ProGenTech Raises $21 million

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...