South Korean medical diagnostic company NGeneBio Co. announced on Tuesday it joins US President Joe Biden's cancer-conquering project "Cancer Moonshot."
The Cancer Moonshot is a policy by the Biden Administration aiming to reduce the cancer mortality rate by over 50% in the next 25 years. An annual investment of $1.8 billion is dedicated to introducing cancer treatments and diagnostic technologies.
"Through participation in Cancer Moonshot, we will establish various collaborative systems related to the next-generation sequencing (NGS) precision diagnosis platform with leading global companies," an NGeneBio source said.
NGeneBio is a company that has commercialized the NGeneAnalySys cancer precision diagnosis platform, which includes solid tumor and hematologic cancer gene diagnostic panels and data analysis software. It is currently being used for personalized cancer treatment in more than 20 medical institutions in South Korea and in countries like Germany and Singapore.
With its participation in Cancer Moonshot, NGeneBio plans to commercialize software packages that integrate NGS analysis results with hospital electronic medical record (EMR) systems through its US subsidiary NGeneBioAI. Additionally, it will collaborate with other companies participating in Cancer Moonshot on the development of genetic machine learning research models.
"Through this opportunity, we expect revenue growth in the US market, with expanded companion diagnostics and the advancement of AI technology for genomic analysis," said NGeneBio CEO Choi Dae-Chul.