Lucence Raises USD $20M Series A Led by IHH Healthcare to Advance Liquid Biopsy for Early Detection of Multiple Cancers
SINGAPORE--(BUSINESS WIRE)--Nov 19, 2019--
Lucence, a genomic medicine company that invents blood-based tests for cancer screening and treatment selection, announced today the close of USD $20 million in Series A funding. The round was led by IHH Healthcare, one of the world’s largest integrated private healthcare groups. SGInnovate, together with existing investors Temasek Holdings subsidiary Heliconia Capital, Lim Kaling, Koh Boon Hwee and others, also participated in the round. This funding will enable the company to provide its liquid biopsy technology to more patients across Asia and North America for personalized treatment selection. Lucence will also embark on new prospective clinical studies to evaluate its technology for the early detection of multiple cancers.
Lucence spun out of Singapore’s Agency for Science, Technology and Research (A*STAR) in 2016. In 2018, the company introduced its flagship next-generation sequencing test, LiquidHALLMARK®, the first and only clinical sequencing blood test that detects both cancer-related gene mutations and cancer-causing viruses within a single assay. The test has been used by oncologists in cancer diagnosis, monitoring and treatment selection for over 1,000 patients in Asia to date. LiquidHALLMARK® detects clinically relevant mutations across 14 cancer types, including lung, breast, colorectal, pancreatic, nasopharyngeal and liver cancers. The test is based on Lucence’s core molecular watermarking technology, AmpliMARK™, for improved accuracy and depth in sequencing results. In 2019, Lucence’s Singapore central laboratory became the first laboratory in Southeast Asia to be CLIA-certified and CAP-accredited in order to bring LiquidHALLMARK® to physicians and patients in the United States.
“Our mission is to reduce worldwide suffering through early cancer detection. As a medical oncologist, I have worked in the clinic and the laboratory for over a decade, striving towards a world where cancer can be overcome with early screening. Our research discoveries, such as the identification of the circulating tumor-endothelial cluster, can transform the liquid biopsy field, allowing better non-invasive cancer screening and profiling for patients. This partnership with IHH Healthcare will accelerate our work to achieve early cancer detection and effective cures, and expand access to this much-needed liquid biopsy technology to patients across Asia and the United States,” said Dr. Min-Han Tan, MBBS, PhD, founder and CEO of Lucence.
Dr. Kelvin Loh, Chief Executive Officer (Designate) of IHH Healthcare, said, “Liquid biopsy is a game-changer in our endeavor to provide cancer patients with better, value-driven outcomes through precise treatment selections and more affordable care. Our investment in Lucence will provide IHH patients with better access to this advanced technology. IHH looks to drive greater synergies with Lucence and co-develop solutions for patients, as well as explore opportunities to sharpen our precision medicine capabilities with other like-minded partners across our 10-country network.”
Lucence will be in attendance at the European Society of Medical Oncology (ESMO) Asia Congress this week and will be exhibiting at booth B09.
Lucence is a genomic medicine company founded on a vision of a world without avoidable cancer deaths. The company develops non-invasive blood tests that achieve early cancer detection and improve treatment selection. Headquartered in Singapore with offices in San Francisco, Hong Kong, and Suzhou, its services are delivered worldwide through a CLIA-certified and CAP-accredited laboratory. For more information, please visit www.lucencedx.com.
About IHH Healthcare
IHH Healthcare Berhad is a leading premium integrated healthcare provider in markets where the demand for quality care is strong and growing. IHH is one of the largest healthcare groups in the world by market capitalization and are listed on the Main Market of Bursa Malaysia and the Main Board of SGX-ST. Employing more than 55,000 people and operating over 15,000 licensed beds across 80 hospitals in 10 countries worldwide, the Group offers the full spectrum of integrated healthcare services from clinics to hospitals to quaternary care and a wide range of ancillary services. Learn more at www.ihhhealthcare.com/.
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CONTACT: Jamen Loh
KEYWORD: ASIA PACIFIC SINGAPORE
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL MANAGED CARE ONCOLOGY HEALTH MEDICAL DEVICES GENETICS OTHER HEALTH
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PUB: 11/19/2019 06:00 PM/DISC: 11/19/2019 06:01 PM