 products including cardiac intervention and vascular intervention, and has established a complete solution of “mapping system + treatment equipment + consumables”, which is rare in the domestic electrophysiology field. At the same time, we are deeply impressed by the consistent persistence of the company’s management team and the promotion efficiency of R&D and market pipelines. As the first company in China to complete the registration of PFA product registration clinical trial cases, it is expected that the company’s many blockbuster products, including magnetic positioning PFA products, will bring revolutionary changes to the domestic atrial fibrillation electrophysiology industry, break the foreign monopoly, and give While bringing safety and convenience to patient treatment, it also creates a more friendly operating environment for doctors.
Huimei Capital said that Jinjiang Electronics’ pulsed electric field ablation (PFA), as a disruptive technology, not only significantly lowers the threshold for doctors to learn, but also ensures a high success rate and high safety. Offers new treatment options. The barriers to research and development of electrophysiological equipment and supporting consumables are extremely high. As one of the first batch of high-tech enterprises in the country, Jinjiang Electronics has become one of the few domestic manufacturers with completely independent intellectual property rights and technical strength comparable to imported manufacturers after decades of technology accumulation. comparable companies. At present, the comprehensive electrophysiological solution based on magnetoelectric three-dimensional PFA independently developed by Jinjiang has been fully recognized by the clinic, and it is expected to become the first domestic electrophysiological PFA product on the market. Huimei Capital continues to be optimistic about and supports Jinjiang Electronics, and expects Jinjiang Electronics to provide more innovative solutions of international standards for arrhythmia patients in China and even around the world.
Mr. Ding Yameng, founding managing partner and chief operating officer of Haoyue Capital, said that there is a huge unmet clinical demand in China’s cardiac electrophysiology industry, and the market space is broad. In 2019, the pulsed electric field ablation (PFA) catheter ablation therapy has just emerged, and electrophysiology companies at home and abroad have increased investment in research and development. Jinjiang Electronics is the first company in the Chinese market in the field of pulsed electric field ablation to complete the registration of PFA products. Haoyue Capital is honored to continuously accompany Jinjiang Electronics through the AB round of financing and witness the historic moment of corporate growth.
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Related events
- Jinjiang Electronics completed AB round financing with a total amount of over 700 million yuan2022-08-22
- Jinjiang Electronics completed hundreds of millions of yuan in Series A financing, invested by Hillhouse Ventures2021-12-29
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