SINGAPORE 21 AUGUST 2019 – Singapore molecular diagnostics groups INEX Innovations Exchange Pte. Ltd. (INEX) and Nova Satra Dx Pte. Ltd. (Nova Satra) announced today the merger of the two companies to create INEX INNOVATE. The combined company will be focused on addressing the unmet need for faster and more accurate diagnostics testing and precision health care for Asian women.
The merger creates Asia’s first FemTech company with a strong portfolio of intellectual property comprising more than 45 key patents and nine trademarks worldwide. The company’s women’s reproductive health solutions have been commercialised in multiple markets across Asia-Pacific and are witnessing growing sales in existing markets whilst expanding into new ones such as Indonesia and Bangladesh.
The pipeline of new technologies the company is developing includes OvaCis, a point of care kit that can distinguish benign from malignant ovarian cysts in 5 minutes, Zena, a blood based test for the early detection of ovarian cancer, and NovoTectTMBC, one of the first epigenetics-based early detectiontest for breast cancer in Asian women. INEX INNOVATE plans to commercialize these technologiesby 2020 across Asia.
Some global standard tests for women’s health have shown to provide less precise results due to genetic differences amongst various phenotypes. For example, mammography is believed to be less effective at identifying breast cancer in Asian women due to differences in breast tissue. INEX INNOVATE’s technology is focused on providing precision diagnosis and care for women across the Asian phenotype.
By integrating laboratories, research, development and distribution functions from the two companies, INEX INNOVATE will benefit from improved cost efficiencies, expanded R&D activities, fast tracked commercialisation of its pipeline assets, and market expansion.
The deal, valued at US$72 million, is backed by institutional investors including Genting, Enterprise Singapore, SEEDS Capital and SNS Holdings. The company is eyeing a possible IPO on the Singapore, Hong Kong or London Exchanges for 2021.
Mr. Kane Black, Chief Executive Officer of Nova Satra, will assume the role of Chief Executive Officer of INEX INNOVATE. President & Chief Operating Officer of Genting Berhad, Mr. Tan Kong Han will join the board of INEX INNOVATE with Genting’s SVP of Legal Ms. Goh Lee Sian as alternate Director.
Kane Black, Chief Executive Officer of the new INEX INNOVATE said, “We are delighted to launch INEX INNOVATE and will continue to work to empower Asian women in the management of their own health through improved access to rapid, accurate diagnosis and technologies. This merger is a strategic step to expedite that ambition. Asian countries now account for 40% of breast cancer cases worldwide and 37% of cancers diagnosed in females are in Asia. INEX INNOVATE is now well equipped to bring our proprietary tests to more patients and physicians in Asia and beyond.”
“Looking at Asia’s aging female population and the resulting demographics, the need for diagnostic offerings and precision health care is only going to rise,” said Dr Sidney Yee, Co-Founder and Director of INEX Innovations Exchange. “INEX INNOVATE has a deep understanding of Asian demographics and a unique offering of both diagnostic products and care delivery services. I look forward to seeing INEX INNOVATE continue to develop and translate research into clinical practice to help women navigate the various stages of their lives.”
About INEX INNOVATE
INEX INNOVATE is Asia’s first femtech innovations group, providing precision health care for women, specifically for Asian phenotypes. INEX INNOVATE has a broad commercial portfolio of validated tests in prenatal health, ovarian and breast cancer along with more than 45 key patents and nine trademarks worldwide.
For more information visit: www.inex.sg
About Genting Berhad:
Recognised as one of Asia’s leading and best managed multinationals, Genting Berhad, is a diversified conglomerate with holdings in the gaming, leisure & hospitality; plantation; power; property development; oil & gas and medical technology sectors. There are 5 public companies listed in 3 jurisdictions consisting of the “Genting Group”, namely Genting Berhad, its subsidiaries Genting Malaysia Berhad, Genting Plantations Berhad and Genting Singapore PLC as well as its affiliate, Genting Hong Kong Limited. Collectively, they have over 52,000 employees, 4,500 hectares of prime resort land and about 166,000 hectares of plantation land.
With significant investments in life sciences, Genting Berhad has significant interests in Neurodegenerative diagnostic and treatment company TauRx Pharmaceuticals, Synthetic Genomics Vaccines, Inc, a company developing next generation human vaccines using genomic sequencing and synthetic genomic technologies, London based DNA Electronics Limited which owns rights to patents and know-how in the design and fabrication of a point of care handheld device for real-time detection of any target nucleic acid (DNA and RNA) sequence and Singapore based molecular diagnostic company Nova Satra Dx.
About SEEDS Capital Pte Ltd:
As the investment arm of Enterprise Singapore, SEEDS Capital catalyses smart investments into innovative Singapore-based startups with strong intellectual content and global market potential. SEEDS Capital co-invest with independent investors in innovative startups. SEEDS Capital help our startups commercialize and expand globally through leveraging on the expertise and strategic networks of our co-investment partners in areas such as technology translation, commercialisation and market expansion. Through co-investments, SEEDS Capital aims to catalyse investments into nascent and strategic sectors. These include Advanced Manufacturing & Engineering, Health & Biomedical Sciences, Urban Solutions & Sustainability, and Services & Digital Economy.
Enterprise Singapore, formerly International Enterprise Singapore and SPRING Singapore,is thegovernment agency championing enterprise development. EnterpriseSingapore works with committed companies to build capabilities, innovate and internationalise. Enterprise Singapore also support the growth of Singapore as a hub for global trading and startups. As the national standards and accreditation body, we continue to build trust in Singapore’s products and services through quality and standards. For more information on Enterprise Singapore, please visit www.enterprisesg.gov.sg.
About SNS Holdings:
SNS Holdingsis an investment company owned by Singaporean entrepreneur Mr. Sim Giok Lak and his family. Mr. Sim has provided valuable contributions to Singapore’s small and medium enterprise sector via his prior appointment as a Board member of SPRING Singapore (now known as Enterprise Singapore).
Key investments of SNS include ASX listed Zicom Group, a diversified engineering and manufacturing company with more than 40 years track record in the marine, oil and gas equipment; construction equipment; and precision engineering segments and ZIG Ventures, an Enterprise Singapore accredited Healthcare Biomed Sciences Accelerator that focuses on investing, incubating and commercializing medtech technologies.
The invested companies of ZIG Ventures include: Biobot Surgical (medical robotics for prostate biopsy and treatment navigation), Curiox Biosystems (bioinstrumentation and CDx for Cell assays and therapy), Histoindex (clinical trial tool and CDx for NASH), Pellucid Networks (big data analytics for ophthalmic disease management), Endofotonics (molecular diagnostics for early gastric cancer), and Belkin Lasers (automated and rapid laser treatment system for glaucoma).
For more information, please contact:
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