Chinese biotech firm Biocytogen raises $65m
Biocytogen, a Chinese contract research organization (CRO) that provides genetically engineered mice for drug testing, has raised RMB410 million ($65 million) in a Series C round of funding led by CMB International Capital, an investment arm of China Merchants Bank.
Existing investors SDIC Venture Capital, a VC arm under the State Development & Investment Corporation (SDIC), 3E Bioventures, Cowin Capital and Oriza Holdings also took part in the round. The company said the proceeds will go towards opening up markets in China and overseas, product and technology R&D, facility construction and talent recruitment.
According to AVCJ Research, BVCF invested an undisclosed sum in the company in 2012.
Yuelei Shen, who holds a PhD from the University of Massachusetts Medical School, founded the company in 2008 with facilities in the US and China. Biocytogen provides pre-clinical animal studies based on self-developed technology platforms and standard operation procedures.
Since inception, it has worked with more than 650 academic institutions and hospitals in China and overseas. Other clients include about 100 global pharmaceutical companies such as Johnson & Johnson and GlaxoSmithKline.
“In the coming five years, global R&D expenditure on drugs will continue to rise, and the CRO industry will be a direct beneficiary of that," Kexiang Zhou, a managing director at CMB, said in a statement. "As part of that global effort, the CRO industry in China will also keep developing rapidly. The robust development of new drug R&D in China will also contribute to its rise. Biocytogen has a solid foundation as an integrated biologics CRO, and we are very happy to support their next step."
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