Genecast Completes Over RMB 300 Million Series D1 Financing to Advance Comprehensive Upgrade in Precision Oncology

It is reported that the funds raised in this round of financing will be primarily used for the comprehensive upgrade of Genecast’s business operations. Technologically, the company aims to strengthen its technical moat by perfecting the construction of a multi-dimensional testing platform system tailored for various treatment regimens, including immunotherapy. In terms of products, Genecast plans to accelerate internal R&D, enrich its product portfolio, and continue expanding the introduction of overseas product technologies. Regarding scientific research, the company will broaden collaborations with clinical institutions and pharmaceutical enterprises, including partnerships with international pharmaceutical companies on global clinical trials, to compete in overseas markets. From a marketing perspective, Genecast will enhance brand promotion and expand market channels through combined online and offline efforts.

As tumors grow and develop, their diagnostic and therapeutic approaches have become increasingly diverse. How to meet the needs of patients for personalized precision treatment has become an urgent problem to be solved. In response, Genecast has begun to explore diversified treatment plans to meet the growing differentiated needs of patients, and has achieved fruitful results in 2019 alone.

Genecast told Sequencing China that, at the service level, the company has partnered with Nuohui Medical to launch the “Lung Cancer NGS Testing and Combination Therapy Assurance Program,” helping patients alleviate financial burdens and boost their confidence in treatment; participated in Roche’s Lung Cancer Innovation Summit to jointly advance the standardization of lung cancer treatment in China; and signed a strategic cooperation agreement on precision medicine with AstraZeneca to establish an open and sustainable precision medicine ecosystem platform, supporting the “China Precision Medicine Initiative” and enhancing the level of cancer diagnosis and treatment in the country.

At the product level, Genecast has officially launched MammaPrint®, enabling breast cancer patients in China to access this testing domestically rather than traveling abroad, thereby gaining direct access to globally leading and reliable tumor genetic testing services. Additionally, Genecast has entered into an exclusive partnership with the French diagnostics company HalioDx, bringing the Immunoscoring® (Immunoscore®) immunodiagnostic product to Chinese physicians and patients for the first time.

In addition, the Genecast Oncology Specialty Clinic has recently opened, leveraging a multidisciplinary team (MDT) approach to enhance comprehensive oncology care and improve patient experience.

Recently, Genecast has received unanimous recognition from the leadership and experts of the Jiangsu Provincial Clinical Laboratory Center, owing to its leading technology platform, comprehensive methodological validation, qualified and compliant laboratory setup, robust quality management system, and outstanding technical team. The company was awarded the “Certificate of Competency for NGS-Based Detection of Tumor-Related Genes,” which underscores its strength in NGS technology and medical laboratory quality management, while also providing authoritative compliance certification for its tumor-related gene testing services.

Genecast further stated that the company has been recognized as a “National High-Tech Enterprise.” Its laboratories hold certification from the College of American Pathologists (CAP), establishing it as a medical laboratory aligned with international standards and specialized in the detection of tumor molecular biomarkers. Meanwhile, Genecast has achieved outstanding results in multiple external quality assessment (EQA) programs for gene mutation testing organized by authoritative institutions, including the European Molecular Genetics Quality Network (EMQN), the National Center for Clinical Laboratories (NCCL) under the National Health Commission, and the Shanghai Center for Clinical Laboratory. These accomplishments demonstrate its stable and excellent quality control capabilities and testing technologies, all of which have reached world-class standards.

The project team of CICC Capital, the lead investor, stated: “With advancements in basic sciences and the increasing number of oncology targeted therapies being launched in China, genetic testing for targeted cancer treatments will become a major growth driver in the healthcare industry in the coming years. Although there are over four million new cancer cases annually in China, the penetration rate of genetic testing remains low. Although Genecast entered the market later than its peers, it has established a unique advantage through parallel strategies of independent R&D and exclusive overseas partnerships, leveraging its strong technical capabilities and robust market expansion skills. Its differentiated product portfolio and continuous iteration capability meet the long-term domestic demand for ongoing product updates. Currently, Genecast has grown into a first-tier company in the industry and has the potential to become a leading enterprise in precision oncology.”

“The CoWin Ventures project team stated, ‘CoWin has continuously participated in every round of financing for Genecast since the angel round, driven by our belief that Genecast possesses a highly competitive domestic team. This team has the capability to build a comprehensive cancer management platform centered on high-quality precision oncology diagnostics, thereby benefiting patients in China. CoWin will continue to effectively integrate its globally accumulated technological portfolio with Genecast’s leading position in the Chinese market.’”

Ding Yakun, Founding Partner of Yahui Investment, stated, “The practical application scenarios of tumor genetic testing have expanded from mere medication guidance to include auxiliary diagnosis and recurrence monitoring for patients, as well as clinical trials and new drug development for pharmaceutical companies. We are optimistic that tumor genetic testing will become a central ‘reservoir’ connecting doctors, patients, and pharmaceutical companies, spanning the entire process of tumor diagnosis and treatment. Looking at Guardant Health, the leading company in the U.S. tumor genetic testing market, there is still tremendous room for growth for both the domestic tumor genetic testing industry as a whole and leading enterprises such as Genecast.”

Zhiyun Yu, Managing Director at Matrix Partners China, stated, “Precision medicine and personalized medicine are becoming increasingly integral to oncology treatment, with tumor genetic testing playing a pivotal role. We anticipate two key trends in the future of tumor genetic testing: first, an expanding panel of detected gene mutations, wherein next-generation sequencing (NGS) will play an increasingly significant role; second, the application of genetic testing will shift further upstream, intervening as early as the new drug development stage. As the competitive landscape of tumor genetic testing becomes clearer, future opportunities will favor companies that excel in comprehensive capabilities across R&D, sales, and management. Over the past few years, Genecast has established its industry leadership through robust comprehensive capabilities. We look forward to Genecast continuing to create greater value for patients and the industry in the years ahead.”

In response, Du Bo, Co-founder and CEO of Genecast, stated, “We are thrilled to welcome the investors participating in this funding round, particularly prestigious institutions with leading brands and resources in China such as CICC Capital. We sincerely appreciate their recognition of Genecast’s comprehensive capabilities, rapid growth, and development potential, as well as their confidence in us. This round of investment will significantly propel Genecast’s growth in the next phase. Genecast remains committed to becoming a leader in China’s precision medicine sector, dedicated to improving the quality of life for cancer patients. We are delighted to have more investors joining us in working side by side to achieve this goal.”

In fact, whether driven by market education, policy guidance, or technological advancements, the tumor gene testing industry holds immense potential for growth. In this long-distance race, companies that ultimately dominate the market must possess comprehensive strengths, including robust technology, high-quality products, compliant qualifications, and forward-looking vision, to ensure stable and sustainable long-term development amidst future transformations. Undoubtedly, Genecast has emerged as a striking “dark horse” in the field of precision oncology.

Genecast, founded in Beijing in 2014, specializes in the field of precision oncology. Integrating R&D, manufacturing, and medical laboratory services, the company leverages next-generation sequencing (NGS) and bioinformatics as its core technologies to focus on non-invasive precision diagnosis and treatment of cancer, as well as companion diagnostics, providing personalized health guidance for patients.

Currently, Genecast has established a comprehensive multi-dimensional molecular biomarker detection platform. In addition to NGS high-throughput sequencing, multi-target IHC analysis, immune panorama IO panel assessment, and microarray-based detection of immune-related liquid factors, the platform also encompasses T-cell repertoire profiling, methylation testing, and circulating tumor cell (CTC) detection.