By Fineline Cube China-based molecular diagnostic product developer Guangzhou Mygene Medical Technology Co., Ltd reportedly raised “hundreds of millions” of renminbi in a Series C financing round led by Efund Capital. Other investors included Anggu Fuge Investment, Juyo Capital, Benchi Capital, and Hongtu Runda Capital. The proceeds will be used for research and development (R&D) investment and regulatory filings for its in vitro diagnostics (IVD) products.
Company Achievements and Market Approval
Notably, the company’s in-house developed lung cancer PCR polygene concomitant diagnosis kit obtained market approval in China. This kit is the first of its kind in the country with an accompanying diagnostic function for non-small cell lung cancer (NSCLC). The approval marks a significant milestone for Guangzhou Mygene, positioning it as a leader in the development of innovative diagnostic solutions.
Future Prospects and Strategic Use of Funds
The Series C financing round positions Guangzhou Mygene to further enhance its R&D capabilities and accelerate the development and commercialization of its IVD products. By investing in R&D and regulatory filings, the company aims to expand its product portfolio and address significant unmet medical needs in the diagnostic market.-Fineline Info & Tech