China's AnchorDx completes $40m Series C
AnchorDx, a China-based medical technology developer focused on DNA sequencing and diagnostics, has raised a $40 million Series C round led by OrbiMed and WuXi Huiying Investment.
The company describes itself as the world-leading developer of DNA methylation next-generation sequencing (NGS) products. NGS technology allows for the determination of DNA sequences, which helps researchers understand genetic mutations associated with certain diseases.
This work is being applied to the development of cancer screening and early cancer detection products. Focus areas include lung cancer and solid tumors.
The current product pipeline encompasses more than 70% of high-incidence cancers. The most advanced product, known as Aurora, uses a liquid biopsy-based early detection system for multiple cancers and is expected to be brought to market later this year.
The new capital will be used to advance the registration and commercialization of NGS products for cancer and deploy the technology in other disease areas. "AnchorDx's technology and products demonstrate superb advantages and commercial potential," David Wang, a partner at OrbiMed, said in a statement.
AnchorDx raised a $28 million Series B in 2017 led by 6 Dimensions Capital and Sijia Jianxin Fund with support from Arch Venture Partners, Marathon Venture Partners, contract research outsourcing provider WuXi AppTec, and medical testing services provider Guangzhou KingMed. Previous investors also include Northern Light Venture Capital.
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