A Digital Publication for the Practicing Medical Specialist, Industry Executive & Investor

54gene Closes $15M Series A

54gene, the African genomics research, services, and development company has closed a Series A round of $15M, led by Adjuvant Capital, a life sciences fund backed by the International Finance Corporation, Novartis, and the Bill & Melinda Gates Foundation.

54gene notes the round included participation from Raba Capital, V8 Capital, Ingressive Capital, and follow on investment from Y Combinator, Better Ventures, Fifty Years, KdT Ventures, Aera VC and Pioneer Fund. In July 2019, 54gene secured a Seed round of $4.5M which brings the company’s total VC investment to $19.5M.

The investment secured today will allow the company to scale operations in support of generating novel insights from human genetics research that result in high impact discoveries for improving human health through therapeutic development. The investment will also be used to accelerate discovery capabilities by bolstering operations in genetics, bioinformatics, preclinical, clinical and commercial programs.

54gene was launched in January 2019, to address the significant gap the genomics market currently poses for Africa, and build and use African genetic data sets to make landmark discoveries to support therapeutic development. As of 2018, less than 3% of the data used in Genome-wide Association Studies [GWAS] were of African ancestry and currently, less than 1% of global drug discovery occurs on the African continent. Located in Africa’s most populous country, Nigeria, and in the US, 54gene aims to improve the development, availability, and efficacy of medical products that will prove beneficial to Africans and the wider global population.

As part of its next stage of growth, the company will further explore partnerships and opportunities for co-development of drug targets and therapeutics and expects to partner with pharmaceutical, medical device and diagnostic companies for clinical programs in Africa, which will be led by 54gene’s newly appointed Vice President of Clinical & Regulatory Affairs, Kemi Williams, who was formerly Head of Clinical Affairs for Siemens Healthineers US molecular diagnostics business, and previously worked at Roche, Abbott, and Medtronic.

In addition to its Series A raise, 54gene is also announcing the formation of its Scientific Advisory Board [SAB]. The SAB is composed of global leaders in clinical genetics, bioinformatics and data science;  Michael F. Murray MD, Director of Clinical Operations, Center for Genomic Health Professor Dept of Genetics, Yale School of Medicine, Manuel Rivas PhD, Assistant Professor at Stanford University, Greg Hinkle Ph.D., VP Research Informatics, Alnylam Pharmaceuticals and Jeff Hammerbacher, Founder and General Partner, Related Sciences.

Speaking on today’s news, 54gene Founder and CEO Dr. Abasi Ene-Obong says, “This new partnership marks a significant evolution in the growth of our company. In the coming months we will be focusing on building a genomic resource that we hope will add significantly to global health, while also translating to the health benefits of patients in Africa. We will also be expanding our collaborations in Africa with both public and private stakeholders and investing in setting up a state-of-the-art research lab with high-throughput genetic processing and BSL 3 capabilities in Nigeria, and ensuring that we build some of our innovative pipelines on the African continent.”

54gene currently works with 300+ researchers, clinicians and geneticists across the continent, to improve the global collective knowledge of genomic determinants of health and to facilitate translational research. The company has also built an African Biobank, a state-of-the-art biorepository that stores biological samples to provide access to aggregated, de-identified data and bio-specimen mainly for secondary use by researchers, to support both academic and development research.

Jenny Yip, Managing Partner of Adjuvant Capital adds, “There is enormous potential in expanding the reach of global drug and vaccine discovery by including more diverse populations in research efforts. We were impressed by 54gene’s commitment to building a world-class network of African clinicians and geneticists and are excited to work with them as they scale and seek to drive meaningful improvements in global public health.”

Dr. Ene-Obong concludes, “This funding comes at a historically meaningful time, allowing us to deliver global impact through continued investment in research and strategic partnerships with leaders in the biomedical industry. We want to support the crucial work of our partners in Africa while improving global health and are committed to promoting a safe, ethical and beneficial research practice.”

Source54gene
Medical Device News Magazinehttps://infomeddnews.com
Medical Device News Magazine provides breaking medical device / biotechnology news. Our subscribers include medical specialists, device industry executives, investors, and other allied health professionals, as well as patients who are interested in researching various medical devices. We hope you find value in our easy-to-read publication and its overall objectives! Medical Device News Magazine is a division of PTM Healthcare Marketing, Inc. Pauline T. Mayer is the managing editor.

More News!

Noze states the grant will fund a groundbreaking clinical study aimed at detecting TB in high-burden countries, using the company's DiagNoze® — a handheld breathalyzer designed for the real-time detection and screening of various medical conditions, including infectious diseases such as TB.
Research teams led by a faculty member in Purdue University’s College of Engineering will use two grants from the National Eye Institute totaling $6.7 million to further develop specialized smart soft contact lenses that continuously monitor or treat chronic ocular diseases like glaucoma, corneal neovascularization and dry eye syndromes.
The series B funding round saw participation from venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave and Zomato founder Deepinder Goyal. Ultrahuman will deploy the funds towards building further manufacturing capacity and deeper research in the health tracking space notes Ultrahuman.
Bone Health Technologies Bone Health Technologies (BHT), a health technology innovator developing breakthrough non-invasive solutions for bone health, today announced the company has raised a...
Howard Robin, President and Chief Executive Officer of Nektar Therapeutics: "We are pleased to bring on TCGX as a new high-quality, long-term investor in Nektar as we advance rezpegaldesleukin through our Phase 2b studies in atopic dermatitis and alopecia areata. We are on track to report topline data from these studies in the first half of 2025, which will represent significant inflection points for Nektar. Today's financing further bolsters our financial position and extends the company's cash runway well into the third quarter of 2026."

By using this website you agree to accept Medical Device News Magazine Privacy Policy