Pharus Diagnostics, a Li Ka-shing-backed developer of diagnostic tests for cancer powered by artificial intelligence (AI), said it would tap into fundraising channels in Hong Kong.
The Taiwan-based start-up aims to complete a round of fundraising and a clinical study on lung cancer by the end of the year, said CEO Philip Huang.
“Currently, we have received commitment from just over half the target of our next round of fundraising,” Huang said in an interview on Tuesday, without divulging the target. “Hong Kong is a great place for raising funds, piloting innovative diagnostic tests and accessing the mainland China market.”
Pharus, whose investors include Li’s CK Hutchison Holdings and CK Life Sciences, is also developing a test for early screening of individuals at risk for pancreatic cancer. It adopts microRNA biomarkers licensed from City of Hope, a top US cancer research hospital.
In March, Pharus won this year’s Jumpstarter technology start-up competition organised by Alibaba Entrepreneurs Fund (AEF), a part of Alibaba Group Holding, which owns the Post. The fund seeks to support Hong Kong’s start-up ecosystem.
AEF CEO Cindy Chow said potential investors have approached Pharus through AEF and expressed interest in taking part in its next fundraising. AEF has invested in a string of biotech start-ups in the city and it is also interested in investing in Pharus, she said.
