HDFC Invests in MedGenome to Complete Series C Funding of $40 mil
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 by penetratingall the Tier II and Tier III cities and democratize the critical genetic testslike noninvasive pre-natal screening (NIPT) and new born genetic testing. The company plans to establish more genetic centers in hospitals across thecountry to support clinicians and to enable patients to take informeddecisions.
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.
"Webelieve understanding genetic information can have a big impact on Indianhealthcare industry through early detection of disease risk and development ofnew medicines. 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’s goal is to significantly reduce the burden of inherited diseases inIndia and assist clinicians in implementing precision medicine. We are excitedabout partnering with HDFC to increase adoption of genomics acrossIndia.," said Sam Santhosh, Founder and 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.