One of Africa's leading genomics startups, 54Gene, co-founded by Abasi Ene-Obong is wrapping up its operation. Before the firm started its full-time operation, it underwent three funding rounds in which it was able to secure $45 million in funding to finance its operation.
The company was established in 2019 with the aim of supplying quality genomic data specific to Africa, and it was focused on enhancing drug discovery procedures of international firms.
With less than 3% of genetic material used in global pharmaceutical research sourced from Africa, 54Gene aspired to bridge this significant gap in the global genomics market, TechCabal reported.
However, things didn't go as planned as the firm experienced an internal crisis, which led to the replacement of Ene-Obong as CEO of 54Gene on the grounds of misappropriation of company funds.
It wasn't until a year after Ene-Obong resigned as the CEO of 54Gene that he launched a new startup called Syndicate Bio, another genomics company focused on genetic analysis and precision medicine.
Read more: https://www.investingport.com/54gen...ring-45m-in-2-years-deep-dive-into-the-facts/