In a statement, Philab revealed that the initial investment would be used to develop a genome sequencing facility for Asia, possibly in Clark, Pampanga, north of the Philippines.
The investment will also support the holding firm’s plan to expand its operations worldwide starting from the Asia-Pacific region.
Philab chair and CEO Tom Navasero said his company may consider additional investments if and when Veritas requires capital.
Veritas Genetics uses whole genome sequencing to help people assess risks related to inherited diseases, drug sensitivities, traits as well as ancestry.
“Genetics has come a long way and now we are utilizing the power of genomics in disease prevention and individualized treatment. Ultimately, our goal is to let individuals have knowledge about their genetic make-up, then they will know how to control and better manage their lifestyle choices,” Navasero said in a statement.
Mirza Cifric, co-founder and chief executive officer of Veritas Genetics, said the strategic collaboration would enable the company to further develop and launch its genome sequencing services, as well as expand its footprint in Asia.
“We are excited to embark on this partnership with Philab and integrate our technology to offer our services in the Asia-Pacific. Whole genome sequencing and interpretation will soon be accessible to everyone,” Cifric said.
Philab is the Philippines’ only listed company focused on medical technology. It is traded on the Philippine Stock Exchange under the ticker symbol DNA.
Veritas, co-founded in 2014 by George Church and leading scientists from the Personal Genome Project at Harvard Medical School, was the first to offer consumers whole genome sequencing and interpretation for under $1,000. It secured $42 million in funding through Series A and B rounds.