Piscataway, NJ, June 26, 2009 --(PR.com
)-- GenScript Inc., a world leader in bio-reagent supply and biology CRO service announced today that it has received a $15 million venture funding for the expansion of its biology services in drug discovery and development. The investment was led by Kleiner Perkins Caufield & Byers (KPCB) China Fund and a co-investor, TBIG Healthcare.
"The investment by KPCB and TBIG validates our vision of accelerating the discovery and development of innovative medicines in a cost effective and timely manner; it also affirms our strategy of revolutionizing the industry by delivering high-quality services at significant savings while providing seamless integration into our clients’ pipeline.” commented Dr. Frank Zhang, GenScript’s Co-founder and CEO.
In connection with the investment, the KPCB China Fund Partner Forrest Zhong, Ph.D. and the US Pandemic Fund Partner James Li, M.D. will join the GenScript board. “We are very excited to partner with GenScript to build a world-class biology CRO service platform” said Dr. Zhong. “This investment signifies not only our confidence in the management, but also our belief in the growing needs of developing innovative medicine in a cost-effective way. Moreover, we believe that the biology CRO platform established by GenScript will significantly lower the barriers to the adoptions of biotechnology in various application areas including pharmaceutical, manufacture, agriculture, and bio-energy.”
Founded in 2002 by Drs. Frank Zhang, Larry Wang, and Ms. Sally Wang, GenScript is a privately held global company. Its portfolio of comprehensive biology services currently includes bio-reagent, bio-assay, lead optimization, and antibody drug development. Headquartered in Piscataway, New Jersey, the company has major operations in USA, China, France, and Japan. More information is available at www.genscript.com.
KPCB began investing in and helping build life science companies in 1977 when it was the founding investor in Genentech. Since then, the firm and its Partners have backed entrepreneurs in 100 life science companies working in every area of medicine, including cardiology, cancer, neurology, immune system diseases, ophthalmology, and molecular diagnostics. Since its founding in 1972, KPCB has backed entrepreneurs in over 475 ventures, including AOL, Align Technology, Amazon.com, Citrix, Compaq Computers, Electronic Arts, Genentech, Genomic Health, Google, IDEC Pharmaceuticals, Intuit, Juniper Networks, Netscape, Lotus, LSI Logic, Sun Microsystems, Symantec, Verisign, and Xilinx. More than 150 of the firm’s portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions.
About TBIG Healthcare
TBIG Healthcare is a division of The Balloch Group ("TBG") and is co-owned by Shipston Group Limited (SGL). TBG is an advisory and merchant banking firm serving both domestic Chinese and international firms, ranked the leading boutique investment bank in China by ChinaVenture in 2008. SGL has been operating in China since 2005. Mr. Hank Nordhoff, who was CEO of Gen-Probe Incorporated until his retirement in May of this year, is heading the health care division and serves also as an advisor to TBG. Michael Dingman, founder of SGL, is the former CEO of Fisher Scientific International Inc. and has been active in the health care industry for over 20 years.