(Yicai Global) June 4 -- A diagnostics arm of Simcere Pharmaceutical Group has secured almost CNY600 million (USD94 million) its Series B round of financing after its previous round less than a year ago.

Citic Securities Investment and Citic Medical Fund led the latest funding round of Simcere Diagnostics, Securities Times reported today, citing the Nanjing-based precision medicine company. The firm hadn't disclosed how it will use the proceeds of the financing.

Yingke Private Equity, Hosencare Brothers, and six other institutions also participated in the Series B round. The existing shareholder of Jiangsu Tenyall Investment Management joined the group. Taihe Capital served as Simcere Diagnostics' exclusive financial advisor.

The company is working on something groundbreaking in China. Its next-generation sequencing-based gene panel tests have entered clinical trials and upon approval, they could allow for more individualized care for cancer patients based on their DNA.

Simcere Diagnostics has more than 100 diagnostic projects in oncology, neurology, pharmacogenomics, and other fields as one of the few players in the industry that can provide comprehensive solutions for precision medicine, said Cai Hua, general manager of Citic Medical Fund.

The unit of the generic medicine producer can provide its clients with one-stop solutions for early detection and health monitoring, said Citic Securities Investment. 

Simcere Diagnostics completed its Series A round last October with the sole investor of Tenyall Investment. Before that, it had gained investments from Huatai Health Fund, Hony Capital, and Nanjing Daoxing Investment Management Center in April 2020.

Editor: Emmi Laine, Xiao Yi