A Hong Kong-based developer of a catalog of urine-based tests for cancer, infectious diseases, women’s health and more has raised $34 million in venture capital funds to increase its global commercial reach.
PHASE Scientific’s goal is to provide a range of non-invasive diagnostic tests through home sample collection, with a urine DNA concentration platform that allows it to chase sensitive biomarkers. The Chinese company—founded in 2015 as a UCLA spinout—said it has already conducted over 8 million lab tests worldwide, from among 30 diagnostic products.
One example is the development of a urine-based HPV test that it said has delivered 97% similar results compared to a standard HPV 16 and 18 test from Roche—through a clinical study with Peking University Shenzhen Hospital that examined samples from women undergoing follow-up colposcopy or treatment for high-grade cervical cancer lesions after undergoing a Pap smear test.
That test is available in the U.S. for the detection of human papillomavirus DNA, but has not been approved for cervical cancer screening.
The series A financing round was led by the Hong Kong-based Value Partners Group. PHASE Scientific said the $34 million represents the largest series A in Asia's diagnostic technology sector since 2019.
“With this capital, we will accelerate R&D and commercialization efforts to bring a comprehensive suite of next-generation urine-based diagnostics to market,” the company’s founder, chairman and CEO, Ricky Chiu, said in a statement. “Our mission is to empower millions worldwide with non-invasive, user-friendly testing that can save lives through earlier intervention.”