China-based cancer testing kit provider Creative Biosciences raised RMB300m ($44.7m) on Friday in a series B round that included two funds affiliated with medical testing services provider Kingmed Diagnostics.
The round was co-led by venture capital group IDG Capital and private equity firm CDH Investments, and also featured fellow private equity firm CD Capital.
Founded in 2015, Creative Biosciences develops and sells cancer diagnostics kits and equipment. The company’s flagship product, Colosafe, is used to detect colorectal cancer, which is caused by malignant tumours in the bowel or colon.
Proceeds from the round will be used to support the promotion of Colosafe, which was approved by China’s National Medical Products Administration for marketing in November 2018, as well as to develop additional oncology diagnostics products.
Creative Biosciences has raised approximately $59.6m in total. Kingmed took part in a $9m series A round for the company in 2017, investing alongside CD Capital, according to China Money Network.
Tasly Capital, the corporate venturing arm of pharmaceutical company Tasly, invested in Creative as part of a $2.2m series pre-A round in 2016 that added to $3m in angel funding raised from Sungent BioVenture the previous year.