9 November 2016
Ascendent Capital’s additional funding completes a round of financing totaling RMB 200m led by China Everbright Limited’s Medical & Healthcare Fund
Newark, CA (U.S.A.), Beijing (China), Shanghai (China), Hong Kong (China), November 9, 2016
Team Curis Group (“TCG”) subsidiary BioChain Beijing (“BEC”) and Ascendent Capital Partners announced today an investment of RMB 50m to BEC from Ascendent Capital Partners. This completes a round of fund raising by BEC totaling RMB 200m led by China Everbright Limited’s Medical & Healthcare Fund that was finalized end of 2015. Ascendent Capital’s investment follows a successful funding of RMB 150m from China Everbright Limited’s Medical & Healthcare Fund end of 2015.
The combined effort will enable BioChain Beijing to continue to execute on its vision to develop innovative methods and products for early detection and intervention of cancer.
James Wang, Chairman, BioChain Beijing
“Our ultimate goal is to transform cancer care by developing and deploying a broad array of patent-protected assays and cutting edge technologies to enable the early diagnosis and intervention of cancer. This new investment from such experienced investors will allow us to accelerate the marketing efforts of our CFDA approved product and new advancements to our current research projects to ultimately bring better healthcare to the public.”
Leon Meng, Founding Partner, Ascendent Capital Partners
“BioChain Beijing is already one of the leaders in molecular diagnostics and a pioneer in transforming cancer treatment through early diagnosis and intervention. Together with China Everbright Group, we are delighted to partner with BioChain Beijing to help the company further accelerate growth.”
Shuang Chen, Executive Director & CEO, China Everbright Limited
“China Everbright Limited is delighted to join hands with Asecendent Captial to provide BioChain Beijing with the financial resources to propel the company on its path to transform cancer treatments.”
About BioChain Beijing
BioChain Bejing is a subsidiary of Team Curis Group, comprised of rapidly growing integrated biotechnology and data technology businesses and laboratories in California and China. BioChain Beijing is an industry leader for early cancer detection. BioChain Beijing developed the first CFDA (China Food and Drug Administration) approved colon cancer early detection liquid biopsy product based on a gene methylation blood test (Septin9), which was recognized by CFDA as one of the most innovative products of 2015, with “significant clinical value”. BioChain Beijing operates a 400,000 sq.ft. modern Clinical Diagnostics facility in the Beijing Economy & Technology Development Zone.
About Ascendant Capital Partners
Ascendent Capital Partners is a private equity investment management firm focused on Greater China-related investment opportunities, managing capital for global renowned institutional investors including sovereign wealth funds, endowments, pensions and foundations. Through leveraging its extensive network, strategic resources, professional judgment and execution capability, Ascendent endeavors to help its portfolio companies develop growth opportunities, realize strategic transformations and create higher value in the China’s dynamic business environment.
About China Everbright Limited
China Everbright Limited (“CEL”, stock code: 165.HK), established in Hong Kong in 1997, persistently pursues its “Macro Asset Management” strategy with specific focuses on cross-border asset management and investment businesses. CEL manages a portfolio of private equity funds, venture capital funds, sector focus funds, mezzanine funds, hedge funds and principal investment funds, all operated via an international management platform, and provides overseas investors with opportunities to explore and invest in companies with fast growth potential in mainland China. CEL also seeks investment opportunities from overseas and provides diversified financial services for its clients on the mainland.