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.