The proceeds would be used to develop raw materials for genetic nucleic acid drugs and OTC home self-test products
Nanjing Synthgene Medical Technology (Chinese: 申基生物) completed a Series A+ financing led by Lake Bleu Capital and LYFE Capital recently, with participation from existing investors Sherpa Healthcare Partners and Legend Star.
Previously in June 2021, it completed tens of millions worth of Series A financing; Winfast Holding was one of the three investors. Up to date, Synthgene secured over CNY 300 million (USD 47.08 million) in the two consecutive rounds of financing.
According to Synthgene's founder Dr. Tong Kun, the company will use the funds to further develop genetic nucleic acid drug raw materials and OTC home self-test products, expand the team, and access to overseas markets for commercialization.
Founded in 2018 and headquartered in Nanjing, Jiangsu Province, Synthgene specializes in the overall solution for upstream raw materials in the field of life sciences. Its core members are from the doctoral team of Nanjing University, who have been dedicated to the research and development of gene nucleic acid drugs and upstream raw materials for in vitro diagnostic and other technology platforms.
This four-year-old startup now has acquired platform technologies such as monoclonal antibody preparation, mRNA in vitro transcription synthesis, and oligonucleotide synthesis. Under this drive, three product segments - in vitro diagnostic products (IVD), mRNA, cellular gene therapy (CGT) – have been derived, enabling Synthgene to provide upstream ingredients and CDMO services for the medical field, and OTC home self-test products for the consumer health field.
"Synthgene has formed a wealth of technical product reserves in the fields of upstream diagnostic raw materials and nucleic acid-based drug ingredients, and the quality has been widely recognized by domestic and international customers. We are very optimistic that the company will become a leader in the life science upstream raw material industry in the future,”said Wang Yinan, investment director of LYFE Capital.
The main competitors of Synthgene include OkayBio, Zoonbio, WuXi AppTec (2359:HK), and GenePharma.