JinXiang Medicine Secures RMB 200 Million Series B Funding to Advance Novel Biomarker Discovery and Expand Precision Oncology Solutions
Recently, Jinxiang Medicine announced the completion of its RMB 200 million Series B financing round. The round was led by Yikai Venture Capital, with participation from Lichen Investment, Qingdao Hongteng, and Wushi Capital. Kunquan Capital served as the financial advisor. The proceeds will be used for the research and development of early cancer screening products, product registration and regulatory submissions, and marketing and promotion.
Jinxiang Medical leverages its independently developed big data analytics platform for genomic data to discover novel tumor biomarkers and apply them within a closed-loop clinical translation ecosystem, thereby advancing early screening and diagnosis, therapeutic monitoring, and precision treatment of cancer. Since its establishment in 2018, the company has strategically focused on the discovery of novel biomarkers, launching a series of urine-based precision diagnostic and therapeutic products for cancer, represented by its “U-Ai” brand. These innovations have filled critical gaps in the early screening and diagnosis, medication guidance, and efficacy prediction for cancers such as urothelial carcinoma and prostate cancer.
As the field of precision oncology enters a “quiet” phase, will the novel biomarker discovery strategies heavily invested in by Jinxiang Medicine become a new growth engine for the industry? On the occasion of the company’s completion of its latest funding round, VCBeat held a dialogue with Dr. Cao Shanbai, CEO of Jinxiang Medicine.
With the emergence and application of genetic testing technologies, clinical oncology practice in China has entered the era of precision medicine. In the research and practice of precision medicine, biomarkers carrying life information are regarded as crucial “tools” for predicting potential disease risk, assessing prognosis, selecting medications, and monitoring therapeutic efficacy. In particular, with the rise of liquid biopsy technology, tumor precision medicine has accelerated its expansion and undergone significant transformation, extending from the single scenario of companion diagnostics to the fields of early screening and minimal/measurable residual disease (MRD). Given that clinical diagnosis of tumors involves a wide range of complex diseases, how can precision diagnosis and treatment of tumors be achieved?
Cao Shanbai stated, “It is essential to select superior, or even exclusive, biomarkers.” In the field of oncology precision medicine, the detection targets for companion diagnostics are relatively well-defined; however, early screening and minimal residual disease (MRD) assessment remain largely a “black box” for the vast majority of cancers. Currently, colorectal cancer early screening represents a relatively mature area. The core performance of Cologuard, the world’s first and most successful colorectal cancer early screening product, is determined by five methylation sites. Therefore,The quest for novel biomarkers to enable precise early screening and minimal residual disease (MRD) detection across a broader spectrum of cancer types will serve as the “primary driving force” behind industry development.With four years of in-depth strategic focus on novel biomarkers, Jinxiang Medical has gained the momentum for sustained and rapid growth.
Sources for the discovery of novel biomarkers mainly fall into two categories: one is based on existing publicly published research data, and the other relies on a company’s own capabilities in data accumulation and mining. In Cao Shanbai’s view, the latter serves as the long-term driving force for the discovery of new biomarkers and will become one of the essential capabilities for future industry leaders.
Golden Oak Medicine began establishing a novel biomarker discovery system as early as 2018.The company has established a genomic database of over 100,000 cancer patients, covering multiple cancer types including urologic tumors, gastrointestinal tumors, and hematologic malignancies.Its underlying data algorithms mine multi-dimensional genomic information, including SNVs, gene fusions, and chromosomal structural variants. Meanwhile, the company collaborates closely with leading oncology experts at clinical hospitals.Established a complete pathway for the development and clinical translation of novel biomarkers.
The “U Love” series products are typical achievements of Jinxiang Medicine in the clinical translation of novel biomarkers.Building on well-defined molecular biomarkers, Golden Oak Medicine launched the world’s first urine-based comprehensive management solution for urothelial carcinoma—the “U-Ai” series—in April 2022. Urothelial carcinoma is one of the most common malignant tumors in the genitourinary system, and with early screening and treatment, the majority of cases can be cured. The three products in the “U-Ai” series (U-Ai SEEK, MRD, and HOPE) enable early screening and diagnosis, treatment guidance, and postoperative recurrence monitoring for urothelial carcinoma. The testing is convenient, rapid, and accurate: U-Ai SEEK achieves an accuracy rate exceeding 95%, while U-Ai MRD delivers a negative predictive value approaching 100%.
Currently, Golden Oak Medicine has established a product portfolio in both solid tumors and hematologic malignancies within the field of precision oncology, launching more than 50 testing products under the “Xiang” and “U Ai” series. The company has also entered into strategic collaborations with multiple enterprises, including Huawei Cloud, MGI Tech, Twist Bioscience, AstraZeneca, and Roche Diagnostics.Leveraging its novel biomarker discovery platform, Jinxiang Medicine will subsequently launch a series of products, including urine-based solutions for the early screening and auxiliary diagnosis of prostate cancer, as well as molecular subtyping assays for lymphoma.
The social, medical, and commercial values of precision oncology are well-defined, making it a long-term sector with strong growth prospects; however, its market potential has not yet been fully realized at this stage. According to data from Frost & Sullivan, the total potential market size for molecular diagnosis and testing in oncology in China was RMB 271.2 billion in 2021, and is projected to reach RMB 561.1 billion by 2030.
In recent years, a series of national policies, including the “Healthy China 2030” Planning Outline, the 14th Five-Year Plan for National Health, and the 14th Five-Year Plan for Bioeconomy Development, have been successively introduced. This has led to a rapid surge in interest in early cancer screening and minimal residual disease (MRD) detection, attracting significant attention from capital markets and enterprises. Consequently, many companies have entered the fields of early cancer screening and MRD testing. To achieve sustainable growth amidst fierce commercial competition, these enterprises must establish robust competitive moats.
The discovery of novel biomarkers may be the key to creating sufficient differentiation among enterprises.For molecular diagnostics companies, it is not enough to merely “achieve accurate measurements”; they must also clearly define “what to measure.” The next critical challenge will test their ability to discover novel biomarkers. Cao Shanbai stated, “The development of biomarkers must be supported by a foundational database. Based on this underlying database, we can explore a series of cancer-related molecular markers and further conduct prospective studies for validation.” He emphasized, “The database encompasses not only information such as gene mutations and methylation but also multi-dimensional features at the chromosomal level.” Currently, this is a crucial phase for companies to build technical barriers, and Jinxiang Medicine’s distinctive strength lies in its capability for biomarker discovery and translation.
Amid the capital winter and as pressures from the secondary market spill over into the primary market, Jinxiang Medicine has successfully completed its Series B financing. The company’s unique novel biomarker discovery system has opened up new possibilities for the industry. Moving forward, Jinxiang Medicine will remain committed to addressing clinical pain points by continuing to strengthen its foundational database construction, algorithm development, and insights into clinical needs. Prioritizing the effective resolution of clinical demands, the company will accelerate the development and clinical translation of novel biomarkers in areas such as early cancer screening and minimal residual disease (MRD), thereby benefiting more cancer patients.