Genomictree, a local diagnostic firm, said Wednesday that it has established Epipromis Health, Inc. in the United States.
Genomictree plans to invest about $10 million into its U.S. offshoot located near San Francisco, Calif., for initial capital formation. The new company will prepare and support clinical trials for EarlyTect, a colorectal cancer early detection product, promote U.S. licensing, commercialization and post-contract management as well as attract foreign investment.
Genomictree expects that it will take about six to eight weeks to complete the incorporating process and will hire a chief medical officer to lead the U.S. clinical trials after it finishes establishing the company.
“In the U.S. market, Exact Science is monopolizing the early diagnosis of stool-based extracorporeal colon cancer,” a company official said. “We are planning to accelerate advance into the U.S market as our EarlyTect is effective and has price competitiveness compared to that of Exact Science’s product.”
Exact Science, listed on the NASDAQ, has a market capitalization of about 12 trillion won ($10.5 billion), although it is operating a single product for the early diagnosis of colorectal cancer, he added.
Genomic Tree, established in 2000, is a company that develops diagnostic products using new high-performance DNA methylation biomarker, to detect cancers such as colorectal cancer, bladder and lung cancer at an early stage.
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