Chinese Academy of Sciences-owned Cash Capital was among the investors in precision cancer screening business MyGene Diagnostics' second funding round.
China-based cancer screening technology developer MyGene Diagnostics has closed a $14m series B round backed by Cash Capital, an investment arm of Chinese Academy of Sciences, Seeking Alpha reported yesterday.
The round was led by venture capital firm Shenzhen Capital with additional contributions from asset management firm Great Wall Fund Management and an entity described as Zhanglong Sanjun Venture Capital Investment.
Founded in 2015, MyGene develops high-throughput genetic sequencing technologies that provide oncologists with molecular diagnostics for their patients along with personalised treatment guidance.
The products include tools for early cancer screening, genetic risk assessment, personalised drug prescriptions and prognosis monitoring.
MyGene will put the series B proceeds towards product development and regulatory submissions as it looks to expand its commercialisation strategy. The round comes after Shenzhen Capital supplied an eight-figure renminbi (RMB10m = $1.5m) series A sum to the company in 2018.
