Guangzhou-headquartered healthcare firm Mygene Diagnostics (迈景基因) announced the completion of its Series B funding round, worth CNY 100 million, led by the existing investor Shenzhen Capital Group (深创投) and Beijing-based investment firm CASH Capital (国科嘉和), with participation from Great Wall Fund Management (长城基金管理).
Founded by its CEO, Yang Dongcheng (杨冬成), Mygene focuses on providing clinical diagnostics and treatment guidelines for doctors and cancer patients. In 2018, the company managed to carry out a Series A funding round, worth tens of millions of yuan, led by Shenzhen Capital Group.
As China continues to rank among the countries with higher cancer mortality rates, according to US research firm Markets and Markets – almost 30% to 40% higher than the United States and the United Kingdom – Chinese tech-driven companies are landing a significant contribution to developing more sophisticated methods to improve cancer treatment.
Firms engaged in drug research and development are being backed by many investors, domestically and globally, as these startups have been "hunting" cash flow for R&D, such as the Shanghai-based biopharma company Elpiscience that recently raised USD 100 million.
These companies are also making "milestone" breakthroughs in the global market with their biotech discoveries. For instance, the US Food and Drug Administration has issued approval for a new cancer drug developed by Beijing-based Biotech firm BeiGene, which later saw its Hong Kong shares rise by 6.8%.
Expenditure on cancer drugs is expected to hinder the market, and by the end of 2025, the China cancer drug market is projected to exceed USD 30.5 billion, according to the American research firm analysis.