SoCal's Cynvenio Reels In $25.5 Million
- Company Will Advance LiquidBiopsy® Clinical Programs in Oncology
- Company Will Establish Joint Venture in China Funded by Additional $10 million in Operating Capital
LOS ANGELES--(BUSINESS WIRE)--
Cynvenio Biosystems, Inc., the pioneer in LiquidBiopsy technology for the genomic analysis of tumor cells from whole blood in support of cancer precision medicine strategies, announced today the completion a $25.5 million Series B equity financing. Proceeds from the investment will be used to advance the company’s clinical development and commercialization programs. The Series B round was led by Livzon Pharmaceutical Group, Inc., a diversified drug, diagnostics and healthcare company based in Zhuhai, P.R. China. Other investors included Greenwoods Private Equity Funds (Shanghai) and Syno Capital (New York), among others.
Cynvenio’s LiquidBiopsy technology provides reliable access to diverse populations of rare cancer cells in whole blood. It delivers the ultra-high sample purity and recovery necessary for downstream molecular analysis by next gen sequencing and PCR. Cynvenio’s proprietary LiquidBiopsy technology powers the simultaneous analyses of three distinct templates from a single blood sample – DNA from circulating tumor cells (ctcDNA), circulating tumor DNA (ctDNA) and germline DNA – to provide the most robust and auditable genomic readouts.
“We are delighted to welcome Livzon and the Series B investors to Cynvenio. This investment will allow us to expand our LiquidBiopsy clinical programs and establish an effective commercial and customer support infrastructure,” said André de Fusco, Cynvenio’s CEO. “We are concurrently establishing a China-based joint venture with an additional $10 million in funding for a total of $35.5 million committed capital for this phase of our development. This gives Cynvenio a firm foothold in the world’s largest market in terms of addressable patient populations.”
“Cynvenio has demonstrated technical leadership in the emerging field of LiquidBiopsy technology for sequencing-based tumor cell analysis in diagnostics and patient monitoring applications,” said Tao, Desheng, Deputy Chairman and President of Livzon Pharmaceutical Group, Inc. “We have great confidence in the high caliber management team and the rigorous science and clinical program supporting LiquidBiopsy and Cynvenio’s ClearID clinical tests. We look forward to supporting Cynvenio and our subsidiary Livzon Diagnostics’ plans to open a new operating joint venture in China to quickly bring LiquidBiopsy to all hospitals and research institutions in greater China.”
About Livzon Pharmaceutical Group Inc.
Livzon Pharmaceutical Group Inc. (Livzon) is a diversified pharmaceutical enterprise integrating development & research, production and sales of pharmaceutical products, operating in unison to manufacture drug products, bulk medicines and intermediates, as well as diagnostic reagents and equipment. The company was founded in 1985 and is based in Zhuhai, P.R. China. Livzon is publicly traded in Mainland China and the Hong Kong stock exchange (Stock code: 000513.SZ, 01513.HK). Livzon Pharmaceutical Group, Inc. holds 51% of the equity of Livzon Diagnostics, Inc. More information about Livzon can be found at www.livzon.com.cn.
About Cynvenio Biosystems, Inc.
Cynvenio is a commercial stage clinical diagnostics company that leverages its proprietary LiquidBiopsy® multi-template technology for the molecular characterization of tumor cells from a standard blood draw. Commercial labs and research institutions are powered by Cynvenio’s LiquidBiopsy platform, which includes automated instrumentation, consumables/reagents, patients sample kits, and bioinformatics for sequencing rare cell populations. Oncology practices and individual physicians can also access the LiquidBiopsy system with zero upfront investment by ordering the ClearID™ blood test from Cynvenio’s CLIA lab or its clinical partners. ClearID and LiquidBiopsy are cornerstones in the emerging field of genomic peripheral blood monitoring. They are used to rapidly assess patients’ evolving mutations in support of precision medicine strategies. ClearID is reimbursable in the United States.
Cynvenio is headquartered in Westlake Village, California (Los Angeles). For more information, please visit http://www.cynvenio.com and www.liquidbiopsy.com.
LiquidBiopsy® and ClearID™ are registered trademarks of Cynvenio Biosystems, Inc.
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- Venture Capital