Phase Scientific International, a Hong Kong-based biotech startup, has recently secured $34 million in a Series A funding round led by Value Partners Group, a prominent Asian asset management firm. This brings the total funding raised by Phase Scientific to $57 million, with previous investments from global backers such as the Gates Foundation and the U.S. National Institutes of Health.
The company, founded in 2015, specializes in developing diagnostic products and services for cancer, infectious diseases, and women’s health conditions. Its innovative technology, Phasify, allows for the amplification of biomarkers in urine samples to detect various medical conditions with high accuracy. One of Phase Scientific’s notable achievements is the development of the world’s first urine-based HPV test, which can detect the virus with 98.1% accuracy.
With the fresh capital injection, Phase Scientific plans to further research and develop its urine-based diagnostics, particularly focusing on expanding its capabilities to detect other types of cancer. The company’s long-term vision includes targeting more systemic cancers such as lung and breast cancer, utilizing urine tests for early detection.
The significance of Phase Scientific’s work lies in the increasing global burden of cancer, with an estimated 20 million new cases and 9.7 million deaths reported in 2022. Asia, in particular, bears a significant portion of this burden, highlighting the urgent need for innovative and non-invasive diagnostic tools.
In the realm of non-invasive cancer diagnostics, liquid biopsy techniques have gained traction for their ability to process bodily fluids for disease biomarkers. Phase Scientific’s urine-based tests offer a convenient and non-invasive alternative to traditional methods, such as pap smears for women and swabs for men, providing more options for early detection and monitoring of cancer.
The company’s cross-border setup, with offices in California and mainland China, enables Phase Scientific to leverage global R&D and commercialization opportunities. By harnessing its proprietary technology and strategic partnerships, Phase Scientific aims to lead the way in revolutionizing cancer diagnostics and improving patient outcomes.
In a rapidly evolving landscape of healthcare innovation, Phase Scientific’s groundbreaking approach to urine-based diagnostics holds promise for advancing early disease detection and personalized treatment strategies. As the company continues to push boundaries and expand its product offerings, it remains at the forefront of the fight against cancer and other debilitating diseases.
