Novogene raises $75M in series B financing round

Novogene Technologies has raised $75 million in a Series B financing round led by China Merchants Bank, CMB International Capital Management, SDIC Innovation Investment Management, and Shanghai Sigma Square Investment Center.

The Beijing, China-based genomic sequencing center said the financing will support growth in its global next-generation sequencing services, as well as in clinical sequencing and R&D.

“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,” Novogene CEO Ruiqiang Li said in a statement. “This financing will enable us to continue to build on that momentum.”

Last year, the company said it had submitted two cancer panels to the China Food and Drug Administration for approval and also entered into an agreement with Illumina to jointly develop a diagnostic NGS platform with reproductive health and oncology assays.

Aside from its headquarters in Beijing, Novogene has laboratories, subsidiaries, or joint ventures in Tianjin, China; Singapore; San Diego; the University of California, Davis; Hong Kong; and the UK. It also runs a clinical lab in China that meets CLIA and CAP standards, where it provides tumor sequencing and genetic testing services.

Source : https://www.genomeweb.com/