Novogene Health Secures $30 Million Series E Funding and Completes China's First Large-Scale Prospective Multicenter Clinical Trial for a Cancer Screening Product

On July 10, New Horizon Health, China’s first biotech company dedicated to early cancer screening, announced the completion of its $30 million Series E financing round. The round was led by Rock Springs Capital, with participation from OrbiMed, Lilly Asia Ventures (LAV), Cormorant Asset Management, China Resources Zhengda Life Science Fund, Octagon Capital, and existing investor Qiming Venture Partners. To date, New Horizon Health has attracted sustained interest from globally renowned venture capital firms, top-tier biomedical funds, and long-term investment institutions, accumulating total investments exceeding $160 million, making it the most favored company among investors in the cancer screening sector.

New Horizon Health Completes Series E Financing, Gaining Favor from International Long-Term Investors

New Horizon Health, founded in 2013, pioneered the early screening market for colorectal cancer in China. Its independently developed “non-invasive multi-target stool FIT-DNA combined test” product—Changweiqing®—is China’s first early screening product for colorectal cancer. Following Exact Sciences, the U.S. benchmark company in cancer early screening, New Horizon Health became the second company globally and the first in China to complete large-scale, prospective, multicenter clinical trials for a cancer early screening product. Under the guidance and supervision of the National Medical Products Administration, the trial was officially launched in September 2018, involving eight major Grade A tertiary hospitals across China, with nearly 6,000 participants enrolled. The submission of all clinical data was completed in early 2020.

New Horizon Health's Self-Developed"Non-invasive Multi-target Stool“FIT-DNA Combined Test” Product—Changweiqing® is China’s First Colorectal Cancer Early Screening Product

This round of financing will be used to consolidate and strengthen the scale expansion of its flagship cancer early screening products, accelerate the R&D, clinical studies, and market commercialization of new products, implement an innovative and diversified market strategy, and build New Horizon Health’s core competitiveness as “China’s No. 1 Brand in Cancer Early Screening.” Home-based cancer early screening has gained widespread social recognition and will become one of the most convenient means for effective cancer prevention. New Horizon Health remains committed to advancing this cause and accelerating the implementation of the national strategy for early cancer diagnosis and treatment outlined in the Healthy China 2030 Planning Outline.

“Over the seven years since its establishment, New Horizon Health has remained true to its original aspiration, advancing with commitment and focusing exclusively on at-home early screening for high-incidence cancers. We are sincerely grateful for the strong support from our investors, which has enabled New Horizon Health to maintain its leading position in China’s cancer early screening market,” stated Zhu Yeqing, Co-founder and CEO of New Horizon Health. “The successful financing is underpinned by New Horizon’s core technological barriers based on independent intellectual property rights and investors’ recognition of our team. This support also helps us better focus on the company’s long-term development strategy. Our mission is to excel in at-home early screening for high-incidence cancers in China, shifting cancer prevention and control efforts upstream and decentralizing them to the grassroots level. We aim to change the life trajectories of high-risk populations in China, helping them truly achieve early screening, early diagnosis, and early treatment, thereby reducing cancer mortality and incidence rates in China.”

“We highly appreciate New Horizon Health’s down-to-earth corporate culture and its commitment to accumulating strength for long-term success, and we sincerely congratulate the company on achieving a milestone success in its large-scale clinical trials,” said Mr. Mark Bussard, Managing Partner at Rock Springs Capital. “We have always been committed to identifying the most innovative disruptors globally. Biotechnology has become a key driver transforming the world and human lives. With its vast population base and sustained economic growth, China is poised to become one of the most dynamic healthcare markets.”

“We firmly support New Horizon Health in becoming the leader in China’s cancer screening market,” said Ms. Wang Ting, Managing Director of OrbiMed Asia. “New Horizon Health pioneered the concept of at-home early cancer screening and is the clear market leader. We look forward to its full portfolio of products providing better options and support for individuals at high risk of cancer in China.” 

Rock Springs Capital is a world-leading investment firm focused on investment strategies for companies in the healthcare sector and related fields.

OrbiMed is an investment firm dedicated to the healthcare industry, with over $14 billion in assets under management. Its investment stage coverage spans from early-stage startups and growth-stage companies to mature enterprises and post-IPO entities. OrbiMed provides the resources and expertise needed to build world-class healthcare companies, striving to be an exceptional long-term partner for outstanding businesses.

Lilly Asia Ventures (LAV), established in 2008, is a leading venture capital fund focused on investments in the life sciences and healthcare industries, with offices in Shanghai, China; Hong Kong, China; and Silicon Valley, USA. LAV is committed to being a trusted partner for outstanding entrepreneurs seeking smart capital, co-creating great companies that develop breakthrough products to combat diseases and improve human health. 

Cormorant Asset Management is an investment adviser registered with the U.S. Securities and Exchange Commission, headquartered in Boston, Massachusetts. Since March 2013, it has been providing investment advisory services and currently manages over $2 billion in assets, primarily invested in the healthcare and life sciences sectors. It manages the Cormorant Global Healthcare Master Fund, LP and the Cormorant Private Healthcare Fund II, LP, focusing on long-term investments in healthcare and life sciences companies.

The China Resources Charoen Pokphand Life Sciences Fund is a private equity fund jointly established by China Resources Group and Thailand’s Charoen Pokphand Group, focusing on investing in early-stage and growth-stage enterprises in the life sciences sector. The first phase of the fund has a size of USD 300 million. The fund invests in innovations within the global life sciences field to meet Chinese patients’ demand for innovative products, technologies, and services. The fund’s investment team possesses extensive management and investment experience in the broader healthcare sector, helping portfolio companies enhance the value of their operations in China.

Octagon Investments Master Fund LP (“Octagon Investments”) is an exempted limited partnership established under the laws of the Cayman Islands and constitutes an investment fund. Octagon Capital Advisors LP (“Octagon Capital”) is a Delaware-registered limited partnership and a registered investment adviser with the U.S. Securities and Exchange Commission, responsible for managing the investments of Octagon Investments. Founded in 2019, Octagon Capital is a multi-stage investment management firm focused on the healthcare and life sciences sector. Its investment scope encompasses both public and private securities, aiming to serve as a long-term investment partner for healthcare companies. Octagon Capital manages capital from institutional investors worldwide, including university endowments, non-profit foundations, family offices, and established asset management firms.

Qiming Venture Partners was founded in 2006 and has successively established offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and the San Francisco Bay Area.Currently, Qiming Venture Partners manages nine U.S. dollar-denominated funds and five RMB-denominated funds, with total assets under management exceeding USD 5.3 billion. Since its inception, the firm has focused on investing in outstanding early-stage and growth-stage companies in sectors such as TMT and Healthcare.

To date, Qiming Venture Partners has invested in more than 350 high-growth innovative enterprises, among which over 110 have been listed on exchanges such as the New York Stock Exchange (NYSE), NASDAQ, the Hong Kong Stock Exchange (HKEX), the Taipei Exchange (TPEx), the Shanghai Stock Exchange (SSE), and the Shenzhen Stock Exchange (SZSE). Additionally, more than 30 of these companies have become industry-recognized unicorns and super unicorns.