GenScript Raises $15M For Drug Discovery And Development Services Expansion —Kleiner Perkins Invests In Biology CRO Business

Piscataway, NJ - GenScript Inc., a world leader in bio-reagent supply and biology CRO service announced recently 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."

SOURCE: GenScript Inc.