Sangon & Bio Basic Inc. Closes $10 Million Round of Investment by Qiming Ventures

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Aug 03, 2010, 07:53 ET

SHANGHAI, Aug. 3 /PRNewswire-Asia/ -- Sangon Biotech, a Shanghai based life science research service company, and Bio Basic Inc. (BBI), a Toronto based life science research service company, announced today the completion of a $10 million round of funding from Qiming Ventures. The company is using the funding to scale research & development, marketing and sales of its life science research tools including biochemical reagents, protein, antibody, research kit, DNA synthesis service, etc. to meet increasing demand.

David Qisong Wang, the founder and Chairman introduced: "Shanghai Sangon Biotechnology has become one of leaders in China's life sciences R&D services. Starting from Canada, BBI is growing rapidly and offering a breath of high quality products and services to customers worldwide through our direct sales and service team and distributors in 40 countries."

Regarding this recent financing, David added: "We started to consider raising one round from an investor who really knows our business and could be our true partner. Quite some investors approached us and we believe Qiming Ventures is the one. This investment validates our vision of accelerating life science research in a cost effective way.

"We are surprised that even before the investment was completed, Qiming Ventures had already begun to work with us. We are extremely pleased and happy to form this relationship with Qiming Ventures," Tracey, GM of Sangon, and Jennifer, GM of BBI, added.

Nisa Lin and William Hu from Qiming Venture Partners joined the Board. The investors said: "We are very excited about the company's vision to build a world class life sciences research service company. We believe in the growing needs of research in a cost effective manner and are confident in the management team. We are very pleased to close this investment."

About Sangon & BBI:

Founded in 2003, Shanghai Sangon Biotechnology is one of China's leaders in life sciences research and development services, providing chemical and biological reagents, DNA synthesis, molecular biology kit, protein, antibody, and laboratory consumables.

Based in Canada and with sales network in 40 countries, BBI provides life science research tools and services including Molecular Biology Kits, Biochemicals, Synthetic Genes and Synthetic Oligos to customers worldwide.

About Qiming Ventures:

Qiming Venture Partners is a leading early to growth stage venture capital firm in China with offices in Shanghai, Beijing, Hong Kong and Seattle. Qiming and its affiliate in the US, Ignition Partners, together manage over $2.5 billion including two funds with $520 million under China management. Qiming invests in entrepreneurs creating the next generation of consumer, information technology, health care, and cleantech companies. Our partners are proven business leaders with strong operational experience and successful investment track records including many successful IPO's and merger and acquisition transactions in both the U.S and China. While striving to be the investor of choice, Qiming will work also closely with other leading venture capital firms in China to deliver the investor value that young Chinese companies require.

SOURCE Qiming Venture Partners