Congratulations to Cryofocus Medtech for its successful IPO!
On December 30, 2022, FutureX Capital’s portfolio company Cryofocus Medtech (Shanghai) Co., Ltd. (“Cryofocus”) was listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKSE: 6922). As Cryofocus Medtech’s Series B investor, we are optimistic about the leadership position of the company in the cryoablation industry and mass adoption of its technology in the future.
Founded in Shanghai in 2013, Cryofocus is the first China-based company with its unique liquid nitrogen cryoablation technology. With a primary focus on the field of minimally-invasive interventional cryotherapy, Cryofocus proprietarily developed a series of innovative medical devices. Its comprehensive product pipeline covers a wide variety of therapeutic areas with huge market potentials, such as cardiovascular intervention, respiratory intervention, urological intervention and gastrointestinal intervention. Several of its self-developed products have been designated as “innovative medical devices” by the NMPA or its provincial counterparts, and/or “breakthrough device” by the U.S. FDA.
Cryotherapy is a treatment method that freezes and destroys abnormal cells or diseased tissues through extremely low temperatures. Compared with traditional treatment methods such as open surgery and radiofrequency ablation, interventional cryotherapy has the advantages of being more economical, safer, with fewer side effects and a lower probability of postoperative complications. Meanwhile, interventional cryotherapy is easy for the surgeon to learn and perform, and usually requires less time to perform the procedure. Interventional cryotherapy is widely used for the diagnosis and treatment of cardiovascular diseases, respiratory diseases, benign and malignant tumors, and many other diseases. In China, with the issues of aging population and increased prevalence of chronic diseases, the domestic market for interventional cryotherapy devices has shown explosive growth. According to Frost & Sullivan's forecast, the market size of interventional cryotherapy devices in China is expected to grow at an annualized rate of 49% from RMB 400million in 2020 to RMB 2.9billion in 2025 and reach RMB 11.2billion in 2030.
With its unique liquid nitrogen technology and understanding of pain points of clinical procedures, Cryofocus has created a variety of products applicable to different treatments. Up to now, the company has 17 products under development and 6 commercialized non-cryotherapy products. Products for atrial fibrillation, hypertension and early bladder cancer have received special approval from the government. The company's core product, the cardiac cryoablation system for atrial fibrillation, is expected to be the first-of-its-kind product to be developed and manufactured by a Chinese company; the bladder cryoablation system is the only interventional cryotherapy device for the treatment of bladder cancer that has completed a pivotal clinical trial in the world; and the Cryofocus cryoablation system is expected to be the first cryoablation device approved for commercialization for the treatment of hypertension globally.
As Cryofocus’s Series B investor, FutureX Capital has been supporting the company from its early innings, we are impressed by the foreward-looking and progressive executive team at Cryofocus. Despite volatile macro uncertainty and Covid situation in China, the entrepreneurial team has risen to the challenge and achieved the ultimate professionalism and efficiency in product development, clinical and approval processes. With the greatest confidence, we are proud to partner with such an innovative company that is committed to benefiting the patients and creating miracles.