HLB Panagene Expands Diagnostics Portfolio, Targets Global Market with Subsidiary BioSquare

· HLB Panagene expands precision diagnostics beyond cancer, targeting global market for infections like respiratory diseases with BioSquare's diagnostics.

BioSquare's RSV in vitro diagnostic medical device received approval from the Ministry of Food and Drug Safety (Credit: HLB Panagene)

SEOUL, South Korea, July 4, 2024 (IT Times) - HLB Panagene and its subsidiary BioSquare unveiled a strategic plan today to capture the global market for cancer and respiratory diagnostics, estimated to be worth 10 trillion won (approximately $8.1 billion USD).

This strategic move leverages the recent approval by the Ministry of Food and Drug Safety (MFDS) for BioSquare's innovative in vitro diagnostic (IVD) test for respiratory syncytial virus (RSV).

RSV is a common respiratory infection prevalent during autumn and early spring. Accurate and early diagnosis is crucial, particularly for infants and the elderly who are at high risk of developing pneumonia if infected. BioSquare's RSV test utilizes cutting-edge quantum dot technology to deliver superior precision in detecting the virus.

Quantum dots are nanoparticles developed using BioSquare's proprietary QuantumPACK platform. This platform has already proven efficacy in the field of respiratory infectious disease diagnosis with previously approved influenza A/B and coronavirus diagnostic devices. Building on this success, BioSquare is actively preparing to enter the US market with its RSV test. Additionally, similar to its influenza and coronavirus tests, BioSquare plans to seek European Certification (CE) to pave the way for sales in Europe. The company is also scaling up production of its dedicated analytical equipment (QDITS) to meet the anticipated demand.

HLB Panagene envisions itself as a leading global diagnostics company with a comprehensive portfolio that includes its proprietary cancer diagnostics technology, BioSquare's respiratory diagnostics, and the AI-powered diagnostics technology offered by Arontier, another subsidiary.

"With the completion of our respiratory immune diagnostic panel leveraging BioSquare's quantum dot technology, we are poised for significant growth," said Jang In-guen, CEO of HLB Panagene. "Our strategy goes beyond traditional molecular and immune diagnostics platforms. By incorporating AI diagnostics, we aim to become a total solution provider in the field of diagnostics."

IT Times : https://www.ittimes.com/news/articleView.html?idxno=38962

HLB Panagene Expands Diagnostics Portfolio, Targets Global Market with Subsidiary BioSquare - IT타임스