Novo Nordisk A/S received marketing approval from China’s NMPA for its smart insulin pen Novopen Six that automatically collects and stores the date and time of injections and the number of units of insulin that users take.
Koutech Medical Robotics (Shanghai) Co. Ltd. reported it has raised “hundreds of millions of yuan” in a series A round to support the development of its surgical robot. The round is led by Qiming Venture Partners.
Inspectors from the U.S. Public Company Accounting Oversight Board (PCAOB) have reportedly arrived in Hong Kong to inspect audit records for the Chinese companies listed by the U.S. SEC as being noncompliant with U.S. accounting standards.
Lepu Medical Technology (Beijing) Co. Ltd. received marketing approval from China’s NMPA for its peripheral cutting balloon to treat peripheral arterial disease.
China has issued a slew of measures to encourage domestic developers by constraining overseas-made medical devices from entering the market. “Policies to guide medical institutions to give priority to the purchase of domestic medical devices and consumables can help Chinese manufacturers to acquire market share. This also encourages domestic manufacturers to continue improving technology to narrow the technology gap with foreign firms,” said Cai Mingzi, analyst at Kaiyuan Securities Co. Ltd., in a note.
MGI Tech Co. Ltd. raised ¥3.602 billion (US$518 million) on the Shanghai STAR Market. Shares (SHA: 688114) debuted at ¥87.18 apiece on the first trading day on Sept. 9. They closed at ¥124 per share on Sept. 14.
Leadinno Medical Valley Co. Ltd. reported it has raised more than ¥100 million (US$14.5 million) in a series A round for the development of its implantable electrical neurostimulation devices.
Shanghai Microport Ep Medtech Co. Ltd. went public on the Shanghai Stock Exchange STAR Market and raised ¥1.17 billion (US$169.5 million) with its initial public offering. The company’s issue price was ¥16.51 per share. After opening at ¥15.50 per share, the share price dived to ¥13.15 at the closing of its first trading day. Microport Ep is an associated company of the Hong Kong-listed Microport Scientific Corp.
For the first time since they’ve had access to U.S. capital, biopharma and med-tech companies based in China and Hong Kong are having to comply with the same accountability standards companies in the U.S. and other countries must follow as a condition of trading on U.S. markets.
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