Merger between INEX and Nova Satra creates a strong commercial portfolio of validated tests in prenatal health and cancer detection.
Singapore molecular diagnostics groups INEX Innovations Exchange Pte. Ltd. (INEX) and Nova Satra Dx Pte. Ltd. (Nova Satra) announced in August 2019 the merger of the two companies to create INEX INNOVATE. The new company will be focused on addressing the unmet need for faster and more accurate diagnostics testing and precision healthcare for Asian women.
This merger will create Asia’s first FemTech company with a strong portfolio of intellectual property comprising more than 45 key patents and nine trademarks worldwide. The company’s women’s reproductive health solution have been commercialised in multiple markets across Asia-Pacific and have been growing sales in existing markets whilst expanding into new ones such as Indonesia and Bangladesh.
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 5 minutes, Zena, a blood based test for the early detection of ovarian cancer, and NovoTectTM BC, one of the first epigenetics-based early detection test for breast cancer in Asian women. INEX INNOVATE plans to commercialize these technologies by 2020 across Asia.
INEX INNOVATE’s technology is focused on providing precision diagnosis and care for women across the Asian phenotype. By integrating laboratories, research, development and distribution functions from the two companies, INEX INNOVATE will benefit from improved cost efficiencies, expanded R&D activities, fast tracked commercialisation of its pipeline assets, and market expansion.
The deal, valued at US$72 million, is backed by institutional investors including Genting, Enterprise Singapore and SNS Holdings.
Mr. Kane Black, Chief Executive Officer (CEO) of Nova Satra, will assume the role of Chief Executive Officer of INEX INNOVATE. President & Chief Operating Officer of Genting Berhad, Mr. Tan Kong Han will join the board of INEX INNOVATE with Genting’s SVP of Legal Ms. Goh Lee Sian as alternate Director.
The new CEO for INEX INNOVATE, Mr Kane Black commented, “We are delighted to launch INEX INNOVATE and will continue to work to empower Asian women in the management of their own health through improved access to rapid, accurate diagnosis and technologies. This merger is a strategic step to expedite that ambition. Asian countries now account for 40 percent of breast cancer cases worldwide and 37 percent of caners 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.” [APBN]