Singlera Genomics, a China-based medical diagnostics technology developer backed by pharmaceutical firm Eli Lilly and pharmaceuticals distributor Jointown Pharmaceutical Group, secured $150m in series B financing yesterday.
The round was co-led by investment banking group China International Capital Corporation’s CICC Kai Tak Innovative Biomedicine Fund with private equity fund Detong Capital and Furong Investment, a fund backed by Fudan University’s Ningbo Research Institute.
Huamei International, Linden Asset Group, Wuxi Capital, FutureX Skyline Capital, Shanghai Free Trade Zone Fund and existing investors including Green Pine Capital Partners, Prosperico Ventures and Proxima Ventures filled out the round.
Singlera is developing non-invasive cancer screening products using technologies such as single cell sequencing, bioinformatics and DNA methylation, a process where the DNA molecule is adapted to modify its activity.
The company is working with Fudan University on its multi-cancer screening product, PanSeer, and it plans to conduct large-scale trials with the product using the series B proceeds.
Johny Zhang, Singlera’s co-founder and chief executive said: “This round of financing will help us further expand our product system and strengthen our strategic advantages and marketing capabilities in the field of early tumour screening and liquid biopsy.
“Cancer has been a major disease that impacts the entire world. Since its establishment six years ago, Singlera has been aiming to overcome early cancer screening and diagnosis. It has made a series of major breakthroughs in cancer early screening and early diagnostic technology.
“The next priority is to accelerate the commercialisation of products so that these innovations can be applied to cancer prevention and treatment for hundreds of millions of people.”
Green Pine Capital and Prosperico Ventures had already co-led Singlera’s $60m series A-plus round in early 2018, participating alongside Eli Lilly investment vehicle Lilly Asia Ventures, Jointown and UCF Medical Investment, part of investment holding group UCF.
Lilly Asia Ventures had previously led a $20m series A round for the company that also featured Green Pine Capital and CDBI Partners two years earlier.
