Goldman Sachs gets in on Chinese cardiac valve maker Venus Medtech

Chinese replacement heart valve maker Venus Medtech said today that it won a $37 million commitment from Goldman Sachs (NYSE:GS).

Hangzhou-based Venus said it’s also won backing from Qiming Venture Partners, Sequoia Capital China, and Dinova Venture Capital. The company already has a transcatheter aortic valve replacement on the market in the People’s Republic and said a pulmonary valve is in clinical trials.

Venus said its Venus A-Valve is the only TAVR device that meets China Food & Drug Administration requirements. More than 40 patients have been implanted with the Venus P-Valve pulmonary replacement in a global trial, the company said, and a study aimed at winning CE Mark approval in the European Union is slated to start enrolling patient during the 1st half of the year.

“Venus Medtech is a leading developer of innovative cardiac valve products in China. We are confident about its industry advantages in technology and resources, and are convinced that under the leadership of its seasoned management team, Venus Medtech will become a leader in the R&D of cardiac intervention therapies in China and even around the world,” Qiming Venture Partners managing partner Nisa Leung said in prepared remarks.

“With our long-term commitment to invest in Chinese innovative healthcare companies, Sequoia Capital China expects Venus Medtech to benefit from a wider range of Chinese cardiac patients by continuously developing new products and technologies as a leader in the field of cardiac valves, ” added Sequoia Capital China partner Kevin Chen.

Venus also said it’s in a joint venture with the Zhejiang University School of Medicine to create the Cardiac Valve Research Institute in Hangzhou, focused on heart disease research.

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