SAN FRANCISCO, CA, Jan. 10, 2019 /PRNEWSWIRE/ – Pillar Biosciences, Inc., a clinical cancer diagnostics company based in Boston, MA and Shanghai, China, is forming a strategic partnership and joint venture with China Biotech Services Holdings, Ltd (CBSH; HKSE:08037). The agreement was signed on January 9th at the JP Morgan Healthcare Conference in San Francisco.
Under the terms of the agreement, Pillar Biosciences will create a joint venture company with CBSH’s subsidiary Central Laboratory (Holdings) Limited to provide precision diagnostic products and services to Hong Kong, Macau, South Korea, and Southeast Asia. Furthermore, the joint venture company will distribute Pillar Biosciences’ products including the SLIMamp® and PiVAT® based cancer panels in parts of China. As part of the agreement, CBSH will participate in Pillar Biosciences’ Series B financing round that was initially closed in November 2018.
“Historically, patient samples had to be shipped from Hong Kong to the United States or other countries for genetic analysis, which increased the costs and limited the accuracy of these types of tests,” said Dr. Gang Song, founder and CEO of Pillar Biosciences. “We are excited to partner with CBSH to deliver economical and accurate cancer diagnostic products and services to patients in Hong Kong and many regions of Southeast Asia.”
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About Pillar Biosciences Research Panels
Research-use-only (RUO) panels sold by Pillar (including the ONCO/Reveal Solid Tumor Panel) are neither intended for use in clinical investigations or diagnosis, nor are they intended for validation as laboratory developed tests. Pillar Biosciences does not assist in performing validation or verification of test performance for clinical diagnostic use.
About Pillar Biosciences
Pillar Biosciences is a clinical cancer diagnostics company based in Boston, Massachusetts and Shanghai, China. Our automatable variant detection technologies deliver robust results with rapid turnaround times through streamlined NGS workflows. Today, our SLIMamp®- and PiVAT®-based products help high-throughput laboratories boost their research productivity. Regulatory approval for clinical panels is pending.