Access Bio Makes Strategic Investment in Cancer Diagnosis Company JinCast

Access Bio CI [Photo by Access Bio]

[Asia Economy Reporter Lee Chun-hee] In vitro diagnostic company Access Bio announced on the 23rd that it will make a strategic investment of 6 billion KRW in liquid biopsy cancer diagnostic company Jincast to acquire a partial stake.

With this investment, Access Bio plans to actively enter the blood-based early cancer diagnosis field, which is expected to have high added value in the post-COVID-19 era following infectious disease diagnostics. Jincast is a liquid biopsy cancer diagnostic company that analyzes cancer genes with ultra-high sensitivity of 0.01% through its patented technology called the selective gene mutation amplification system (ADPS) based on smart DNA polymerase.

Jincast is preparing for an IPO in 2024 after raising 5.2 billion KRW in Series A funding in 2018 and 14.3 billion KRW in Series B funding in 2020.

Liquid biopsy is a technology that analyzes nucleic acid fragments present in blood, saliva, urine, etc., to track the progression of diseases such as cancer in real time. Recently, with the rapid advancement of genome analysis technology, it is gaining attention as a groundbreaking solution in the early detection and treatment of cancer. According to BCC Research, the cancer diagnosis market through liquid biopsy is expected to grow to 6.1 billion USD (approximately 8 trillion KRW) by 2023.

Young-ho Choi, CEO of Access Bio, said, “Jincast’s biggest advantage is that it has solved the sensitivity issue in the rapidly emerging liquid biopsy cancer diagnosis market,” adding, “We will conquer the global early cancer diagnosis market through close technological cooperation and a solid partnership by securing equity, not just a simple investment.” Lee Byung-chul, CEO of Jincast, also said, “If Access Bio’s network and Jincast’s core technology join forces, it will create a great impact in the global liquid biopsy cancer diagnosis market,” and added, “We will accelerate the completion of diagnostic technology for conquering cancer along with a successful entry into the U.S. market and proceed with the IPO.”