Creative Biosciences, a Chinese biotechnology start-up focusing on colorectal cancer detection, announced on Friday the completion of a RMB300 million (US$44.64 million) series B round of financing led by Boston-born investment firm IDG Capital and Chinese private equity firm CDH Investments.
Returning investors including Chinese private equity firm CD Capital, and two investment funds affiliated with Chinese medical laboratory company Kingmed Diagnostics also participated in this round.
Creative Biosciences, fully known as Creative Biosciences (Guangzhou) Co Ltd, was founded in 2015 by Zou Hongzhi, the former technical director at U.S. molecular diagnostics company Exact Sciences Corp. Creative Biosciences specializes in the development, production and sales of cancer screening diagnostic kits and equipment.
Its main product "Colosafe," a stool DNA-based colorectal cancer screening diagnostic kit, has been approved by China’s National Medical Products Administration (NMPA) for marketing in November 2018. Colorectal cancer, also known as intestinal cancer, is one kind of malignan tumor with the third highest incidence rate in China.
The current high incidence of intestinal cancer and increasing emphasis of Chinese policies on making early screening of intestinal cancer help the market attract a great amount of capital, said Yang Fei, partner of IDG Capital.
Proceeds of this round will be used for the market promotion of Colosafe and the continued development of follow-up cancer product pipelines.
Including the new round, the Guangzhou-based company has raised nearly RMB400 million (US$59.52 million) in total. It completed a RMB61 million (US$9 million) series A round from CD Capital and Kingmed Diagnostics in 2017. It also secured a RMB15 million (US$2.2 million) series pre-A round from Tasly Capital in 2016, and a RMB20 million (US$3 million) angel round from Sungent BioVenture in 2015.