HONG KONG – Wuxi Diagnostic Investment (Cayman) Ltd. has raised $150 million in a series B financing round, while netting a number of new investors along the way.
The new investors to come on board include Thermo Fisher Scientific Inc., Shiyu Capital, ABC International Holdings Ltd., Sunland Capital and CCBI Tech Venture.
“Wuxi Diagnostics will deploy funds to strengthen its open-access innovation enabling platform, advance its integrated diagnostics R&D pipeline, and accelerate market penetration in the global diagnostics sector,” a member of Wuxi Diagnostics’ public relations team told BioWorld.
The spokesperson declined to reveal further details on their pipeline and plans, but indicated that the company would be casting a wide net.
“Our innovative diagnostic services and products cover a wide range of disease areas, including but not limited to oncology, cardiovascular, psychiatry, neuro-immunology, neonatology, etc.” said the spokesperson.
Some of the investors involved point to Shanghai-based Wuxi Diagnostics’ versatility in its coverage as a plus point.
"Wuxi Diagnostics is an innovative platform company in the field of diagnostics, which combines multi-omics clinical data from multidisciplinary technologies with algorithms. Just three years after its establishment, Wuxi Diagnostics has a rich product pipeline in many disease indications,” said Calvin Cao, founding partner of Shiyu, one of the new investors that joined this series B financing.
“The company's efficient innovation transformation capability and international cooperation ability gives us confidence for its rapid development in the future. We will fully support Wuxi Diagnostics to leverage Shiyu’s pharmaceutical industry resources to further its development."
Existing shareholder YF Capital has also participated in the series B, while CEC Capital served as the exclusive financial adviser.
"As the largest external shareholder of Wuxi Diagnostics' in its series A funding, YF Capital has witnessed the company's rapid development over the past two years, and has firmly supported the company in two rounds of financing,” said Albert Huang, the executive director of YF Capital.
“YF Capital will further deploy resources in the field of physical examination and testing to better assist Wuxi Diagnostics' development."
Wuxi’s core product is the Enabling Solution Package (ESP), which is a disease-focused total solution with advanced testing panels, medical paradigm and algorithms for disease diagnosis, and insightful medical content based on real-world clinical evidence.
The ESP covers four phases of disease management: screening & early diagnosis, precision diagnosis, clinical decision support, and prognosis management.
Wuxi Diagnostic was established in 2018 as a joint venture between Wuxi Apptec Group and the Mayo Clinic. The company was set up to build an innovative platform which enables both esoteric testing service and in-vitro diagnostic (IVD) product innovation, integrates multidimensional data, generates clinical insights, benefits health of mankind through precision medicine.
By Sept. 2019, the company had opened its first U.S.-based research and diagnostic testing development facility in Rochester, Minn.
The company was able to quickly respond to the pandemic due to its resources.
By Feb 2020, Wuxi Diagnostics had successfully developed a series of COVID-19 detection products, such as the 2019-nCoV immunoglobulin M (IgM) detection kit (an enzyme-linked immunoassay, ELISA), a 2019-nCoV IgM/ immunoglobulin G (IgG) detection kit (also an ELISA) and 2019-nCoV Nucleic Acid Detection Kit (a PCR-fluorescent probe method test).
All these Wuxi Diagnostics products form a set of ‘integrated detection’ solutions to assist medical institutions to diagnose COVID-19 infection quickly and accurately, and improve epidemic prevention and control capabilities for disease control centers at all levels.
In May 2020, Wuxi Diagnostics, the Mayo Clinic and Thermo Fisher Scientific Inc. collaborated to develop a total antibodies test.
"This global collaboration of R&D, clinical expertise, manufacturing and commercialization capability will significantly advance serological testing for COVID-19,” said Jason Liu, the CEO of Wuxi Diagnostics.
Liu described Wuxi Diagnostics as offering “an open-access platform for innovative diagnostic solutions.”
The resulting Omnipath COVID-19 Total Antibody ELISA test was granted emergency use authorization by the U.S. FDA in October 2020. It is used for the qualitative detection of total antibodies to SARS-CoV-2, including IgM, immunoglobulin A (IgA) and IgG. The test has also been greenlighted in Europe and countries accepting the CE mark.