Biotech firm New Horizon Health gains $20m in financing round

Chinese biotech company New Horizon Health announced on Tuesday that it completed a D-round financing of $20 million from investors including Omniscience Capital, a private investment fund focused on healthcare investment; Exome Asset Management; Qiming Venture Partners; Softbank China Venture Capital; and Duke Management Company.

Established in 2013, the company has medical testing laboratories in Beijing, Hangzhou of Zhejiang province, and Guangzhou of Guangdong province. It has launched home screening products targeting bowel, cervical, gastric and lung cancers.

Its co-founder and CEO Zhu Yeqing said the company will make full use of the new investments to develop new product pipelines, enrich clinical trial resources, update service systems and promote its brand image, to maintain its leadership in early cancer screening.

Up to now, the company has gained investments of more than $130 million, ranking first in terms of investments received among Chinese companies in the early cancer screening sector, the company claimed. It also said it can further consolidate its position in the domestic early cancer screening field with the new round of financing.

Jason Li, head of Omniscience, said that China's early cancer screening market is about to boom, especially in the new molecular diagnostic technology sector based on noninvasive means.