Legend Capital’s Portfolio Company Bioheart, A Leading Interventional Cardiovascular Device Company in China, Successfully Listed on HKEx

On December 23, Legend Capital’s portfolio company Bioheart (2185.HK) successfully listed on the Hong Kong Stock Exchange (HKEx). Bio-heart issued a total of 23.937 million shares at an issue price of no more than HK$24.79 per share. The net proceeds from the global offering were approximately HK$590 million. According to the prospectus, approximately 90% of the net proceeds from the offering will be used for the development of its core product, Bioheart® BRS system, RDN product candidate and other product candidates. The remaining 10% will be used for general corporate and working capital purposes.

Bioheart is a leading interventional cardiovascular device company in China and locates in Shanghai Zhangjiang Hi-Tech Park Medical Device Industrial Park. It focuses on two therapies, bioresorbable scaffolds (BRS) and renal denervation (RDN), addressing the unmet medical needs of Chinese patients for the treatment of coronary and peripheral artery diseases and uncontrolled hypertension.

In 2020, Legend Capital led the investment of Bioheart's Series C financing and continued to support its subsequent rounds of financing. After the investment, Legend Capital provided support and assistance in its acquisition of AngioCare and business strategy adjustments. At present, Bioheart's two core products, Bioheart®, a bioresorbable scaffolds product, and Iberis, a renal artery radiofrequency ablation catheter system, have entered the clinical close-out phase. It is expected that all patients will be enrolled by the end of the year, and these two products will be launched in 2023. At that time, Bioheart will become the first domestic commercialization company of the second-generation bioresorbable scaffolds and the first renal artery radiofrequency ablation catheter product in China.

Joe Zhou, the Managing Director of Legend Capital, expressed congratulations to Bioheart and Chairman Mr. Philip Li Wang with the management team. In addition, Joe said that, “We are optimistic that Bioheart will further increase R&D investment and promote the development, clinical registration and commercialization of existing pipelines, to develop leading international cardiovascular device platform technology, and actively explore the international market while continuously commercializing it in China. Philip has been focusing on the cardiovascular field for 20 years and has great influence and extensive experience in the industry. We believe that with the strengthened branding after listing, Bioheart will be highly valued in the cardiovascular field worldwide.”

Legend Capital focuses on three themes in its investment in medical devices and diagnostics. The first is major disease, especially the unmet clinical needs in chronic diseases. The next concern is enterprises with technological uniqueness, which has become or has the potential to become a leading company in sub-industry. The last point is the "device +" investment opportunities which brought out by the integration of cross-border technologies such as AI, IoT, and big data with medical devices. In addition to Bioheart, Legend Capital has also invested various leading companies in the field, such as Careray Digital Medical (688607.SH), Axonics (AXNX), New Horizon Health (06606.HK), Easydiagnosis Biomedicine (002932.SZ), Berry Genomics (000710.SZ), Aohua Endoscopy (688212.SH), Chemclin Diagnostics (688468.SH), ET Healthcare, GKHT, BestBrain Health, Yeasen Biotechnology, Dearer Medical and so on.