China cancer test kit provider gets $30m Series E
New Horizon Health, a China-based manufacturer of cancer testing kits for use at home, has raised $30 million in a Series E round of funding led by Rock Springs Capital.
Other investors include OrbiMed, Lilly Asia Ventures, Cormorant Asset Management, Octagon Capital and China Resources Zhengda Life Science Foundation. The latter is run by state-owned conglomerate China Resources and Thailand's Charoen Pokphand Group. Existing investor Qiming Venture Partners re-upped.
New Horizon Health has raised more than $160 million since its inception in 2013. Three years after an angel round of RMB5 million ($714,550), Legend Capital and SBCVC provided a $20 million Series A in 2016. They put in another $20 million in a year later, joining a round led by Qiming Venture Partners.
A $66 million Series C led by VMS Investment Group, a Hong Kong-based investment firm, closed last year. This was followed by a $20 million Series D in April led by Omniscience.
New Horizon's testing products cover intestinal, cervical, gastric and lung cancers. It serves more than three million customers, who collect stool or phlegm samples that are used to detect gene mutations as early signs of cancer. The company manages a nationwide network of sample collection and analysis centers.
Unlike traditional cancer screening, the New Horizon method is non-invasive, painless, and convenient. When test results come up positive, customers are advised to visit a hospital.
New Horizon claims to be only the second company in the world - and the first in China - to complete a large-scale clinical trial of early cancer screening products. It was officially launched in September 2018 and covered eight top-tier hospitals, collecting data from nearly 6,000 enrolled patients. Submissions of all clinical data were completed in early 2020.
"New Horizon is the absolute leader in the at-home cancer screening market. We are looking forward to the full line of products, which offers better choices and help for people under high-risk," said Ting Wang, a managing director of OrbiMed Asia, in a statement.
Gene-testing is an area with active private equity involvement. Beijing-based Burning Rock Biotech completed a $222 million US IPO last month, while Genskey raised an RMB50 million ($7.1m) extended Series B round in February.
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