KangLiming Bio Completes CNY 600 Million Series C Financing to Strengthen Leadership in Multi-Cancer Early Screening
VCBeat (WeChat ID: vcbeat) has learned that on September 27, 2020, Creative Biosciences officially announced the completion of its Series C financing. This round once again attracted strong interest from renowned investment institutions, with a total of RMB 600 million raised in just three months. Led by Qingsong Capital, a professional biomedical investment firm, the round saw participation from Hai Song Capital, Jundu Capital, Lingdao Capital, Shengyu Investment, Guangzhou Development District Fund, Huiju Xinxing Fund, Tianjin Huayi, and Xingrui Capital. Existing shareholders IDG Capital and CDH Investments also continued their support. China Renaissance served as the exclusive financial advisor. The proceeds from this financing will further solidify Creative Biosciences’ leading position in the cancer screening industry, funding the R&D, clinical trials, sales channel expansion, marketing, and team building for early cancer screening products and POCT (Point-of-Care Testing) products targeting lung cancer, bladder cancer, liver cancer, cervical cancer, and other types of cancer.
Since its establishment in 2015, Creative Biosciences has been dedicated to the research and development, manufacturing, and sales of products for early cancer diagnosis, including Chang’An Xin® (Human SDC2 Gene Methylation Detection Kit). Its flagship product, Chang’An Xin®, received approval from the National Medical Products Administration (NMPA) for official market launch on November 20, 2018. It remains the only fecal DNA-based colorectal cancer detection product to have obtained a Class III medical device registration certificate from the NMPA to date. In October 2019, it was included in the expert consensus on colorectal cancer screening procedures in China, establishing itself as a first-in-class product in the field of early colorectal cancer screening. Furthermore, Creative Biosciences has strategically positioned itself across multiple technology platforms and developed early diagnosis and screening products for various high-incidence cancers. By actively building comprehensive market channels, the company has entered a phase of rapid growth in its R&D, production, and sales operations.
Dr. Zou Hongzhi, Founder of Creative Biosciences, stated: “We warmly welcome the support of new investors and extend our sincere gratitude to all investment institutions for their endorsement and recognition of Creative Biosciences. With the backing of our existing shareholders, the company has achieved rapid growth over the past few years, progressively developing a diverse portfolio of early cancer screening products and establishing a nationwide sales network, while attracting numerous talented professionals. The infusion of capital from new shareholders in this round has propelled Creative Biosciences to a new level. I am firmly convinced that, with the strong support of both existing and new shareholders and the concerted efforts of our team, Creative Biosciences is poised to become a leading enterprise in China’s early cancer screening sector.”
Dr. Zhang Song, Founder of Qingsong Capital, stated: “We are delighted to participate as the lead investor in Creative Biosciences’ Series C financing round. Amid the broader trend of national healthcare system reform, we are confident in the growth potential of the niche sector focused on early diagnosis and screening for cancer. Qingsong Capital is honored to partner with Creative Biosciences, an industry leader, to jointly establish China’s premier enterprise in colorectal cancer early screening, thereby contributing to the prevention and control of colorectal cancer in China.”
Mr. Xie Yijing, Managing Director and Head of the Healthcare and Life Sciences Group at China Renaissance, stated, “It is a great honor to assist Creative Biosciences in completing this round of financing. The high incidence of cancer, coupled with the strong emphasis placed on it by national policies, has made early cancer screening a highly promising niche sector that attracts significant attention from the capital markets. We firmly believe that, with the support of this financing round, Creative Biosciences will achieve more rapid growth and solidify its leading position in the field of early colorectal cancer screening. We remain committed to accompanying the company on its journey toward new milestones.”
Yuan Sheng Venture Capital, Chende Capital, CDH Investments, and IDG Capital, which led previous funding rounds for Creative Biosciences, together with existing shareholders, have warmly welcomed the addition of new shareholders such as Qingsong Capital and Haisong Capital. All shareholders, both new and existing, have expressed their unified commitment to pooling resources and efforts to drive the development of Creative Biosciences and make due contributions to the prevention and treatment of high-incidence cancers in China.
Creative Biosciences (Guangzhou) Co., Ltd. is a high-tech biotechnology company founded by a team of distinguished scientists. The company specializes in the research and development, manufacturing, and sales of early cancer diagnostic products, such as the Colotect® non-invasive colorectal cancer detection kit, along with related automated testing equipment, while also providing corresponding testing services. Boasting cutting-edge international scientific research capabilities and numerous independent intellectual property rights, Creative Biosciences is developing early diagnostic products and point-of-care testing systems for lung cancer, bladder cancer, liver cancer, cervical cancer, and other malignancies, in addition to its Colotect® colorectal cancer detection product. Having completed multiple rounds of high-quality venture financing, the company has emerged as a highly regarded star enterprise within the industry. Guided by the noble mission of “Human Health, Our Responsibility,” Creative Biosciences strives to achieve breakthroughs and advancements in the early diagnosis, treatment, and prognostic monitoring of chronic diseases, particularly cancers, ultimately benefiting the public.
Qingsong Capital is a specialized private equity investment firm focused on the biotechnology and healthcare sectors. Adhering to a research-driven investment philosophy, it is committed to growing alongside the most innovative biomedical enterprises and promoting technological and commercial innovation in China’s life sciences and healthcare industries. To date, it has completed investments in numerous industry leaders, including Shanghai United Imaging Healthcare, SinoCellTech (688520.SH), Ascentage Pharma (6855.HK), Haodf Online, Sino Biological, and CureGenomics.
Oceanpine Capital is a professional investment management firm dedicated to long-term and value investing. It focuses on investing in high-tech and healthcare companies driven by innovative technologies, particularly those with breakthrough and revolutionary innovations. Its portfolio primarily consists of rapidly growing private companies, as well as public companies with significant potential for future development.
Jundu Investment is a private equity investment management firm founded by leading professionals from top domestic investment banks and seasoned industry experts. With assets under management totaling RMB 5 billion, the firm focuses on investments in healthcare, TMT (Technology, Media, and Telecom), and advanced manufacturing. In the healthcare sector, Jundu Investment centers on two major themes: addressing unmet clinical needs and import substitution. It strategically invests in high-quality companies within key sub-sectors, including high-end medical devices, in vitro diagnostics (IVD), innovative drugs, and healthcare services.
Lingdao Capital focuses on long-term equity investment opportunities in the Asia-Pacific region, targeting growth-stage innovative enterprises in the biomedicine and intelligent technology sectors. Managing both RMB and USD funds, Lingdao Capital is committed to identifying and investing in domestic and overseas companies with cutting-edge technologies in these fields from a medium-to-long-term perspective, while continuously exploring effective models for long-term capital investment.
Shengyu Investment is an equity investment firm with the core characteristics of an industrial fund, managing assets in excess of RMB 8 billion. Since 2011, Shengyu’s healthcare investment team has adopted an “Industry Partner” strategy to integrate industry and finance by partnering with limited partners (LPs) such as Yuwell Medical, Huahai Pharmaceutical, and Shanghai Trust, jointly seizing opportunities arising from the rise of China’s healthcare and wellness sector. Through a “Specialization” strategy, the firm focuses its investment portfolio on niche segments including in vitro diagnostics (IVD), implantable and interventional consumables, and medical devices.
Xingrui Capital was established in December 2018 and currently manages funds of parent funds and equity investment funds totaling RMB 1 billion. Xingrui focuses on three emerging industries: technology, new energy, and healthcare. It engages in deep cooperation with high-quality private equity fund managers and private securities fund managers, while also actively participating in Hong Kong IPOs of core industry enterprises. By fostering a virtuous interaction ecosystem between primary and secondary markets around high-quality enterprises, Xingrui collaborates with its partners for long-term mutual development.
Guangzhou Development District Industrial Fund Investment Group Co., Ltd. was registered and established in July 2017. As a district-level fund-based investment and financing platform under the Administrative Committee of Guangzhou Development District, it has built an investment ecosystem covering the entire chain from VC to PE and PRE-IPO. Its portfolio companies, including Fangbang Electronics, Jet Biofil, and Anbiping, have successfully achieved IPOs. The group has been honored on the annual rankings of Private Equity Weekly and China Finance.
Guangzhou Huixin Star Equity Investment Partnership (Limited Partnership), managed by Guangjin Fund, is based in Huangpu District and the Development Zone of Guangzhou. It focuses on investing in high-quality enterprises with competitive advantages in next-generation information technology, biotechnology and pharmaceuticals, medical technology, and healthcare services, thereby empowering industrial transformation, upgrading, and the development of innovation and entrepreneurship. With the Guangzhou region as its core, rooted in the Guangdong-Hong Kong-Macao Greater Bay Area and covering all of China, the firm prioritizes strategic emerging industries key-supported by the state, such as IAB (next-generation information technology, artificial intelligence, and biomedicine), NEM (new energy and new materials), and high-end equipment. It also monitors investment opportunities in mixed-ownership reform of state-owned enterprises and private placements in the secondary market, striving to become an influential professional fund management institution.
China Renaissance Holdings is a leading financial institution in China serving the new economy. The Company’s businesses include private placement financing, mergers and acquisitions, securities underwriting and issuance, securities research, securities sales and trading, private equity investment, broker-dealer asset management, and other services. It is committed to providing one-stop financial services spanning mainland China, Hong Kong, and the United States for entrepreneurs and investors in China’s new economy sector. As of June 30, 2020, China Renaissance Holdings had successfully assisted clients in completing over 980 transactions, including initial public offerings, mergers and acquisitions, and private financing, with a total transaction value exceeding US$146 billion. The assets under management of its private equity funds amounted to approximately RMB 39 billion.