SG cancer diagnostics firm Clearbridge BioMedics raises $4.8m ahead of IPO

A biological testing process underway at a personal products lab. Photo: Bloomberg

Clearbridge BioMedics, a Singapore-based medical technology and cancer diagnostics firm, has raised S$6.6 million ($4.8 million) in funding ahead of a planned initial public offering (IPO).

In a statement on its website, Clearbridge said the pre-IPO funding was backed by oncology medical professionals and investors focused in healthcare and biotechnology.

The fresh funds raised will be used to support Clearbridge’s business expansion, technology development, talent recruitment, and expenses related to its potential listing.

“This pre-IPO funding will enable us to accelerate our growth and create a differentiated, cost-effective and sustainable model of diagnostic solutions in Asia,” said Johnson Chen, Chairman and Founder of Clearbridge BioMedics.

Barring unforeseen circumstances, Chen said the company will launch its IPO in the last quarter of 2018.

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 company said it has pioneered a novel method for isolating cancer cells from a simple standard blood draw through technology that is non-invasive while providing real-time information on cancer.

Headquartered in Singapore, Clearbridge BioMedics has a global presence with offices in the USA and Japan, partners in key regions and customers in leading academic institutions and clinical research centres around the world.

Clearbridge joins a long list of cancer diagnostics startups that have raised funding so far this year.

In March, Nucleai Ltd, a Tel Aviv-based startup that uses artificial intelligence and machine learning algorithms to detect cancer and other diseases, raised a $5 million seed round co-led by Vertex Ventures Israel and Grove Ventures Capital Ltd.

Tencent-backed Grail Inc, a US- and Hong Kong-based healthcare firm that seeks to detect cancer at its curable stage, raised $300 million in May, backed by Ally Bridge Group, Hillhouse Capital Group, and 6 Dimensions.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.