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Nigerian Genomics Research Startup Raises $15m
Genomics research startup 54gene in April raised a $15-million Series-A funding round led by US life sciences investment firm Adjuvant Capital, a life sciences fund backed by the International Finance Corporation, Novartis, and the Bill & Melinda Gates Foundation.
THE INVESTMENT will allow the company to scale operations in support of generating novel insights from human genetics research that result in high impact discoveries for improving human health through therapeutic development.
The investment will also be used to accelerate discovery capabilities by bolstering operations in genetics, bioinformatics, preclinical, clinical and commercial programmes.
Other investors who participated in the round include Raba Capital, V8 Capital, and Ingressive Capital, with follow on investment from Y Combinator, Better Ventures, Fifty Years,KdT Ventures, Aera VC and Pioneer Fund.
54gene was founded in 2019 by CEO Dr Abasi EneObong with the aim of including under-represented African genomic data in research which could lead to medical breakthroughs and new healthcare solutions worldwide.
As of 2018, less than 3% of the data used in Genomewide Association Studies [GWAS] was of African ancestry and currently, less than 1% of global drug discovery occurs on the African continent. 54gene aims to improve the development, availability and efficacy of medical products that will prove beneficial to Africans and the wider global population.
54gene currently works with more than 300 researchers, clinicians and geneticists across the continent to improve the global collective knowledge of genomic determinants of health and to facilitate translational research.
The company has also built an African Biobank, a stateof-the-art bio-repository which stores biological samples to provide access to aggregated, de-identified data and bio-specimen mainly for secondary use by researchers, to support both academic and development research.
Dr Abasi Ene-Obong, CEO 54gene
Vision to become global force in healthcare market
In July 2019, the startup – which has offices in Lagos and San Francisco – raised a $4.5-million seed round from a group of investors who included Better Ventures, Fifty Years, Hack VC, KdT Ventures, Techammer and Y Combinator.
At the time, Dr Ene-Obong told Forbes that 54gene’s vision was to become a global force in the healthcare market and that the startup would invest heavily in building data science capabilities which would enable it to find its own targets and provide the pharmaceutical industry with access to African genetic data.
As part of its next stage of growth, the company will further explore partnerships and opportunities for co-development of drug targets and therapeutics, and expects to partner with pharmaceutical, medical device and diagnostic companies for clinical programmes in Africa, which will be led by 54gene’s newly appointed Vice President of Clinical & Regulatory Affairs, Kemi Williams, who was formerly Head of Clinical Affairs for Siemens Healthineers US molecular diagnostics business, and previously worked at Roche, Abbott and Medtronic.
In addition to its Series A raise, 54gene also announced the formation of its Scientific Advisory Board (SAB). The SAB is composed of global leaders in clinical genetics, bioinformatics and data science; Michael F. Murray MD, Director of Clinical Operations, Center for Genomic Health Professor Dept of Genetics, Yale School of Medicine, Manuel Rivas PhD, Assistant Professor at Stanford University, Greg Hinkle PhD, VP Research Informatics, Alnylam Pharmaceuticals and Jeff Hammerbacher, Founder and General Partner, Related Sciences.
Ene-Obong said the new partnership marks a significant evolution in the growth of the company.
“In the coming months we will be focusing on building a genomic resource that we hope will add significantly to global health, while also translating to the health benefits of patients in Africa. We will also be expanding our collaborations in Africa with both public and private stakeholders and investing in setting up a state-of-the-art research lab with high-throughput genetic processing and BSL 3 capabilities in Nigeria, and ensuring that we build some of our innovative pipelines on the African continent,” he added.
“This funding comes at a historically meaningful time, allowing us to deliver global impact through continued investment in research and strategic partnerships with leaders in the biomedical industry. We want to support the crucial work of our partners in Africa while improving global health and are committed to promoting a safe, ethical and beneficial research practice,” said Ene-Obong.
Nigeria COVID-19 Testing Suppor Fund
In March, the startup launched a Nigeria COVID-19 testing support fund by donating $150 000 and securing $350 000 from partners that included Nigeria’s Union Bank.
At the time, 54gene said in a statement on its website that the combined sum of $500 000 would increase COVID-19 testing capacity in Nigeria by up to 1 000 additional tests a day by buying testing instruments and biosafety materials such as biosafety cabinets and personal protective equipment that is needed to keep front-line healthcare workers safe.
The startup explained that the equipment will be installed in public hospitals and laboratories across Nigeria and will remain in place once the current COVID-19 pandemic subsides, to be used by medical researchers and clinicians in case of any future outbreaks.
In addition, 54gene said there would also be significant investment in providing training and support to medical professionals, personnel and volunteers working in coronavirus testing sites across the country, ensuring the mass roll-out of effective and robust testing for tens of thousands more Nigerians. ai
