This Biotech Startup Raised $34 Million For Urine-Based Tests To Help Diagnose Cancer
The post This Biotech Startup Raised $34 Million For Urine-Based Tests To Help Diagnose Cancer appeared on BitcoinEthereumNews.com. Ricky Chiu, Phase Scientific’s cofounder, chairman and CEO. Courtesy of Phase Scientific With rising cancer rates necessitating new forms of diagnosis and treatment, Hong Kong-based biotech startup Phase Scientific International announced Tuesday it raised $34 million in a Series A funding round led by Asian asset management firm Value Partners Group. Under a private equity fund of Value Partners, which was cofounded by billionaire Cheah Cheng Hye, the Series A brought Phase Scientific’s total funding raised to $57 million. The round included participation from “new healthcare-focused investors and continued support from existing global backers,” according to the company. Phase Scientific declined to disclose its current valuation. The decade-old company’s previous investors include the Gates Foundation, which provided a $100,000 grant in 2016, and the U.S. National Institutes of Health, which provided a total of around $1.1 million in funding between 2017 and 2018. “We are delighted to become a partner of Phase Scientific as it rapidly grows and addresses critical unmet needs in early disease detection,” said Chuen Yan Leung, partner at Value Partners Group, in a statement about the funding round. “Its innovative technology represents a paradigm shift, offering an unparalleled combination of clinical precision and patient-centric solutions that accelerates the development of early disease detection.” Phase Scientific’s HPV urine test. Courtesy of Phase Scientific Founded in 2015, Phase Scientific develops diagnostic products and services for cancer, infectious diseases and women’s health conditions. Its range of 30 products, chiefly offered through at-home testing kit brand Indicaid, includes pregnancy tests, Covid-19 rapid antigen tests, and sexual health tests. To date, the company says it’s distributed more than 100 million tests in over 30 countries, with Covid-19 tests comprising the majority of its business. The fresh capital will go towards research and development (R&D) and commercialization efforts for its urine-based diagnostics.…
The post This Biotech Startup Raised $34 Million For Urine-Based Tests To Help Diagnose Cancer appeared on BitcoinEthereumNews.com.
Ricky Chiu, Phase Scientific’s cofounder, chairman and CEO. Courtesy of Phase Scientific With rising cancer rates necessitating new forms of diagnosis and treatment, Hong Kong-based biotech startup Phase Scientific International announced Tuesday it raised $34 million in a Series A funding round led by Asian asset management firm Value Partners Group. Under a private equity fund of Value Partners, which was cofounded by billionaire Cheah Cheng Hye, the Series A brought Phase Scientific’s total funding raised to $57 million. The round included participation from “new healthcare-focused investors and continued support from existing global backers,” according to the company. Phase Scientific declined to disclose its current valuation. The decade-old company’s previous investors include the Gates Foundation, which provided a $100,000 grant in 2016, and the U.S. National Institutes of Health, which provided a total of around $1.1 million in funding between 2017 and 2018. “We are delighted to become a partner of Phase Scientific as it rapidly grows and addresses critical unmet needs in early disease detection,” said Chuen Yan Leung, partner at Value Partners Group, in a statement about the funding round. “Its innovative technology represents a paradigm shift, offering an unparalleled combination of clinical precision and patient-centric solutions that accelerates the development of early disease detection.” Phase Scientific’s HPV urine test. Courtesy of Phase Scientific Founded in 2015, Phase Scientific develops diagnostic products and services for cancer, infectious diseases and women’s health conditions. Its range of 30 products, chiefly offered through at-home testing kit brand Indicaid, includes pregnancy tests, Covid-19 rapid antigen tests, and sexual health tests. To date, the company says it’s distributed more than 100 million tests in over 30 countries, with Covid-19 tests comprising the majority of its business. The fresh capital will go towards research and development (R&D) and commercialization efforts for its urine-based diagnostics.…
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