AnchorDx Completes USD 40 Million Series C Financing to Advance Cancer Screening and Early Detection Programs

AnchorDx Medical Co., Ltd. announced the completion of a USD 40 million Series C financing. This round of financing was jointly led by OrbiMed, a world-renowned biomedicine and healthcare venture capital fund, and WuXi Huiying Investment, an investment fund focusing on the health and wellness industry. To date, AnchorDx has successfully attracted well-known investors including the top biopharmaceutical and medical diagnosis companies Wuxi AppTec and KingMed Diagnostics, as well as leading investment funds such as Northern Light Venture Capital, 6 Dimensions Capital, Serica Jianxin Venture Capital, Arch Venture Partners, Marathon Venture Partners, OrbiMed, and WuXi Huiying Investment.

AnchorDx plans to use the new funds to accelerate the registration and commercialization of its NGS-based products for single-cancer, multi-cancer, and pan-cancer screening and early detection. The company also plans to deploy its technology to other major disease areas.

Mr. David Wang, a global partner and senior M.D. on the Asia team of OrbiMed, said, "OrbiMed has been focusing on investing in the most promising biomedical and life science enterprises around the world. AnchorDx's technology and products demonstrate superb advantages and commercial potential. We are pleased to work with innovators like AnchorDx to fulfill our mission to improve human health and well-being."

Mr. Ed Hu, chairman of WuXi Huiying Investment, said, " WuXi Huiying Investment is a leading healthcare-focused sector fund. AnchorDx is a pioneer in applying its innovative technology to cancer screening and early detection, supported by large-scale prospective clinical trials. We are confident that AnchorDx will emerge as an impactful player in the field of cancer diagnosis."

AnchorDx was established in 2015. Currently, the company's product pipelines encompass more than 70% of high-incidence cancers. "We are committed to the development of innovative technologies and cutting-edge NGS-based diagnostic products and strive to become an internationally competitive company in cancer screening and early detection," said Dr. Fan Jian-Bing, the founder and CEO of AnchorDx. Dr. Fan was a member of the founding team of Illumina and has nearly 30 years of experience in human genomics, gene chips, and high-throughput sequencing technology and product development.

At the annual meeting of the American Association for Cancer Research (AACR) in June 2020, AnchorDx demonstrated a new generation of DNA methylation technology, AURORA and its application in liquid biopsy-based early detection of multiple cancers. The company is planning to bring the product to market later this year.

In September 2018, AnchorDx initiated the world's largest prospective clinical trial for lung cancer early diagnosis ("Thunder Project"; Clinicaltrials.gov: NCT03651986), which is led by Prof. Zhong Nanshan, a Fellow of the Chinese Academy of Engineering, together with 23 top-tier hospitals/institutes in China. As of today, the Thunder Project has already enrolled 9,687 individuals with scheduled follow-ups. In the meantime, AnchorDx has built its own big database around lung cancer screening, early diagnosis and treatment, based on large multi-dimensional, time series medical imaging and clinical data collected from multiple clinical trials. This year AnchorDx will launch an upgraded version of PulmoSeek, its core NGS-based diagnostic product for pulmonary nodule management. This upgraded product, PulmoSeek Plus, coupling liquid biopsy tests with LDCT imaging, will achieve higher accuracy in lung cancer early diagnosis.

About OrbiMed

OrbiMed has been investing globally for over 20 years across the healthcare industry, from early-stage private companies to large multinational corporations. Our team of over 80 distinguished scientific, medical, investment and other professionals manages over $16 billion public and private company investments worldwide.

About AnchorDx

AnchorDx is a world-leading developer of DNA methylation NGS products, which was founded by world-renowned scientists and investors on 25 August 2015 in Guangzhou, China. AnchorDx strives to develop world-class highly effective cancer screening and early detection products.