Foregene successfully completed Series A financing

On November 20, 2020, Foregene Co., Ltd. and Shenzhen Shangyang Asset Management Co., Ltd. (hereinafter referred to as Shenzhen Shangyang) signed a strategic investment agreement. Shenzhen Shangyang made a series A investment of several million RMB in Foregene, and the investment was completed recently.

Foregene Co., Ltd. was established in April 2011. The company focuses on innovative molecular biology technology R&D and product development. The Direct PCR patented technology developed by Foregene leads the industry and has huge application prospects in the field of molecular diagnostics. In 2016,Foregene selected the third-medical innovation center of Chengdu Medical City, Wenjiang District, Chengdu, and established a wholly-owned subsidiary, Chengdu Forge Biotechnology Co., Ltd. ( Transformation in the field of molecular diagnostics. The company has obtained a number of domestic invention patents and international patents. Based on the Direct PCR technology, Foregene has developed "15 respiratory system pathogenic bacteria detection kit". The kit can detect 15 kinds of pathogenic bacteria in sputum without the need to purify the nucleic acid in sputum. After verification with several famous medical institutions, the performance of the kit is significantly better than the traditional classical methods of sputum culture. In terms of efficiency, it shortens the original 3 to 5 days to 1.5 hours. It is expected that after the product is approved for marketing, it will establish a new benchmark for clinical pathogen detection worldwide, provide a new basis for the precise treatment of respiratory infections, and help solve the public safety issues of antibiotic abuse and bacterial resistance.

At the beginning of 2020, in response to the COVID-19 pandemic, Foregene completed the development of a complete set of new coronavirus nucleic acid detection kits in just 4 days, becoming one of the two first companies in western China to develop this product. Foregene’s kits do not need to purify viral nucleic acid to detect new coronavirus nucleic acid. So far, the kit has been exported to many countries including Spain, France, Iran, Brazil, Bangladesh, Indonesia, Kazakhstan,etc.
Shenzhen Shangyang Asset Management Co., Ltd. was established on January 26, 2016. It is a private equity fund manager registered with the China Fund Association. Since its establishment in 2016, the team has successively participated in the management of multiple equity funds and venture capital fund projects, with a cumulative management scale of more than 2 billion yuan. The investment fields include pharmaceutical manufacturing, pharmaceutical distribution, cultural tourism real estate and new energy vehicles, etc.

Based on more innovative molecular diagnostic technologies including Direct PCR technology, Foregene will continue to develop more pathogenic microorganism detection products and supporting products, and look forward to contributing the wisdom and strength of Foregene to human health.

Foregene successfully completed tens of millions of RMB in Series A financing
Foregene successfully completed tens of millions of RMB in Series A financing1

Post time: Jan-28-2021