News
54gene Closes $15M Series A
54gene, the African genomics research, services, and development company has closed a Series A round of $15M, led by Adjuvant Capital, a life sciences fund backed by the International Finance Corporation, Novartis, and the Bill & Melinda Gates Foundation.
The round included participation from Raba Capital, V8 Capital, Ingressive Capital, and follow on investment from Y Combinator, Better Ventures, Fifty Years, KdT Ventures, Aera VC and Pioneer Fund. In July 2019, 54gene secured a Seed round of $4.5M which brings the company’s total VC investment to $19.5M.
The investment secured today 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 programs.
54gene was launched in January 2019, to address the significant gap the genomics market currently poses for Africa, and build and use African genetic data sets to make landmark discoveries to support therapeutic development.
As of 2018, less than 3% of the data used in Genome-wide Association Studies [GWAS] were of African ancestry and currently, less than 1% of global drug discovery occurs on the African continent. Located in Africa’s most populous country, Nigeria, and in the US, 54gene aims to improve the development, availability and efficacy of medical products that will prove beneficial to Africans and the wider global population.
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 programs 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 is also announcing 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.
Speaking on today’s news, Dr. Abasi Ene-Obong, 54gene Founder and CEO, says, “This new partnership marks a significant evolution in the growth of our 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.”
54gene currently works with 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 state-of-the-art biorepository 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.
Jenny Yip, Managing Partner of Adjuvant Capital adds, “There is enormous potential in expanding the reach of global drug and vaccine discovery by including more diverse populations in research efforts. We were impressed by 54gene’s commitment to building a world-class network of African clinicians and geneticists and are excited to work with them as they scale and seek to drive meaningful improvements in global public health.”
Dr. Ene-Obong concludes, “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.”
CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.
This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.
Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”
This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.
As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.
CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.
Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.
This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.
The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.
According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.
He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.
“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.
A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.
He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.
Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.
He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.
Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Participants at the event
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
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