Mekong Capital makes Series B investment in Gene Solutions
Investment to help biotech firm’s expansion plans in Southeast Asia.
Mekong Capital announced on September 20 that the Mekong Enterprise Fund IV (MEF IV) has completed a $21 million Series B investment in Gene Solutions, a rapidly growing Vietnamese biotechnology firm. The latest investment, which follows MEF IV’s initial investment in 2021, supports Gene Solutions’ expansion plans in Southeast Asia, especially in providing early detection tests for multiple forms of cancer.
“We have great confidence in Dr. Nguyen Hoai Nghia, Co-founder and CEO of Gene Solutions, and the other Co-founders and the excellent team that has been assembled,” said Mr. Chris Freund, Founder and Partner at Mekong Capital. “Our initial investment in Gene Solutions has been performing very well over the last two years, and of course we expect this will continue as Gene Solutions emerges as a model of a successful and sustainable biotechnology company in Southeast Asia.”
Gene Solutions specializes in detecting the presence of certain diseases based on DNA markers. Their success was initially built on prenatal tests, such as helping expecting parents screen for disorders during pregnancy or prevent genetic problems and assist with conception. It is currently the market leader for Non-Invasive Prenatal Testing (NIPT) in Vietnam.
In 2022, Gene Solutions validated a liquid biopsy technology called SPOT-MASTM that can detect circulating tumor DNA (ctDNA) in the bloodstream as signals for multiple common types of cancers in the early stages, typically before they are readily detectable by traditional methods.
The accessibility of a multi-cancer early detection test in the region has been well adopted by private hospitals and wellness centers in Ho Chi Minh City, Manila, Jakarta, and Bangkok. It also expects to open an oncology laboratory in Tai Seng Exchange, Singapore, by November, to fulfill growing cancer testing needs in the region.
The key to Gene Solutions’ successful expansion lies in its lower cost structure than its competitors, and its efforts to continually lower the cost per test, making such tests more affordable for a wider range of end-users throughout Southeast Asia. Gene Solutions achieves this in part by running its own labs with a strong in-house research and development team.
In addition, nearly 1 million genetic tests have been provided by Gene Solutions, making genetic testing available to more people in Southeast Asia where its services are available.
