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NGeneBio, a leading company in molecular diagnostics (MDx) and companion diagnostics (CDx) in South Korea, announced it had established its new subsidiary in the United States. The company said on Monday, July 24, it has set up an artificial intelligence (AI) precision diagnostic firm called NGeneBioAI.
NGeneBio formed this company to tap into the U.S. precision diagnosis market. The plan is to earmark the data-driven cancer genomic diagnostics market in the country through its own precision diagnostic software.
According to The Korea Economic Daily, the formation of NGeneBioAI was fully funded by NGeneBio, which is now standing as its parent company. Its US subsidiary is now expected to play a big role in NGeneBio’s entry into the region’s cancer diagnostics market. It will offer its next-generation sequencing (NGS) precision diagnostic platform as it starts to build its presence in the American market.
Moreover, in addition to services related to cancer data analysis, NGeneBio will also initiate healthcare data analysis technology. The company will create AI-based diagnostic software with the aim of commercializing data-driven early cancer diagnosis apparatus.
“NGENBIO’s precise diagnosis SW technology is being evaluated as excellent in performance and quality by clinicians to the extent that it is being used in clinical trials for cancer patients at domestic and foreign medical institutions,” NGeneBio’s chief executive officer, Choi Dae Chul explained in a press release.
The CEO added, “With the establishment of NGENBIO AI, we will increase the accuracy of cancer precision diagnosis by expanding NGENBIO SW to the US medical market, and speed up the ongoing strategic investment in the CLIA Lab to complete within the year.”
Finally, Korea Biomedical Review reported that the supply of the company’s NGS precision diagnosis product line will also start in earnest via partnership deals with Clinical Laboratory Improvement Amendments (CLIA) Labs in the U.S.
Photo by: NGeneBio Website
