Cyagen Biosciences, a China-based spinoff from US-headquartered laboratory research services provider Cyagen, has raised RMB285m ($40.5m) in series B funding, DealStreetAsia reported on Wednesday, citing a company statement.
The capital was provided by CMS Capital, a vehicle for derivatives broker China Merchants Securities; GF Qianhe and GF Investment, on behalf of capital market services firm GF Securities; and the Research Institute of Tsinghua-backed Grower Venture Capital.
Formed in 2011, Cyagen Biosciences offers mouse and rat models that have been genetically engineered according to the needs of customers such as genetic researchers.
The company also produces stem cell lines, media, and differentiation kits, supplying embryonic and somatic stem cells from different species, in addition to offering bespoke DNA vectors and research-use viruses.
The series B proceeds will be put into growing Cyagen Biosciences’ business, enhancing its contract research platform and strengthening its product pipeline. It had previously received an undisclosed amount of series A financing from venture capital firm Lyfe Capital in 2016, according to DealStreetAsia.
