Coyote Bio Submits IPO Prospectus: Bringing Molecular Diagnostics to Everyone
Caydee Biotechnology (Beijing) Co., Ltd. was founded in December 2009 and is a national high-tech enterprise dedicated to the research and development, production, and sales of genetic molecular diagnostic systems. In 2013, Caydee was recognized as one of the “Most Promising Startups Founded by Overseas Returnees.” In 2015, it ranked 16th on the list of the “Top 50 Most Investable Companies.”
The molecular diagnostics industry is developing rapidly, The industry has high technical barriers.
In recent years, molecular diagnostics has been the fastest-growing subsector within the in vitro diagnostics (IVD) industry. According to the "China Biopharmaceutical Industry Development Report," in 2010, China’s molecular diagnostics sector accounted for 8.9% of the global IVD product market share, amounting to approximately USD 4.45 billion, with an average annual growth rate of 17% over the past decade. Currently, China has implemented multiple policies targeting tiered diagnosis and treatment as well as precision medicine to address issues such as uneven distribution of medical resources and overcrowding in large hospitals. Molecular diagnostic technologies offer rapid and precise diagnostic capabilities, but they entail high technical barriers.
Global Market Demand Size of the Molecular Diagnostics Industry (2010–2015) (USD Billion)
Advantages of Caydii ProductsPortable, rapid, and precise, applicable toAcute Disease Examination and Chronic Disease Screening
The core principle of molecular diagnostics is to apply molecular biology methods to detect changes in the structure or expression levels of genetic material within a patient’s body for diagnostic purposes, with testing materials including DNA, RNA, and proteins. Molecular diagnostics is the primary method for predictive diagnosis. Currently, Cayody’s molecular testing platform includes the portable real-time quantitative PCR Mini8 Plus system and “one-step” nucleic acid extraction-free reagents. These are mainly applicable to the detection of various diseases and human genetic genes, including screening for infectious diseases, tumor-associated pathogens, and guidance for personalized medication. After medical personnel collect blood or saliva samples from users using the kit, the samples are placed into the PCR instrument, which performs sample analysis and generates a test report on the connected computer terminal. The entire testing process can be completed in as little as approximately 20 minutes. Furthermore, the “one-step” molecular testing platform is a fully closed system, which prevents manual contamination during the experimental process and improves testing accuracy.
“Certain cancers are strongly associated with viral infections; for instance, cervical cancer has been proven to be caused by HPV infection, while Helicobacter pylori (HP) infection increases the risk of gastric cancer. Therefore, early detection of relevant pathogens can facilitate cancer prevention and control. Kayou Di hopes that everyone can benefit from molecular diagnostics,” said Li Xiang, Founder and CEO of Kayou Di, in an interview with VCBeat.
Caydii Mini8 Real-Time Fluorescent Quantitative PCR System and Detection Kits
The Nucleic Acid Testing Market Has High Technical Barriers，Kayou Di's Products Detected Beijing's First Imported Case of Zika Virus
Regarding competition within the industry, Li Xiang candidly stated that, to date, no molecular diagnostics company is in direct competition with Cayody. Cayody’s technology focuses on rapid point-of-care molecular testing, which offers certain advantages compared to the high technical barriers prevalent in the nucleic acid testing market.
Regarding the milestone events in the company’s development history, Li Xiang stated that in early 2015, when the Ebola virus was raging in Africa, Caydee’s molecular testing platform was deployed for on-site Ebola virus detection in Sierra Leone, contributing to epidemic control. The World Health Organization (WHO) has officially listed Caydee’s testing system on its website, making Caydee the first Chinese supplier of nucleic acid testing equipment to be included.
In 2016, Caydy collaborated with the Chinese Center for Disease Control and Prevention to establish on-site molecular testing platforms at Beijing Capital International Airport, Beijing West Railway Station, and entry-exit inspection and quarantine agencies in Shanghai, Shenzhen, Zhejiang, Liaoning, and other regions, for the purpose of Zika virus screening. Following the initial identification of the fourth and fifth imported Zika cases in China, on May 14, 2016, Caydy’s testing platform detected the first imported Zika case in Beijing at Beijing Capital International Airport.
Li Xiang, CEO of Caydi Biotech
Cayudi Has Secured Two Rounds of Funding
Kayou Di’s Founder and CEO, Li Xiang, holds a bachelor’s degree in Physics from Peking University and a master’s degree in Biophysics from the University of California. In 2006, Li Xiang founded Jinyinxing Biotechnology in China and Gingko Biotechnology LLC in the United States. COO Angela Zhang earned her Ph.D. in Biomedical Sciences from Stanford University and previously served as Vice President at SAIF Partners Asia. CTO Jesus Ching formerly served as Director of Research and Development at Cepheid, the first point-of-care molecular diagnostics company in the U.S.
Caydi secured its Series A financing in 2014, with SAIF Partners Asia as the investor. In 2015, the company closed its Series B round, led by Northern Light Venture Capital and followed by SAIF Partners Asia and Legend Star. The total amount raised across these two rounds was approximately $20 million.
Moving forward, Caiudi will continue to develop new products and gradually extend the adoption of its molecular diagnostics solutions to primary healthcare institutions.