Berry Oncology Completes Series B1 Funding, Attracting Most Venture Capital to Date in Early Cancer Screening Sector

Berry Oncology Corporation, a member company of China's leading early cancer screening firm Berry Genomics, yesterday on its 4th anniversary, announced the completion of a US$99.15 million Series B1 financing round. This brings the total capital raised by the company to the highest level in China's early cancer screening industry.

In less than a year, Berry Oncology has raised about US$154.4 million and nearly US$309 million since its establishment, the highest in its industry. The new proceeds will enable the company to meet the growing demand for early cancer screening and diagnosis and boost its expansion in the growing market.

This B1 financing round was led by China Merchants Capital Management Co., Ltd. Existing investors Qiming Venture Partners and Legend Capital, along with new investors including Zhongjin Qichen Industry Equity Investment Fund, E Fund, Fujian Venture Investment Management Co., Ltd., Xiamen C&D Emerging Industry Equity Investment Co., Ltd. and other prominent investors also participated in the funding round. 

Berry Oncology's technology R&D is recognized by investors

Berry Oncology was established in August 2017, and its predecessor was the oncology division of Berry Genomics, a leader in genetics research. By leveraging its advantages in technology, business channels and capital, Berry Oncology has established a complete genetic testing product service system for high-risk populations and patients of cancers. Up till now, it has been working with over 700 hospitals in China and has provided genetic testing of cancers for hundreds of thousands of cancer patients.

In recognition of Berry Oncology's potential, in November 2017, well-known investors including Legend Capital, Boyu Capital Advisory Company Limited, Qiming Venture Partners, Hongling Equity Investment Management Co., Ltd. among others agreed to invest US$123.6 million in the company to fund its early cancer diagnosis R&D and other operational activities, marking the largest single financing round in cancer-related genetic testing in China in 2017. Almost four years later, the company completed another US$108 million financing round, affirming the company's growth strategy.

Zhu Zhengwei, Senior Managing Director of China Merchants Capital Management Co., Ltd., said: "Berry Oncology's product 'Lai Si Ning' has achieved the world's first breakthrough in early liver cancer screening. The company's management has a forward-looking strategic vision and upholds rigorous scientific professionalism and social responsibility. We hope that Berry Oncology can promote the vigorous development of China's early cancer screening industry and help realize the dreams of a healthy China."

Nisa Leung, Managing Partner of Qiming Venture Partners, said: "As early investor in Berry Oncology and continued support through Series A, A+ and B rounds, we believe in the potential of early cancer screening and the firm's management team. In the past four years, the company continues to achieve significant milestones and we look forward to working with Berry Oncology as it delivers breakthrough early detection for cancer patients both in China and globally."

Zhou Quan, Managing Director of Legend Capital, said that, as an existing shareholder of Berry Oncology, he was very happy to participate in this round of financing to help the company make faster progress in product registration, technology R&D, and market expansion.

In 2020, 16 companies in the sector completed 17 financing rounds worthy of US$972.6 million in total, demonstrating the market's high expectation for the industry. According to projections from Guoyuan Securities Co., China's early liver cancer screening market will reach US$1.64 billion in 2030, while China's potential market for early colorectal cancer screening might reach US$1.48 billion. Because of the relatively high industry barriers and first movers' advantages, the industry's leading early entrants will enjoy significant, long-term competitive advantages.

Zhou Jun, CEO of Berry Oncology, said: "I want to thank shareholders for their trust and support for the firm. Adhering to its mission of 'Diagnose all cancers early, treat all patients precisely',  the company will create more valuable genetic testing services for immunotherapy, personal health management, and precision treatment of cancers. Berry Oncology will work with our business partners to develop China's early screening solutions and become a bellwether in the sector in China and globally."

About Berry Oncology

Berry Oncology, founded in 2017 as a member company of Berry Genomics, focuses on genomic testing of cancers. Driven by the mission of "Diagnose all cancers early, treat all patients precisely", we have established for cancer patients and high-risk population a complete system of genomic testing products and services, including cancer genetic susceptibility analysis, early screening, as well as as companion diagnostics, response monitoring and prognosis prediction of both targeted and immune therapies. For cancer early detection, we have launched a series of clinical research projects for early screening and early diagnosis, covering liver cancer, lung cancer, gynecologic cancer, and etc. Berry Oncology has three centers (manufacture, supercomputing, R&D) located in Fuzhou and Beijing. We serve and cooperate with more than 600 Class 3A tertiary hospitals across the country, and have provided valuable genomic testing services for hundreds of thousands of patients.