Pillar Biosciences Closes $29.7 Million in Series C Financing
May 12, 2020NGS clinical cancer diagnostics company Pillar Biosciences held a Series C financing signing ceremony at its headquarters in Boston, USA, officially announcing the completion of a $29.7 million Series C financing round led by ORI Healthcare Fund, which raised Series A funding. The financing will accelerate the expansion of Pillar’s R&D programs in in vitro oncology diagnostics and related areas, and facilitate the global commercial launch of Pillar’s related products.
Pillar Biosciences is a clinical cancer diagnostics company with a subsidiary in China, Shanghai Zengu Biotechnology Co. The company’s SLIMamp® and PiVAT®-based products enable high-throughput sequencing labs and clinical oncology diagnostic labs to improve diagnostic efficiency and make precision diagnostics a reality. Its core technology, SLIMamp® Multiplex Amplicon Targeted Library Building, enables the construction of single-tube amplicon libraries down to 2.5ng DNA starting volume in less than 8 hours. The accompanying “one-click” fully automated bioinformatics analysis platform (PiVAT®) allows for rapid data processing with limited computing resources. The detection limit (Lod) is as low as 1% for all types of tissue samples. And its Panel is compatible with multiple sequencing platforms such as Illumina®, Ion Torrent™ and MGI™.
At the beginning of this year, the SLIMamp® technology-based assay was fully approved by the New York State Department of Health in the United States, and the Pillar® ONCO/Reveal™ Solid Tumor Panel for lung and colon cancer testing has received CE approval in the European Union, with a cycle time of only 4 days. Based on the recognition of the company’s product quality, distributors in Israel, Hong Kong, Macau, Korea and ASEAN countries have recently established partnerships with the company.
PILLAR’s subsidiary in China, Genuity Biologics, has completed the domestic translation of the full set of NGS technology, and has also established the IVD product registration system and clinical testing service system. The first IVD product is about to complete the clinical trial and submit for registration; the clinical inspection service has been widely carried out for the whole country. Providing accurate, convenient and cost-effective precision diagnostic solutions for clinical professionals and patients from both product and service dimensions
Mr. Gang Song, founder and CEO of Pillar Biosciences, said: “We are proud of what our customers have been able to achieve with Pillar’s technology, and we are developing IVD products that every pathologist can use so that every cancer patient can get the right treatment the first time. “
Simone Song, senior partner at ORI Healthcare Fund, said, “We strongly believe that NGS tumor testing will allow precision medicine to become a first-line treatment option, and Pillar’s SLIMamp® technology is fast, accurate, user-friendly and cost effective. We are confident that Pillar will meet clinical care needs and thus provide real benefits to cancer patients.”
About Pillar Biosciences
Pillar Biosciences, headquartered in Boston, USA, with a subsidiary company in Shanghai, is a medical technology company with both Chinese culture and American technology background. The company’s mission is to achieve the popularization of precision medicine and benefit the health of the nation. The company has established a marketing center, GMP production center and independent medical testing laboratory in Shanghai, which can simultaneously carry out the production and supply of NGS-related IVD products and clinical testing services.
About ORI Healthcare Fund L.P.
ORI Healthcare Fund is a $200 million venture capital fund dedicated to investing in innovative companies with disruptive technologies in the global healthcare industry. The fund’s general partner was founded by Hong Fang, former head of Goldman Sachs China Healthcare Investment Bank.
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