One of the largest Chinese investment banks in offshore markets, Hong Kong-based Haitong International Securities Group led a Series B financing round in Boston-based biotech research firm Orig3n, according to the latter’s statement.
Other investors of this round that raised an undisclosed amount included Hatteras Venture Partners, Alexandria Venture Investments, Labcorp, Spectrum Health Ventures, and KTB Ventures.
Orig3n develops breakthrough treatments for rare genetically inherited diseases with a focus on heart, liver and neurodegenerative indications.
It has raised over $50 million in capital to date since it was founded in 2014. This Series B financing will support Orig3n’s international and domestic expansion as well as continued R&D development, empowering customers to access information about their genes to make educated, proactive choices about their lifestyles.
Orig3n added that the funding will also allow it to advance its breakthrough regenerative medicine treatments using the world’s largest allogenic bank of cells that is HLA-matched to 90% of the U.S. population.
"With the close of this round with Haitong International, we are excited about accelerating our commercialization efforts in our DNA testing business as well as continuing to pursue cell therapy targets and partnerships utilizing our allogenic human cell bank," said Robin Y. Smith, CEO of Orig3n, in a statement. "This partnership makes it possible for Orig3n to continue revolutionizing the regenerative medicine and DNA testing fields, making it possible to bring breakthrough treatments to help heal and repair damaged organs and tissue and valuable genetic insight to patients sooner."
"We are pleased to be supporting Orig3n’s innovative work," said Xi-Xi Deng, managing director of Private Equity Investment at Haitong International. "We are looking forward to working with Orig3n to quickly advance its cell therapy program and drive growth in DNA testing to position Orig3n as an international leader in its industry."
The company first raised $3.1 million in venture funding in February 2015. It closed its Series A round in December 2015 with a $12.5-million financing. It raised another venture round in June 2017, raising $20 million from eight investors.
There is a surge in Chinese investments in healthcare services in U.K. and U.S. Shanghai-based pharmaceutical and medical device firm WuXi AppTec led a strategic funding round in a Baltimore-based artificial intelligence company while Alibaba-backed genetic testing and digital health company Prenetics has acquired UK-based consumer genetic testing firm DNAFit this year.