China cancer diagnosis player ChosenMed gets Series B
ChosenMed, a Beijing-based tumor detection company has raised a Series B round of more than RMB100 million ($14 million) led by state-owned Shanghai Lianhe Investment.
Heya Huayi Investment, a healthcare fund backed by the Chongqing government, also came in as a new investor. Existing backers HighLight Capital, Med-Fine Capital and Delta Capital re-upped. Med-Fine and HighLight led the company's RMB100 million Series A in 2018. Nanjing Yangtze River Investment Fund made a RMB50 million strategic investment later the same year.
The new capital will support the registration of multi-gene tumor testing products and the commercialization of in vitro diagnostic devices.
ChosenMed is leading a government project - known as the Cancer Genome Atlas of China (CGAC) - under which over 70 top domestic hospitals have collected and tested tumor samples from 10,000 patients. ChosenMed built the tumor gene and clinical databases, providing sample data to aid clinical research of tumor drugs and accompanying diagnostic kits.
Within China's cancer diagnosis space, Genetron Holdings raised a $50 million Series D round last November and filed for a US IPO. The company is a precision oncology technology developer specializing in cancer diagnosis and monitoring, early screening for liver cancer, and genomic profiling solutions for biopharmaceutical companies.
Another investment from last November saw Medbanks, an oncology database platform, raise around RMB1 billion in an extended Series D led by Tencent Holdings and Wu Capital. It offers a database of cancer patients and doctors, academic papers about oncology, and artificial intelligence and big data-powered models that assist in the cost management of customized treatments.
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