SINGAPORE (Sept 3): Investors and foreign biotech veterans are making their way to China as the Chinese government aims to build a healthcare empire. For example, Everest Medicines, which operates out of major cities in China and the US, has attracted banking veterans to fund its expansion.

Jeremy Yee, former CEO of Cordlife Group and now running his second healthcare company Clearbridge Health, is hoping to tap into that optimism. He plans to spin off a cancer diagnostics associate company that is aiming to expand into China, and buy more testing laboratories in the region. Yee hopes these moves will help revive investor interest in Clearbridge. The company was listed last December; its shares hit 63 cents on Feb 1, but have since fallen more than 62% to close at 24 cents on Aug 30 and 14% below its IPO price of 28 cents.

In June, Clearbridge announced plans to divest its 31.3%-owned Clearbridge Biomedics after it secured pre-IPO funds of $6.6 million. The money, raised from various investors that the company did not name, will fund business and technology development. A portion will go towards new headcount and the IPO. The listing on Catalist is expected to happen by year-end or early next year.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook