Week In Review: MatriDx Raises $32 Million For AI/CRISPR-Cas Pathogen Metagenomics Diagnostic Devices

Laboratory Test Tubes

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Deals and Financings

  • MatriDx Biotech of Hangzhou closed a $32 million Series B round to support its pathogen metagenomics devices, which are based on AI and CRISPR-Cas technologies (see story). So far, the company has developed two products: a SARS-CoV-2 nucleic acid detection kit and a metagenomic next-gen sequencing (mNGS) device that diagnoses over 16,000 DNA pathogens (bacteria, DNA viruses, fungi, parasites) and 200 RNA viruses (HIV, coronaviruses, Dengue viruses, etc.). Matridx says its technology offers faster speed, better accuracy, and wider detection coverage than the competition.  
  • GenFleet Therapeutics (Shanghai) raised $16 million in a Series B+ round for clinical trials of its two lead oncology candidates in China and the US (see story). The company completed a $57 million B financing in March, 2020. Founded in 2017, GenFleet develops first-in-class large and small therapeutic molecules for oncology and immunology targets. The B+ financing was led by Northern Light Venture Capital, with participation from HM Capital, Linden Asset Group, Shanjin Capital, and existing investors. The company's A round was led by Ally Bridge.  
  • Westlake Therapeutics of Hangzhou closed a $16 million Series A funding to develop red blood cell-based cellular medicines (see story). The company develops its candidates by extracting hematopoietic stem cells, transforming them into medicine-carriers, and then transfusing them back into human bodies. The A round was led by CD Capital and included Sequoia Capital China. One year ago, Westlake raised $16 million in a Pre-A round from the Westlake Fund and Tasly Pharma (SHA: 600535), which remains a key investor.  
  • Sihuan Pharma (HK: 0460) will acquire Beijing Combio Pharma for an undisclosed price (see story). An innovative biopharma, Combio is developing 12 preclinical molecules that it discovered using its two antibody platforms: Mab Edit (antibody editing) and Mebs-Ig (antibody editing for bispecific antibodies). Combio will become part of Sihuan's existing novel drug development company, Xuanzhu Biopharm. In August 2020, Xuanzhu raised $148 million in venture capital at a $700 million valuation.  
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