New Horizon Health Snags $30M in Series E Funding Round

According to VCBeat, on July 10, 2020, China's early-stage cancer screening biotech company New Horizon Health announced the closure of its US$30 million Series E financing, led by Rock Springs Capital, with participation from OrbiMed, Lily Asia Ventures (LAV), CRC&CPG Life Science Fund, Octagon Capital and the existing investor Qiming Venture Partners. 

Up to now, New Horizon Health has attracted continuous attention of the world's well-known venture capital firms, top biomedical funds and long-term investment institutions, with the total financing amount of more than US$160 million, making it the most favored company by investors in the field of cancer screening in China.

Proceeds from the latest round will be used to promote core products for cancer early screening, accelerate the R&D and commercialization of new products, implement the marketing strategy of innovation and diversification, and consolidate the competitiveness of the brand.

Founded in 2013, New Horizon Health is the pioneer in the early screening market for colorectal cancer in China. Its self-developed product of "non-invasive multi-target stool DNA testing combining with FIT" – Changweiqing (常卫青^®) is the first colorectal cancer screening product in China. 

Following Exact Sciences, a benchmarking company in the US, New Horizon Health has become the second company in the world and the first in China to complete large-scale prospective multi-center study of early screening products for cancers, which was launched in September 2018, covering 8 large third-grade hospitals in China, with a total of nearly 6,000 cases enrolled. All clinical data were submitted in early 2020.

Rock Springs Capital is an investment company located in Baltimore, Maryland. Its advisory activities include management services to security portfolios and portfolio management for businesses or institutional clients.

OrbiMed is a healthcare-dedicated investment firm, with approximately US$5 billion in assets under management. OrbiMed's investment advisory business was founded in 1989 with a vision to invest across the spectrum of healthcare companies.