Inex, Nova Satra merge to tackle healthcare for Asian women
Claudia Chong
Singapore
SINGAPORE molecular diagnostics groups Inex Innovations Exchange and Nova Satra Dx have merged to form Inex Innovate, in a deal valued at US$72 million and backed by institutional investors including Genting Berhad, Enterprise Singapore and SNS Holdings. SNS Holdings is an investment company owned by Singaporean entrepreneur Sim Giok Lak and his family.
The combined company will be focused on addressing the unmet need for faster and more accurate diagnostics testing and precision healthcare for Asian women.
Inex Innovate will have an intellectual property portfolio 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 the Asia-Pacific. Inex Innovate is also expanding into new markets such as Indonesia and Bangladesh.
"Some global standard tests for women's health have shown to provide less-precise results due to genetic differences among various phenotypes. For example, mammography is believed to be less effective at identifying breast cancer in Asian women due to differences in breast tissue," said the firm in a press statement.
"Inex Innovate's technology is focused on providing precision diagnosis and care for women across the Asian phenotype."
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 five minutes; Zena, a blood-based test for the early detection of ovarian cancer; and NovoTect BC, one of the first epigenetics-based early detection test for breast cancer in Asian women. Inex Innovate plans to commercialise these technologies across Asia by 2020.
Kane Black, chief executive officer (CEO) of Nova Satra, will assume the role of CEO of Inex Innovate. President and chief operating officer of Genting Berhad Tan Kong Han will join the company's board, with Genting's senior vice president of legal Goh Lee Sian as alternate director.
Mr Black said: "Asian countries now account for 40 per cent of breast cancer cases worldwide and 37 per cent 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."
