CPE leads $224m round for China cancer diagnostics business
3D Diagnostic, a diagnostics spinout from Chinese tumor immunotherapy specialist 3D Medicines, has raised RMB1.5 billion ($224 million) in funding led by CPE, formerly known as CITIC Private Equity.
CICC Capital, local drug developer Jemincare, Tsing Song Capital, state-owned VC investor Spinnotec, a healthcare unit of electronic appliances manufacturer Haier, Ruiyi Investment, and LanShang Capital also participated. Several existing backers re-upped, among them Luxin Venture Capital, Shandong Transportation Industrial Development Fund, and Shenzhen Sangel Capital.
3D Diagnostic and 3D Medicines, which focus on diagnosis equipment and lab testing, respectively, were separated in 2018. Both companies have plans to list. This is 3D Diagnostic's second found, following a RMB280 million commitment in January led by a healthcare fund under state-owned conglomerate China Resources, AVCJ Research's records show.
The proceeds will be primarily used for R&D involving precision diagnosis equipment and reagents. These include fully-automated, next-generation sequencing (NGS) equipment and in vitro diagnostic (IVD) medical devices.
Established in 2010, 3D Medicines aims to use an individual's genetic information to prevent, diagnose, and treat cancer. Diagnoses are supported by extensive databases for oncology and next-generation sequencing. The company has more than 20 programs - covering all solid tumors - and works with more than 800 hospitals. It claims to serve over 40,000 patients a year.
More recently, 3D Medicines introduced several testing kits used to detect COVID-19.
The company received early funding from Sangel and Cowin Venture Capital and then a RMB146 million round in 2015 featuring Tasly Pharmaceutical Group, among others. China Venture Capital Fund, a government-backed VC vehicle, and ChinaEquity Group led a RMB670 million round in 2017.
Other recent investments in the gene-sequencing space include a RMB200 million Series B for Guangzhou-based precision diagnosis and gene sequencing player Vision Medicals. Meanwhile, MGI Tech, a manufacturer of gene sequencing devices, raised more than $1 billion in funding led by IDG Capital and CPE.
CEC Capital Group served as the exclusive financial adviser for 3D Diagnostics' latest funding round.
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