Valgen Medtech Announces the Completion of its Round B Financing, in Which the Lead Investors Were DCP Capital and Sequoia Capital

(Hangzhou, China; May 6, 2021) Hangzhou Valgen Medtech Co., Ltd. (Valgen Medtech), a subsidiary of Dinova Medtech Group (Dinova Medtech), announces that it had recently completed Round B financing. This round of financing amounted to hundreds of millions of US dollars and the money will be mainly used for technological innovation and product development in the field of mitral valve and tricuspid valve disease treatment. DCP Capital and Sequoia China were lead investors, and Venus Medtech, Lake Bleu Capital, China Life Big Health Fund, and Ascendum Capital were co-investors. Qiming Venture Partners, as an old shareholder, continued to raise its stakes.

Dinova Medtech is a professional investment and operation management company group in the innovative life technology industry. It is committed to the discovery, investment, and integration of ground-breaking innovative new medical technology projects to provide solutions to major diseases that seriously threaten human health but lack effective therapies.

Valgen Medtech was founded in 2015 and is committed to the R&D of mitral valve and tricuspid valve related treatment technologies. Mitral regurgitation is the most common valvular disease of the heart (VDH). It is estimated that there are more than 10 million moderate to severe MD patients, including several millions of severe MD patients who need intervention in China. However, half of these patients cannot be effectively treated due to old age, poor cardiac function, concomitant malfunction of other organs, and/or other reasons. In recent years, transcatheter mitral valve interventional procedure techniques are rapidly developing with the continual improvement of interventional therapeutic devices and increased experience gained by interventional surgeons.

As a leading company in the field, Valgen Medtech is committed to the R&D of a full set of technologies for minimally-invasive procedures on mitral valve and tricuspid valve. Its products mainly include:

* The first Chinese transapical interventional product (MitralStitch®) for the treatment of mitral regurgitation, successfully used for human clinical studies in 2018, presently in the pre-marketing registration clinical study stage;

* The development of DragonFly-T™,™ the first Chinese transfemoral tricuspid valve repair device, proceeded to human clinical studies stage in 2020, and the safety and effectiveness of the product have been verified in 10 exploratory clinical studies.

* The development of DragonFly-T™, the first Chinese transfemoral tricuspid valve repair device, proceeded to human clinical studies stage in 2020, and the safety and effectiveness of the product have been verified in 10 exploratory clinical studies.

The DragonFl™Transcatheter Mitral Valve Repair System has filled the gap between China and other countries in transfemoral mitral valve procedure devices. As a result, Chinese companies and top international companies are now at the same level in the development of interventional mitral valve devices.

Comments by Mr. Zhao Yiwei, Chairman of the Board, Dinova Medtech: "The joint efforts of hospitals and medical device manufacturers have created extraordinary values. Valgen Medtech, a company driven by innovation, has developed the first Chinese transapical and transfemoral interventional procedure technology for mitral valve diseases, thus securing its position as a pioneer in the field of structural heart diseases in the world. Its a pleasure to win the trust of top investors, including DCP Capital and Sequoia China. Valgen Medtech will continue to promote the development and commercialization of mitral valve and tricuspid valve interventional medical devices to provide doctors and patients worldwide with innovative minimally-invasive interventional procedure solutions."

Comments by Mr. Shen Nanpeng, Executive Partner of Sequoia Capital, founder and executive partner of Sequoia Capital China Fund: The diagnosis and treatment of structural heart diseases are of great importance in life science and health and a significant developmental direction continuously attracting the attention and support of Sequoia Capital China Fund. Valgen Medtech is far ahead of others in business deployment in mitral valve and tricuspid valve disease therapies. Many of its products have filled the gap between China and other countries in the field. As one of the lead investors in this round of financing, we sincerely hope that Valgen Medtech can promote the progress of product development to benefit more and more Chinese and foreign patients suffering from cardiovascular disease.

Comments by Mr. Liu Haifeng, Chairman of the Board of DCP Capital: "Dinova Medtech is the most successful Chinese ground-breaking medical technology innovation platform. Since its foundation, Dinova Medtech has successfully run a number of top companies in the field of minimally-invasive interventional procedures for cardiovascular disease. The achievements attained by Valgen Medtech in the field of structural heart disease fully demonstrate the prospective knowledge and predictions of the Dinova Medtech management team. We are glad to be a cooperative partner of Valgen Medtech and will spare no effort in assisting Valgen Medtech to make greater achievements in the future in line with the company's philosophy "based in China, oriented towards the world".