Hong Kong-headquartered biotech company PHASE Scientific International has completed a Series A funding round, raising $34m for progressing PHASIFY, a urine-based diagnostic technology for early disease detection.
Independent asset management business Value Partners Group spearheaded this funding round, which received assistance from new investors focused on healthcare and saw continued support from current worldwide backers.
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PHASE Scientific noted that its patented urine concentration technology enables the capture of less than ten times more biomarkers than current industry standards.
This approach allows for concentration and purification of unrestricted urine volumes, increasing the sensitivity of disease identification.
The technology facilitates at-home sample collection, promoting preventive care and proactive health management.
PHASE Scientific CEO, chairman and founder Dr Ricky Chiu said: “The successful close of this landmark Series A financing validates the transformative potential of our technology and the growing global demand for accessible, accurate early disease detection.
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By GlobalData“With this capital, we will accelerate research and development (R&D) and commercialisation efforts to bring a comprehensive suite of next-generation urine-based diagnostics to market.
“Our mission is to empower millions worldwide with non-invasive, user-friendly testing that can save lives through earlier intervention.”
The company has introduced and marketed more than 30 diagnostic products across categories, including gastrointestinal, paediatric, oncology, respiratory and sexual health.
In a recent clinical trial in collaboration with Peking University Shenzhen Hospital, China, PHASE Scientific’s urine-based human papillomavirus (HPV) test displayed a 93.4% sensitivity rate in identifying cervical intraepithelial neoplasia 2+ (CIN2+) lesions and a concordance rate of more than 97% with Roche’s Cobas 4800 for HPV types 16 and 18.
Founded in 2015, PHASE Scientific focuses on creating non-invasive tests for early cancer detection, women’s health conditions, and infectious conditions.
