Genetic diagnostics company, MedGenome Labs Ltd., today announced investment by HDFC Ltd., HDFC Life and HDFC Asset Management to complete its Series C funding of USD 40 million.
Genetic diagnostics company, MedGenome Labs Ltd., today announced investment by HDFC Ltd., HDFC Life and HDFC Asset Management to complete its Series C funding of USD 40 million.
MedGenome will utilise this capital to expand the clinical genomic testing market by penetrating all the Tier II and Tier III cities and democratise the critical genetic tests like noninvasive pre-natal screening (NIPT) and new-born genetic testing, the company said in a release.
It said the company plans to establish more genetic centres in hospitals across the country to support clinicians and to enable patients to take informed decisions.
"MedGenome's goal is to significantly reduce the burden of inherited diseases in India and assist clinicians in implementing precision medicine. We are excited about partnering with HDFC to increase adoption of genomics across India," MedGenome Founder and Chairman Sam Santhosh said.
Claiming that MedGenome has completed over 100,000 genomic tests and supported clinicians in diagnosing more than 40 per cent unresolved cases, the company said about six per cent of the children born in India have inherited pediatric diseases which is double the worldwide occurrence rate.
"We are very happy to see an Indian company take a lead in a deep technology area like genomics and have decided to support MedGenome in its endeavour to make genetic tests affordable and accessible widely," HDFC Group Chairman Deepak Parekh said.
Meanwhile, in WhatsApp deta leak, Sebi had earlier ordered HDFC Bank to conduct an internal inquiry into the suspected leaking of key unpublished financial information and to strengthen its handling of such data.
The direction from the Securities and Exchange Board of India (SEBI) came in the wake of an investigation that the regulator opened following a Reuters report late last year that prescient messages about company results and other matters had circulated in private WhatsApp chatrooms before their official release.
HDFC Bank, the biggest of the Indian private sector lenders and second-biggest overall by assets, has been ordered to investigate the issue and take action against those responsible within three months and report back to SEBI.
SEBI had sent a direction to Axis Bank on the issue in December asking it to conduct a similar inquiry. The bank said it would work with SEBI to investigate the matter and take action as needed.
(With inputs from PTI)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "HDFC invests in MedGenome to complete series C funding of $40")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}