OnkoCares Secures RMB 120 Million in Series A+ Financing to Advance Cancer DNA Methylation Diagnostics

VCBeat has learned that OncoCare (Suzhou) Co., Ltd. (hereinafter referred to as “OncoCare”) has recently completed its Series A+ financing round, led by Yuanhe Origin Capital and participated in by Yida Capital. To date, OncoCare has secured RMB 120 million in financing this year. The funds will be used to expand the R&D pipeline for cancer gene methylation detection products, conduct multi-center clinical trials, submit applications for medical device registration, and promote market adoption of its products.

Recently, Beijing has included gene methylation testing in its Class A medical insurance coverage, vigorously promoting the clinical application of molecular diagnostics for cancer. This move has not only drawn widespread attention from all sectors of society but also brought gene methylation testing, a novel method for detecting cancer molecular markers, into the public eye. In fact, as early as in the "Healthy China 2030" Planning Outline, the state clearly pointed out that cancer diagnosis and treatment should be incorporated into government livelihood projects, with efforts to advance early diagnosis and treatment of cancer as well as key scientific research, aiming to effectively address critical issues affecting people's well-being.

OncoCare, established in 2019, is a high-tech enterprise founded and led by returning experts in oncology genomics and bioinformatics. The company has remained dedicated to the research and development, manufacturing, sales, and testing services of cancer genetic testing products. It has currently built standard GMP-compliant facilities and a third-party medical laboratory that meet the requirements for Class 10,000 and Class 100,000 cleanrooms.

Furthermore, OncoCare has integrated its self-developed big data analytics platform for cancer genomics and tumor marker mining algorithms with its proprietary ultra-sensitive combined detection technology system for gene methylation, striving to build a globally leading novel molecular diagnostic platform for cancer. It provides highly cost-effective cancer diagnostic products and services and has currently established academic co-development and clinical collaborations with more than 30 hospitals.

Currently, OncoCare’s first cancer gene methylation detection product has completed two single-center clinical trials conducted in collaboration with multiple Grade 3A hospitals in China. The product has demonstrated excellent performance and successfully passed registration testing, with multi-center clinical trials set to commence shortly. In addition, the company’s gene methylation detection products for liver cancer, lung cancer, cervical cancer, and other indications will sequentially undergo single- and/or multi-center clinical studies. Meanwhile, its subsidiary, OncoCare Medical Laboratory, has launched precision oncology medication testing products based on OncoCare’s core algorithms. With these developments, OncoCare’s end-to-end product portfolio has taken initial shape.

OncoCare’s product R&D capabilities have also attracted significant investor interest. In April this year, OncoCare secured Series A financing led by Guoqian Venture Capital, with participation from Huatai Zijin, Dunxing Capital, and Suzhou New District Venture Capital, among others.

The founder of OncoCare stated, “We are delighted to have secured two consecutive rounds of investment within six months. We extend our gratitude to the new investors for their confidence and recognition, as well as to our existing shareholders for their strong support.”“Following this round of financing, we will actively advance the registration and market launch of our existing products, with the aim of better serving cancer patients in China.”

Investors in this round stated that within less than two years of development, OncoCare has assembled a mature operations team, an efficient business development team, and a top-tier R&D team, accumulating robust capabilities in cancer genetic diagnostics and extensive experience in product commercialization. Currently, the R&D and market launch of OncoCare’s various products are advancing rapidly, demonstrating significant advantages in testing accuracy, cost, and throughput. The investors expressed their expectation that OncoCare will achieve outstanding performance in the promising field of cancer genetic testing.

Yuanhe Origin is a member enterprise of Suzhou Yuanhe Holding Co., Ltd. It is a market-oriented, specialized early-stage equity investment platform that focuses on investment opportunities in startups and growth-stage enterprises within the Healthcare and TMT sectors. The total scale of its funds under management is approximately RMB 4.5 billion, comprising both VC funds and angel funds targeted at specific regions.

Yuanhe Origin’s investment style is characterized by a focus on early-stage ventures, a preference for technology-driven companies, and a steadfast commitment to its promises, earning it a strong reputation among early-stage tech startups. To date, it has invested in and managed over 200 high-quality enterprises, including Jiangsu Beiren, Tianzhun Technology, Cambricon, CloudWalk Technology, Biocytogen, Bekang Medical, Singlera Genomics, Zhizhu, Mogul IoT, Ascentage Pharma, CStone Pharmaceuticals, and WuXi Juno Therapeutics.

Yida Capital was established through a mixed-ownership reform within the Jiangsu High-Tech Venture Capital Group, a well-established and renowned venture capital firm. Ranking among the industry leaders in terms of industry research capabilities, assets under management, and investment specialization, Yida Capital is one of the most influential venture capital institutions in China.

As of July 2021, the management team of Addor Capital had a total assets under management (AUM) of RMB 115.1 billion, having cumulatively invested in and supported 1,035 startups, helping 214 of them list on domestic and international capital markets.