SINGAPORE (June 28): Clearbridge BioMedics has announced $6.6 million in pre-initial public offering (IPO) funding from oncology medical professionals, as well as investors focused in healthcare & biotechnology.
The company expects to launch its IPO in 4Q18.
In a Thursday announcement, the clinical stage cancer diagnostics company says it intends to use its latest round of funds for business expansion, technology development, talent recruitment and IPO-related expenses to develop end-to-end cancer diagnostic tests.
Clearbridge BioMedics is a spin-off from the National University of Singapore (NUS) and SMART MIT. It is also the first incubatee of Clearbridge Accelerator now known as Clearbridge Health, which is listed on the SGX and has a strategic stake in Clearbridge BioMedics.
The Singapore-based company develops and manufactures liquid biopsy systems, and is known for its ClearCell FX platform, an automated cell retrieval system employed in laboratories globally.
Commenting on the pre-IPO funding, Johnson Chen, chairman and founder of Clearbridge BioMedics, says the fresh funds will enable the company to accelerate its growth and create a “differentiated, cost-effective and sustainable model of diagnostic solutions in Asia”.
Shares in Clearbridge Health closed 1.4% higher at 36 cents on Thursday.