NEW YORK (GenomeWeb) – Cynvenio Biosystems announced today that it has raised $25.5 million in a Series B financing round. The money will help the company advance the clinical development and commercialization of its LiquidBiopsy platform, which allows analysis of both circulating tumor cells and circulating cell-free tumor DNA.
China-based Livzon Pharmaceutical Group led the funding round. Other investors included Greenwoods Private Equity Funds in Shanghai and Syno Capital in New York.
Cynvenio CEO André de Fusco said in a statement that concurrent to the Series B funding, Cynvenio is establishing a China-based joint venture with Livzon Pharma's diagnostics subsidiary, supported by an additional $10 million in operating capital.
Desheng Tao, president of Livzon Pharmaceutical Group, said in a statement that Livzon Diagnostics plans to "quickly bring LiquidBiopsy to all hospitals and research institutions in greater China."