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Genecast Biotechnology, a Chinese biotech startup that specializes in second-generation sequencing technology and bioinformatics, has closed its 1 billion yuan ($ 149 million) E-series funding round led by China Structural Reform Fundthe company said in a statement Monday.
Other investors include Taikang asset management, Management of private equity investments CCB, Hillhouse Capitalventure capital unit GL Ventures and the Chinese Renaissanceaccording to the statement.
Genecast Biotechnology will use the proceeds from the funding round to develop new diagnostic products for tumors, accelerate the registration and application of its in vitro diagnostic devices and expand its marketing channels, according to the statement.
Founded in 2014, the company based in Wuxi, Jiangsu Province, has regional sales and service branches in 12 major cities in China. It has also established links with nearly 500 major hospitals in China and more than 20 drug manufacturers globally, according to the company’s website.
Contact Reporter Ding Yi ([email protected])
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