ProGenTech Raises $21 million

East meets West as ProGenTech, a research tools company based in China and the US, attracts new investors Bay City Capital and DT Capital.

In 2007, five Chinese health care companies, including WuXi PharmaTech Inc. and China Nepstar Drug Stores, went public on US Exchanges, raising nearly a billion dollars. That impressive performance has triggered a flood of interest among Western-based venture capitalists and hedge fund managers. To date, China-based contract research organizations have attracted the lion’s share of foreign investment, but recently other start-ups, including those with East/ West business models, are starting to command attention. (See "China: The Asian Dragon Lures Foreign Investors," START-UP, February 2008 Also see "China: The Asian Dragon Lures Foreign Investors" - Scrip, 1 February, 2008. and "China: The Wild, Wild East for Medical Devices," this issue Also see "China: The Wild, Wild East for Medical Devices" - Medtech Insight, 1 May, 2008..)GenturaDx is just the latest company to capitalize on the China buzz. In early April, the company announced its first round of institutional investing: a $21 million Series C led by Bay City Capital and DT Capital. [See Deal]

According to Fred Craves, managing partner at Bay City, the firm had been looking at investment opportunities in China for some time. "We wanted something with ground-breaking technology, solid intellectual...

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