HistoIndex Signs RMB15 million Co-investment Deal with JoinScience Medical for Liver Disease Management in China
Singapore, 13 January 2016 - China-based Qingdao Yaozhu has entered into a joint venture agreement to co-invest with Singapore-headquartered medtech company, HistoIndex®. The initial investment of RMB15 million into Hangzhou Choutu Technology, a wholly-owned subsidiary company of HistoIndex, is to jointly leverage Qingdao Yaozhu’s extensive hospital network and HistoIndex’s clinical research outcomes in liver fibrosis for the development of a cloud-based liver disease databank in China.
The aim of the joint venture is to couple the products and services rendered by HistoIndex with the cloud-based databank to support clinicians in the diagnosis and treatment of liver diseases in China. Qingdao Yaozhu’s parent company, Joinscience Medical Group, is one of the largest distributors of imported medical equipment and supplies in mainland China. HistoIndex, a spinoff from the Agency for Science, Technology and Research (A*STAR), is an investee of SPRING SEEDS Capital, the investment subsidiary of SPRING Singapore and Zicom MedTacc, a leading medtech accelerator group in Asia. Besides equity investment, both SPRING and Zicom have also supported the company in business capability development areas since its early years.
In addition, HistoIndex noted that its new partnership was made possible partly due to the collaboration with Diagnostics Development (DxD) Hub, a national initiative led by A*STAR, in the productisation of its liver fibrosis diagnostics tool.
This joint venture will be the first foray by both companies into an entirely new economy of digital healthcare in China. “Strategic partnerships are key for an R&D-intensive, growth-stage medtech company like HistoIndex to expand overseas. We are very excited at the prospect of our partnership with Qingdao Yaozhu in establishing our company as a leading healthcare technology provider in China,” said Dr. Gideon Ho, CEO of HistoIndex.
HistoIndex received support from International Enterprise (IE) Singapore through the Global Company Partnership (GCP) programme, which grooms globally competitive companies through building internal capabilities, developing manpower, accessing markets, and providing access to financing. IE Singapore’s introduction to JoinScience Medical Group and on-the-ground assistance for HistoIndex has resulted in the partnership with Qingdao Yaozhu.
Mr. Jiang Heng Shan, Chairman of the Joinscience Medical Group (Shandong) and Qingdao Yaozhu, said: “Innovativeness in our products and services will ensure that we continue to grow and impact the lives of millions of people. We are now entering a new era of digital healthcare using state-of-the-art medical technology that will revolutionise the management of diagnosis and treatment of liver diseases. That’s why we are so excited about this partnership with HistoIndex, a company that continually delivers innovation in healthcare.”