WuXi secures $150Mn; aims to boost presence in global diagnostics sector

Chinese diagnostic firm- WuXi Diagnostics Investment Limited, has declared raising funds of USD 10 million in Series B funding round. The financing round observed participation of new investors including Shiyu Capital, Thermo Fisher Scientific Inc., CCBI Tech Venture, ABC International Holdings Limited, and Sunland Capital, alongside its current stake holding company- YF Capital.

Speculations have it that WuXi would deploy these funds to bolster its open-access innovation enabling platform, accentuating its market presence in the global diagnostics sector, and developing its integrated diagnostics R&D pipeline.

For the record, established in 2018, WuXi Diagnostics has constantly been promoting the clinical practices of integrated diagnostics by virtue of its open-access innovation platform, emphasizing on multi-omics clinical information from multidisciplinary technologies.

It would be essential to state that the company has also achieved several accolades and accomplishments in 2020. For instance, it had announced partnering with Thermo Fisher and Mayo Clinic for COVID-19 detection, in a bid to support the global fight against novel coronavirus pandemic.  

Not to mention, the firm is currently working closely with the pharmaceutical companies, health insurance groups and associations, and other healthcare industry players to create a precision medicine innovation ecosystem.

Dr. Jason Liu, CEO of WuXi Diagnostics, while commenting on recent accomplishment cited that the company is grateful to all the investors for their constant support and recognition. This funding would help the company continue collaborating with its global partners to accentuate the product innovation and market penetration, enabling more people around the world to leverage benefits from integrated diagnostics.

He added that WuXi’s robust network of strong shareholder and capital support lays a solid foundation for its rapid future development and growth.

Meanwhile, Senior VP and President of Specialty Diagnostics for Thermo Fisher Scientific- Gianluca Pettiti- mentioned that the firm shares WuXi’s commitment to escalate the adoption and deployment of an integrated diagnostics approach.

Its support to WuXi’s effort underlines the significance of expanding the use of multi-omics data to support precision medicine and Thermo Fisher’s mission to support the expansion of high-quality healthcare in China.

Source Credit: https://www.prnewswire.com/news-releases/wuxi-diagnostics-secures-us150-million-series-b-financing-to-accelerate-market-penetration-in-global-diagnostics-sector-301233069.html