GenomiCare Biotechnology Announces the Completion of Series A Financing--Dedicated to Precise Medici

GenomiCare Biotechnology (Shanghai) Co., Ltd. announces the completion of Series A financing co-launched by Morningside Venture Capital, Apricot Tree Capital and Carebridge Holdings, for which China Renaissance Group provides exclusive financial consulting service. Since its inception in 2015, GenomiCare has got total funding of 25 million dollars.

Dr. Xu Qiang, the founder, president and CEO of GenomiCare, says the funds will primarily be used to: 1) strengthen self-capability building of GenomiCare, provide more precise testing and better full-solution management for Chinese tumor patients; 2) step up efforts to promote targeted therapy service nationwide, advance strategic collaboration with hospitals; 3) combine the most comprehensive genetic variation data with patients' pathological data and lifelong follow-up visits, to create complete "genetic + clinical" precise medical database.

Founded in 2015, GenomiCare is headquartered in Zhangjiang Hi-tech Park, Shanghai. It respectively owns an independent lab in Shanghai Zhangjiang Yaogu and a medical lab in Qidong, Jiangsu. Meanwhile, it has co-established precision medical lab with East China Institute of Life Sciences Industry of Peking University. GenomiCare management team consists of veteran management staff from Peking University, Harvard University, University of California, CAS, Fudan University, etc. Since its establishment, GenomiCare has been dedicated to provide personalized and targeted clinical solutions and global resource matching service. So far, GenomiCare has provided precise medical services for nearly 3,500 patients in China.

On the afternoon of November 30, a grand "Celebration Ceremony for GenomiCare Biotechnology's Completion of Series A Financing & Shareholder-Director-Employee Meeting" is held at the headquarters of GenomiCare.

As the only company tailoring treatment solutions for every patient in China, Dr. Xu Qiang says, "Many patients miss the best time to get treated, so they often have to suffer huge torments and economic losses. Furthermore, most treatments are far from effective for advanced patients. GenomiCare aims to help patients and doctors understand tumorigenesis mechanism prior to treatment so that patients can receive proper and effective treatment at the time of diagnosis, and drug resistance recurrence mechanism can be effectively monitored and spotted, which helps to achieve long-term clinical benefits."

Carebridge Holdings CEO, Ge Feng, holds, "GenomiCare plays an active role in precise medical industry in China. It is always committed to bring substantial clinical benefits for tumor patients and stays responsive to the needs of Chinese tumor patients and doctors. I believe, with continuous efforts, GenomiCare will grow stronger to drive precise medical development in China and provide clinical benefits for more Chinese tumor patients."

Morningside Venture Capital general manager, Huang Lu, shares her recognition of GenomiCare, "We highly recognize GenomiCare's business philosophy and its team's execution. Among all the clinical medical service firms, GenomiCare's business model focuses essentially on clinical needs and strives to offer patients with precise clinical diagnosis and treatment services, which we believe is fundamental for a medical service company to stay competitive and sustainable in the long run. "

The co-founder of Apricot Tree Capital, Crystal Liu, comments, "Apricot Tree is a complete entrepreneurial ecosystem. We wish to help put scientists' research findings to market. GenomiCare has the most prominent scientists in the field of precise tumor therapy. Apart from impressive professional track record, they also possess qualities of successful entrepreneurs, which is uncommon in today's biomedical industry. We hope to offer comprehensive support, services, perspectives and resources to help them realize their dream and solve the most pressing medical needs for global tumor patients. "

The managing director of China Renaissance Group, Kevin Xie delivers, "GenomiCare connects precision medicine detection and therapy resource, dedicates to provide substantial clinical benefits to patients. It has experienced international management team and the world's top scientific advisory committee. Led by such an excellent team, we believe that GenomiCare will become the leader of precision medicine in China. It is a great honor for us (China Renaissance Group) to help the Completion of Series A Financing."

About Carebridge Holdings

As a comprehensive medical service group,Carebridge Holdings is devoted to build resource-sharing medicine-teaching-research ecosystem. It owns GenomiCare Biotechnology (Shanghai) Co., Ltd., Shanghai Jiahui International Hospital, Jiahui Medical Research & Education Group Co., Ltd. which is responsible for operating NEJMYiXueQianYan that is authorized as Chinese digital platform of The New England Journal of Medicine.

About Morningside Ventures

Morningside Ventures is Morningside Group's venture arm founded by the Chan Family of Hong Kong, S.A.R., China in 1986, focused on making early stage life science investments across sectors such as new therapeutics, diagnostics, medical devices, medical/healthcare services, healthcare IT and etc. Morningside Ventures is managed by a team of investment professionals who are entrepreneurial, have deep scientific and industry knowledge and are effective in the environment in which they operate.

About Apricot Capital

Apricot Capital has been investing globally across the healthcare industry: from biopharmaceuticals to medical devices, digital health, diagnostics, and healthcare services. Our team of over 20 distinguished scientific, medical, investment and other professionals manage over 1.5 billion RMB across public and private company investments worldwide. In 2015, our partners saw an opportunity to build a different kind of private equity fund – one that could discover, build and launch great companies founded on bold ideas that meet at the intersection of science, strategy, business and medicine -- where transformational science meets operational reality - providing the best opportunity to dramatically impact the lives of patients.

About China Renaissance Group

China Renaissance Group ("CR Group") is a leading financial institution that combines private placement advisory, M&A advisory, securities underwriting, research, sales and trading, investment management and other financial services. Providing one-stop financial services across mainland China, Hong Kong, S.A.R., China and the United States, CR Group operates a competitive and unique international network that connects China's capital markets with the rest of the world, serving new economy entrepreneurs and investors globally.

About GenomiCare

GenomiCare is a precision cancer medicine service platform co-built by Chinese/American biomedical scientists and senior cancer experts, as an international company, it integrates world-class technologies in fields including precision medicine screening, implementation and monitoring. GenomiCare aims to provide personalized clinical precision medicine solutions and global medical resources to Chinese cancer patients and doctors.