HDFC Invests in MedGenome to Complete Series C Funding of $40 mil
Hyderabad, March 5, 2018:MedGenome Labs Ltd., the leading genetic diagnostics company in India, announced investment by HDFC Ltd., HDFC Life and HDFC Asset Management to complete its Series C funding of USD 40 mil.
MedGenomewill utilize this capital to expand the clinical genomic testing market bypenetrating all the Tier II and Tier III cities and democratize the criticalgenetic tests like noninvasive pre-natal screening (NIPT) and new born genetictesting. The company plans to establish more genetic centersin hospitals acrossthe country to support clinicians and to enable patients to take informed decisions.
MedGenomehas completed over 100,000 genomic tests and supported clinicians in diagnosingmore than 40% unresolved cases. About 6% of the children born in India haveinherited pediatric diseases which is double the worldwide occurrence rate.
"We believeunderstanding genetic information can have a big impact on Indian healthcareindustry through early detection of disease risk and development of newmedicines. We are very happy to see an Indian company take a lead in a deeptechnology area like genomics and have decided to support MedGenome in itsendeavor to make genetic tests affordable and accessible widely."said Mr. Deepak Parekh, Chairman, HDFC Group.
"MedGenome’sgoal is to significantly reduce the burden of inherited diseases in India andassist clinicians in implementing precision medicine. We are excited aboutpartnering with HDFC to increase adoption of genomics across India." said Sam Santhosh, Founderand Chairman of MedGenome.
MedGenomeoperates the largest CAP-accredited Next Generation Sequencing (NGS) labin South Asia. MedGenome's diagnostics tests include many breakthroughsfor genetic diagnostics including the first proprietary liquid biopsy(OncoTrack) for monitoring cancer treatment, non-invasive prenatal screeningtest (NIPT) for pregnant women, carrier screening for couples planning forchildren, and whole exome sequencing for cost-effective identification of raremutations.