Novogene Completes USD $75 Million B Round Financing
News Dec 01, 2016
Novogene Technology Co Ltd has announced that it has completed a USD $75 Million [515 Million RMB] B round financing with China Merchants Bank Co., Ltd.’s CMB International Capital Management (Shenzhen) Co., Ltd. (“CMB International”), SDIC Innovation Investment Management Co., Ltd. (“SDIC Innovation”) and Shanghai Sigma Square Investment Center LP (“Sigma Square Capital”).
Novogene, headquartered in Beijing with the largest genomic sequencing center in the Asia-Pacific region, has labs in Tianjin and the U.S., and subsidiaries or joint ventures in Hong Kong, the U.S. (Novogene Corporation headquartered in San Diego), U.K. and Singapore. In addition to its industry-leading NGS service capabilities, Novogene has established a clinical lab in China that meets US CLIA and CAP standards, where it provides tumor gene detection and genetic testing services to patients, hospitals and pharmaceutical companies in China.
The Series B financing will support strategic growth in Novogene’s global NGS service market and in clinical sequencing R&D and services. Additionally, funds from the financing will be used to enhance operating efficiency to further strengthen the company’s leadership position in the NGS industry.
“We welcome the participation of our valued investors and are honored by their support and confidence in the future of our company,” stated Novogene CEO Dr. Ruiqiang Li. “Since being founded in 2011, Novogene has rapidly emerged as a global leader in genomics and bioinformatics, pioneering the application of biology, computer science and information technology in animal and plant research as well as human health. This financing will enable us to continue to build on that momentum”.
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