GenePlus Secures Nearly RMB 200 Million in Series B Funding to Advance Clinical Compliance of Tumor Genomic Testing

Source: Gene+

As an industry leader focused on precision oncology, Beijing Gene+ Technology Co., Ltd. (“Gene+”) announced that it had completed its Series B financing round of nearly RMB 200 million in July 2019. The round was led by CDH Investments, with participation from both new and existing investors including BGI Genomics, Volcanic Stone Capital, Sinopharm Capital, Rongzhi Lian, and Deshang Capital. The proceeds will be primarily used to advance the clinical application of domestically produced gene sequencing platforms, as well as to strengthen the company’s layout in integrated early screening, prevention, and treatment of cancer.

Gene+ is committed to providing customers with professional and trustworthy high-throughput tumor gene sequencing services. Its subsidiary clinical laboratory has demonstrated excellent performance for four consecutive years in external quality assessment and proficiency testing programs organized by authoritative domestic and international institutions, including the National Center for Clinical Laboratories (NCCL) of the National Health Commission, the College of American Pathologists (CAP), and the European Molecular Genetics Quality Network (EMQN), and has obtained CAP accreditation. The company has established strategic collaborations with more than 400 major hospitals, pharmaceutical companies, and research institutions both in China and abroad, leveraging big data to drive precision medicine and accumulating nearly 120,000 tumor-related data records.

Gene+ Upholds Strategy of Domestic Genetic Sequencing Platforms, Creating an Integrated Solution for Clinical Tumor High-Throughput Sequencing. Recently, the domestically produced Gene+Seq-200/2000 genetic sequencers, focused on the oncology field, obtained medical device registration certificates from the National Medical Products Administration (NMPA). Combined with the Gene+OncoBox, an all-in-one automated analysis and interpretation system for tumor NGS that has already received software certification, and the lung cancer medication guidance kit expected to be certified within the year, the company will leverage its "complete triple-certification" advantage to promote the compliant, high-quality implementation of tumor high-throughput sequencing services in clinical applications.

Furthermore, Gene+ has partnered with more than 20 renowned domestic and international companies, including AstraZeneca, Johnson & Johnson, Innovent, Hengrui Medicine, and BeiGene, to provide collaborative R&D services for new drugs. Meanwhile, in response to the needs of healthy individuals for precision cancer prevention and control, Gene+ is actively promoting the exploration of an integrated model for cancer prevention and treatment, as well as the development and regulatory submission of core products in the field of early cancer diagnosis.

As the lead investor in this financing round, Ms. Huang Yiling, Executive Director at CDH Investments, stated: “After a period of vigorous development and consolidation, the oncology genetic testing industry is entering a new phase of growth. We firmly believe that clinical standardization, independent control over core tool platforms, cost reduction and efficiency enhancement, and improved utilization of medical resources will become the new drivers of industry growth. Over the past four years since its founding, Gene+ has risen to the forefront of the sector. Its founding team is professional and focused, possessing rare industrial insight and strategic resilience within the industry. The next few years represent a critical period for the company’s rapid expansion, and we look forward to participating in and jointly driving this transformation.”

Dr. Yi Xin, Chairman and Chief Technology Officer of Gene+, stated, “Tumor genetic testing is transforming the current clinical landscape of oncology diagnosis and treatment, and will in the future permeate every aspect of cancer prevention and control more comprehensively and profoundly. Over the next two years, the industry will undergo significant changes, with clinical compliance being an inevitable path. Gene+ will continue to promote the clinical application of domestically produced gene sequencers, while building a tumor genetics big data platform based on domestic platforms, implementing an integrated business layout for prevention, control, diagnosis, and treatment, thereby further advancing precision oncology.”

Gene+, founded in April 2015, is an innovative high-tech enterprise dedicated to precision oncology. Leveraging a domestically developed large-scale NGS platform and big data on tumor genomics, the company has established a comprehensive value chain for cancer prevention and treatment, encompassing four core business segments: clinical testing services, medical device manufacturing, scientific collaboration services, and cancer prevention and control services. Gene+ is committed to becoming the most trusted big data service platform for tumor genomics.

Cornerstone Capital is a well-established equity investment management firm. Founded in 2001, it boasts 18 years of investment management experience and is one of China’s earliest private equity investment institutions. Headquartered in Shenzhen, the company has branches in Beijing, Shanghai, Hong Kong, and Hefei. To date, Cornerstone Capital has managed over 80 investment funds spanning angel investing, venture capital (VC), private equity (PE), mergers and acquisitions, private placements, and private securities, with total assets under management exceeding RMB 50 billion, ranking among the industry leaders nationwide.