AnchorDX, a China-based cancer diagnosis technology developer backed by medical testing services provider KingMed Diagnostics and pharmaceutical firm WuXi AppTec, has received $40m to close its series C round.
Healthcare-focused investors OrbiMed and WuXi Huiying Investment co-led the round, which came after 6 Dimensions Capital, an investment formed by WuXi AppTec, co-led AnchorDX’s $28m series B round in 2017 with Sijia Jianxin Fund, investing with Arch Venture Partners and Marathon Venture Partners.
Founded in 2015, AnchorDX is developing diagnostics technology that will use next-generation sequencing for the early detection of multiple cancers. The technology platform utilises DNA methylation, a process in which DNA molecules are altered to modify their activity for a specific purpose.
The company said it initiated the world’s largest prospective clinical trial for lung cancer early diagnosis in 2018, and it has also developed a database covering the diagnosis and treatment of lung cancer, based on clinical trial data.
The new funding will be used for the registration and commercialisation of AnchorDX’s product candidates. It also plans to expand the application of its technology to other major disease areas.
Marathon Venture Partners and Northern Light Venture Capital had supplied an undisclosed amount of funding for the company prior to its series B round.