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Chemclin closes $16.5 million in Series B financing led by China Healthcare Partnership


Chemclin closes $16.5 million in Series B financing led by China Healthcare Partnership (managed by MC China) with support from existing investors, WI Harper, Siemens Venture Capital, and SB China Venture Capital

October 20, 2008

Beijing, China, October 20, 2008 Chemclin, a leading company in diagnostics reagents and systems in China, today announced that it has completed its Series B financing. This $16.5 million funding was led by China Healthcare Partnership (managed by MC China) with participation of existing investors, WI Harper, Siemens Venture Capital, and SB China Venture Capital. China eCapital acted as exclusive financial advisor to the company on this transaction.

“We are very pleased to add China Healthcare Partnership as our new investor in Chemclin,” said Mr. Xitang Ying, CEO of Chemclin. “The international healthcare management experience and great support of these top tier investors will undoubtedly strengthen our position to become a leader in China’s diagnostic market and be of great assistance as we build a global diagnostics company.” he added.

This is the first private equity investment of the newly launched China Healthcare Partnership, which is a partnership managed by MC China, a Martin Currie Group company. “Of the many healthcare-related companies we’ve looked at, this is one of the rare ones that meets our quality requirements,” said Vicky Yun Chen, a Partner at China Healthcare Partnership. “In addition to its broad diagnostics product offerings, the company has a solid technology background and has built an extensive distribution network for its large product/reagents offering in Chemiluminescence Immunoassays (CLIA) diagnostics, an in-vitro diagnostic method that is more advanced than the commonly used Enzyme-Linked ImmunoSorbent Assay (ELISA) in China. Chemclin was the first company in China to launch a full panel of chemiluminesence diagnostics for blood borne diseases, including the acquired immunodeficiency syndrome (AIDS), syphilis, hepatitis C, and hepatitis B, and also carries a breadth of tumor diagnostic panels. Chemclin’s products have gained wide acceptance and high recognition by the Chinese healthcare community. Most importantly, the company has a credible and capable management team that is essential in building a successful company with sustainable growth in China. We are very pleased to be joining fellow investors WI Harper, Siemens Venture Capital and SB Venture Capital in this exciting time in Chemclin’s development.”

About Beijing Chemclin Biotech

Beijing Chemclin Biotech Co., Ltd. (Chemclin) was established in 1999, and has emerged as one of China’s leading diagnostics companies with its own development, manufacturing and distribution headquartered in Beijing. Chemclin develops chemiluminescence immunoassay (CLIA) systems, as well as radioimmunoassay (RIA) kits and clinical chemistry assay kits. Chemclin has more than 130 products fully registered with China’s State of Food and Drug Administration, and has a specialty in infectious disease and tumor diagnostics. It also has a well-established marketing and sales network across China with a presence in 30 provinces, more than 2000 local districts and 30,000 towns. With its CE certification of its assays, Chemclin is now expanding into international markets.

More information can be found at: http://www.chemclin.com.

About China Healthcare Partnership

China Healthcare Partnership LP is a newly launched fund under MC China, a Martin Currie Group company, with a maximum capacity of US$200 million. The fund’s investment objective is to achieve long-term capital appreciation through investment in equity or equity-related securities of companies or other business forms operation in the healthcare and life sciences sector in Greater China. The fund is a closed-ended hybrid fund with a 5 year lock up, with up to 30% of the fund invested in private equity. Martin Currie is an investment management company based in Edinburgh, Scotland with over US$25 billion in management. Having operated in China since 1997, MC China manages over US$6 billion in Greater China portfolios.

About WI Harper

With close to $400M under management, WI Harper is one of the first U.S.-based venture capital firms to create a value-adding bridge between the United States and Greater China with offices in Beijing, Taipei, and San Francisco. For nearly a decade, WI Harper has been building companies internationally by facilitating the flow of capital, technology and management best practices across both sides of the Pacific. The Firm is focused on fueling companies at early expansion stage in technology and healthcare sectors. WI Harper's star portfolios include Focus Media, DivX, Beijing Xinwei, Bridge Pharmaceutical, Cardiva Medical, Commerce One, Celestry, Intraware, iKang Healthcare, MJ Group, Panorama Stock, SirF, 3G.CN, Maxthon and Verisilicon. More information can be found at: www.wiharper.com.


About Siemens Venture Capital:

Siemens Venture Capital (SVC) is the corporate venture organization for Siemens AG, one of the largest global electronics and engineering companies, with reported worldwide sales of more than 72 billion Euros in fiscal 2007.

SVC's goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens, particularly in the focus areas of long-term growth markets such as Industry, Energy and Healthcare.

To date, we have invested over 800 million Euros in more than 100 startup companies and 30 venture capital funds, making venture capital at Siemens an integral component of the Siemens innovation and growth strategy and supplementing its in-house research and development activities (3.4 billion Euros and 32,500 R&D experts in 2007).

SVC is located in Germany (Munich), in the U.S. (Palo Alto, CA and Boston, MA), in China (Beijing), in India (Mumbai), and is active through Siemens´ regional unit in Israel.

SVC is part of Siemens Financial Services and of a greater network at Siemens whose mission is to drive technological innovation by supporting startup companies. In addition to Siemens Venture Capital, Siemens Technology Accelerator and Siemens Technology-To-Business Center also contribute to Siemens’ innovation strategy. Their individual mandates are defined according to financing stages and industry focus. More information can be found at: www.siemensventurecapital.com

About Siemens Financial Services

Siemens Financial Services (SFS) is an international provider of financial solutions in the business-to-business area. With about 1,900 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, we support Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare. We finance infrastructure, equipment and working capital and act as a competent manager of financial risks within Siemens. By leveraging our financ-ing expertise and our industrial know-how we create value for our customers and help them strengthen their competitiveness. For more information see: www.siemens.com/finance.

About SB China Venture Capital

Established in 2000, SB China Venture Capital (SBCVC) is a leading venture capital firm in China. SBCVC invests in high growth companies in various industries, including information technologies, healthcare, cleantech, consumer, and retail.

SBCVC has offices in Shanghai, Beijing, Suzhou, Tianjin, and Taipei. Its portfolios companies include Alibaba, Taobao, Focus Media, PPLive, GDS, Precise, eBao Tech. More information can be found at: www.sbcvc.com.

About China eCapital

China eCapital is a leading investment bank in China. Founded in 2000 with headquarters in Beijing, it provides private placement, merger and acquisition (M&A), and initial public offering (IPO) advisory services. With an international background and strong local presence, China eCapital has emerged as one of the most dynamic and active players in the Chinese investment banking market. While its clients encompass a wide spectrum of industries, the firm is focused on media and entertainment, technology and internet, consumer products and services, and healthcare. More information can be found at: www.china-ecapital.com.


Chemclin Media Contacts:

Ms. Mabel Luan
Tel: 8610 5871 7501
Email: chemclin@chemclin.com

# # #


Publisher Contact Information:

Siemens Venture Capital GmbH (SVC)
+49 89 636 35616
oanh.le@siemens.com

Company profile of Siemens Venture Capital GmbH (SVC)
Past press releases of Siemens Venture Capital GmbH (SVC).

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