Thirty-six biotechnology, pharmaceutical and medical device companies sought a capital raise on the Hong Kong Stock Exchange in the first half (H1) of 2025, a review by BioWorld found. Of those, 34 companies were from mainland China.

Carlsmed Inc. launched its IPO at a price of $14 to $16 per share for 6.7 million shares, which would raise just over $100.5 million at the midpoint. The spinal surgery technology company could well pull in more money, if recent history provides guidance. Most med-tech IPOs this year have settled at the upper end of their price range, with Caris Life Sciences Inc. notably raising its price twice before going public at $21, a dollar more than the top of its initial range.

Comphya SA raised CHF 7.5 million (US$ 8.4 million) in a series A round for its implantable neurostimulation therapy, Caverstim, which treats men with erectile dysfunction who do not respond to medication.

Plasmacure B.V. secured €6 million (US$7 million) in series A funding for its Plasoma cold plasma system to treat complex wounds. The round was led by Venture Medical LLC, a U.S.-based provider of solutions for wound care, which also committed to spend over $10 million to support regulatory approval, reimbursement and U.S. market expansion of the Plasoma technology.