iGene: Hong Kong biotech start-up Prenetics bringing 48-hour DNA tests to broader Chinese market for safer prescriptions
Insurer Ping An Ventures, which has 200 million policy holders in China, leads US$10 million funding round in Prenetics; start-up to launch non-invasive test for colon cancer in city in 3 months
A Hong Kong biotech start-up offering DNA testing to help doctors better prescribe medications and avoid adverse drug reactions plans a push into China, following a US$10 million venture capital funding round led by a subsidiary of mainland insurance giant Ping An.
Danny Yeung, chief executive officer of Prenetics, said the Series A financing with Ping An Ventures last month would allow the company to tap into the world’s third-largest insurance market.
“Ping An have 200 million policy holders in China, so certainly we are looking to work with them very closely to see how we can integrate our tests,” Yeung said.
“To them, [Prenetics DNA testing] provides innovation, it provides a great value add to existing policy holder and certainly there’s a cost-saving involved.”
Yeung expects the Chinese market to embrace the test after similar testing has been well-received in the United States, where many insurers now cover the service.