China’s Genetron secures $50m Series D, seeks US IPO

Investors in the Series D include China International Capital Corporation (CICC), Alexandria Venture Investments, and Vivo Capital, with the latter having previously provided $15 million in Series C funding. The largest institutional shareholder is CICC with a 16% stake, followed by Vivo with 6.6%, according to a filing. Financial details of the NASDAQ IPO have not been confirmed.

Genetron covers the full cycle of cancer care in eight out of the top ten cancer types via three revenue-generating areas of operation. These businesses focus on cancer diagnosis and monitoring, early screening for liver cancer, and genomic profiling solution for global biopharmaceutical companies. Offerings include laboratory-developed tests and in vitro diagnostic medical devices. 

The company claims to have serviced patients in 415 hospitals in China. It sold 15,600 diagnosis tests in 2018, representing 132% year-on-year growth. For the first nine months in 2019, 16,500 tests were sold, up 53% compared to the same period last year.

Revenue was RMB225 million ($32 million) in 2018, compared to RMB101 million in 2017. In the first nine months of 2019, revenue was RMB220 million, up 46% year on year. Genetron recorded net losses of RMB421 million and RMB465 million in 2017 and 2018, respectively. For the first nine months of 2019, the net loss increased 59% to RMB541 million.

               

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• Topics
• Greater China
• Healthcare
• IPO
• Technology
• China
• Pharmaceuticals
• CICC
• Vivo Ventures