China-based precision medicine developer 3D Medicines Corporation (3DMed) secured $140m in funding from investors including contract research provider Tigermed on Friday, DealStreetAsia reported.
Venture capital firm Efung Capital co-led the round with the state-backed China Securities’ China Capital Management subsidiary. It also featured Header Capital, Ruiyi Investment, Shanghai Ruixia Investment Management and private investor Adrian Cheng Chi-Kong, according to a company announcement.
Founded in 2010, 3DMed is developing precision medicine technology that uses artificial intelligence and automated molecular diagnostics to help physicians tailor medicine more effectively to the needs of patients.
The company’s central focus is on oncology drugs, though it has also introduced covid-19 and influenza detection kits in addition to a nucleic acid extraction system that received US regulatory approval in May this year.
The cash will fund clinical development of a product pipeline that includes an antibody called envafolimab which is in clinical trials in the US and Japan as a cancer treatment, as well as recruitment and the strengthening of 3DMed’s supply chain.
Investment holding company China Reform Holdings led a $101m round for 3DMed in 2017 through its China State-Owned Assets Venture Investment Fund and was joined by ChinaEquity Group and undisclosed others.
The company has not revealed how much it has raised in total but DealStreetAsia identified state-owned conglomerate China Resources’ CR Capital unit, China Xinsheng Investment Group and Lucion as earlier investors.
