Lawmaker Asks CFIUS to Address Chinese Investment in US Medical Firm
House Select Committee on China Chairman John Moolenaar, R-Mich., urged the Committee on Foreign Investment in the U.S. Jan. 30 to take “immediate action” on a Chinese company’s controlling investment in Minnesota-based startup FastWave Medical, which is developing a laser-based treatment for serious heart disease.
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In a letter to Treasury Secretary Scott Bessent, Moolenaar said he’s concerned that the Chinese company, Grand Pharmaceutical, may be blocking FastWave’s ability to raise capital to help a FastWave competitor with which it is partnered.
Rep. Kat Cammack, R-Fla., has raised similar concerns about the investment (see 2512050008). Treasury and Grand Pharmaceutical didn't comment on her concerns.