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PHASE Scientific Secures $34 Million in Series A Funding

Recently, PHASE Scientific International Limited, an innovative biotech company, announced a substantial achievement by raising $34 million in its Series A funding round. This financial boost marks the largest Series A financing for diagnostic technology in Asia since 2019, showcasing considerable investor confidence in the company's pioneering urine-based diagnostic technology designed for early disease detection.

The funding was primarily led by a private equity firm managed by Value Partners Group, one of Asia's most reputable independent asset management companies. This funding round also saw support from both new healthcare investors and current backers, solidifying a robust belief in PHASE Scientific's technology and future growth potential.

PHASE Scientific has notably progressed with its proprietary PHASIFY™ technology, which significantly enhances urine sample testing mechanisms. This patented technology is designed to capture over ten times more biomarkers than the existing industry standards, positioning the company as the sole innovator in urine-based liquid biopsy diagnostics. It aims to develop an extensive range of non-invasive tests aimed at the early detection of various cancers, women's health issues, and infectious diseases.

Traditionally, disease detection has relied heavily on invasive methods, often causing discomfort and anxiety for patients. However, the PHASIFY™ system provides an at-home sampling solution, empowering individuals to manage their health proactively and facilitating preventive care. This comfort-focused approach not only respects patient dignity but also aims to increase screening participation rates.

To date, PHASE Scientific has successfully launched more than 30 diagnostic products across multiple health categories, including respiratory, gastrointestinal, and pediatric health. The company has distributed over 100 million tests across more than 30 countries, reflecting its commercial success. Notably, it has also developed the world's first urine-based HPV test, achieving clinical validation that underlines its capability in significantly enhancing cervical cancer screening methodologies.

In a recent clinical study conducted at Peking University Shenzhen Hospital, the HPV test demonstrated an impressive 93.4% sensitivity rate in detecting CIN2+ lesions, which encompasses cervical precancer and cancer. Additionally, it achieved over 97% concordance with the gold-standard testing methods for specific HPV types (16 and 18). Such results have not only showcased the effectiveness and accessibility of the technology but have also gained international recognition, including an award for Best Clinical Research Abstract at a prestigious scientific meeting.

The closing of this significant funding round underscores PHASE Scientific's vision of transforming the landscape of early disease detection through innovative technology. Dr. Ricky Chiu, the company’s founder and CEO, expressed that the capital will facilitate accelerated research and development efforts, as well as the commercialization of next-generation urine-based diagnostics. The ultimate goal is to empower millions around the globe with user-friendly tests that can lead to timely life-saving interventions.

Furthermore, Dr. Chuen Yan Leung from Value Partners Group commented on the partnership, noting that PHASE Scientific’s technology represents a transformative shift in the healthcare domain, blending clinical precision with patient-centric solutions, aligning with their strategy of backing innovative healthcare technologies that yield societal benefits as well as commercial potential.

Established in 2015 and headquartered in Hong Kong SAR, PHASE Scientific is strategically positioned with cross-border operations in Southern California and China’s Greater Bay Area. This diverse geographical presence enables synergy in research and market expansion, placing PHASE Scientific at the forefront of healthcare innovation.

Market analysis suggests that the global liquid biopsy sector, propelled by the rising demand for non-invasive diagnostic solutions, could reach an estimated $22.69 billion by 2034, with a compound annual growth rate of 13.91% starting from $7.05 billion in 2025. PHASE Scientific's technology is set to play a pivotal role in this robust growth trajectory, fueling advancements in disease detection and patient care.

In summary, PHASE Scientific's accomplishment in raising $34 million not only represents a significant milestone for the company but also signals a promising future for non-invasive diagnostic technologies that can potentially redefine early disease detection, making it more accessible, accurate, and stress-free for patients around the world.