Wuhan Kanglu Bio Successfully Closes Tens of Millions RMB Series B Financing Led by Sinopharm Capital

On March 20, 2019, VCBeat learned that Wuhan HealthCare Biotechnology Co., Ltd. had completed a Series B financing round worth tens of millions of yuan, with Sinopharm Medical Device Equity Investment Fund as the sole investor. Probe Capital served as the financial advisor for this round of financing. On the same day, the equity investment signing ceremony between “Wuhan HealthCare Biotechnology and Sinopharm Capital” was grandly held at Optics Valley Biological City in Wuhan. Ding Huichen, Deputy Director of the Biological Office; Shi Shenghao, Managing Director of Sinopharm Capital; Han Weiming, Deputy General Manager of Sinopharm Medical Devices Company’s Wuhan Branch; Yu Xin, Executive Director of Sinopharm Capital; and Chen Gang, Chairman of Wuhan HealthCare Biotechnology, delivered speeches one after another. Representatives from Oriza Holdings, the previous round investor of Wuhan HealthCare Biotechnology, also witnessed this significant event on-site.

Wuhan HealthCare Biotechnology Co.,Ltd was established in 2013 and is located in Wuhan Optics Valley Biological City, a national bio-industry base. Customer-oriented, HealthCare Biotechnology focuses on molecular diagnostics for major diseases and is committed to providing a comprehensive suite of rapid, automated fluorescence in situ hybridization (FISH) testing solutions.

Sinopharm Capital Management Co., Ltd. was established in 2012 as a professional equity investment institution focused on the healthcare and wellness sector, initiated by China National Pharmaceutical Group (Sinopharm). Its management team comprises internal and external investment professionals from Sinopharm, operating under market-oriented mechanisms. With profound insights into the development, industrial operations, and capital management of the pharmaceutical and healthcare industry, the company effectively integrates industry resources and capital strengths both within and outside Sinopharm.

Chen Gang, Founder and CEO of Wuhan HealthCare Biotechnology Co.,Ltd, stated: “Sinopharm Group possesses extensive industry resources in areas such as medical experts and hospital endpoints. This collaboration with Wuhan HealthCare Biotechnology will drive the further development of more automated, intelligent, and standardized next-generation fluorescence in situ hybridization (FISH) testing products, thereby accelerating Wuhan HealthCare Biotechnology’s market expansion in the field of molecular diagnostics.”

Meanwhile, Chen Gang revealed that the financing will be used to promote the research and development and production of HealthCare Biotechnology's new generation of rapid in situ hybridization detection solutions, including the development of a product line with over 300 rapid FISH products and fully automated FISH equipment, as well as expansion into more than 300 Grade A tertiary hospitals in China and international markets.

Shi Shenghao, Managing Director of Sinopharm Capital, stated, “Precision oncology represents the future direction of development, and molecular pathological diagnosis holds promising prospects. We are optimistic about HealthCare Biotechnology’s rapid and automated technological features, as well as its comprehensive product portfolio. Leveraging the industrialization experience and resource advantages of the Sinopharm system, we will accelerate the product promotion and R&D efforts of HealthCare Biotechnology, thereby benefiting both patients and the industry.”

The collaboration between Wuhan HealthCare Biotechnology Co.,Ltd and Sinopharm Capital sets a benchmark for Sinopharm Group’s partnerships with enterprises in the Optics Valley Bio-city, while also injecting strong momentum into the future development of Wuhan HealthCare Biotechnology. Leveraging its comprehensive customer-centric approach and robust R&D capabilities, Wuhan HealthCare Biotechnology is poised to achieve continuous breakthroughs in the field of molecular diagnostics for major diseases.