Huntsville, Ala. – iCubate®, Inc.
and Guangzhou Wondfo Biotechnology Co., Ltd. (Wondfo) formed the joint venture company, Guangzhou Wondfo iCubate Biotechnology Co., Ltd (Wondfo-iCubate Biotech).
The strategic purpose of Wondfo-iCubate Biotech is to couple iCubate’s technology and portfolio of products with Wondfo’s commercial strength in multiple in vitro diagnostic areas and become a leader in China’s broad molecular diagnostics market. The joint venture will advance the commercialization, business development, research and development and production in China.
“iCubate’s founder, Dr. Jian Han, and our team developed the technology and platform to dramatically improve the way people can identify and detect infectious diseases. Entering into the joint venture with Wondfo, an outstanding company with global reach, allows iCubate not only meet our corporate goals, but provide better diagnostics to health care providers to improve patient treatment and outcomes,” said Carter Wells, Chief Executive Officer of iCubate.
Wondfo-iCubate Biotech has successfully obtained the industrial and commercial business license to operate within China. This was a significant milestone for the joint venture and highlights the high level of cooperation between Wondfo and iCubate.
In late 2018, Wondfo and iCubate executed a series of strategic cooperation agreements, including technology licensing, investment, supply and the joint venture establishment. In early 2019, the early phases of establishing operations of the joint venture commenced.
“I’m honored to lead the Wondfo-iCubate Biotech team. Dr. Han’s technology and the iCubate platform will serve the Chinese market well. There are countless opportunities now that these two exceptional companies are working together. This formidable alliance will undoubtedly lead to improved diagnostics”, said Lei Cai, PhD, General Manager of Wondfo-iCubate Biotech.
Wondfo-iCubate Biotech will utilize the innovative amplicon rescue multiplex PCR (armPCR) technology and fully automated and integrated molecular nucleic acid detection system developed by iCubate. Currently, the iCubate platform and assays are used for detection and identification of bacterial and viral pathogens as well as antibiotic resistance markers directly from clinical samples. The iC-GPC Assay™ for detection of gram-positive cocci and drug resistance markers has been cleared by the U.S. FDA. The iC-GN Assay™ for detection of gram-negative rods and drug resistance markers is currently under clinical review. iCubate also has other infectious disease assays in various stages of development including assays for detection of mycobacterium, gastrointestinal and respiratory infections.
According to the forecast of the market research firm, Market Research Engine, the global infectious disease diagnostics market is expected to exceed more than $20B by 2024 at a CAGR of 5% over the forecast period. The Chinese market accounts for about 10% of the global market. It is estimated that the size of the Chinese market will be approximately 2.4 billion RMB in 2018 according to research consulting firm, Kalorama Information.
iCubate® is a molecular diagnostic company committed to providing rapid, accurate and affordable syndromic testing for infectious diseases to clinical laboratories, leading to better care, sooner. The iCubate System is an all-in-one, easy to use multiplex PCR molecular diagnostics platform that detects and identifies bacterial and viral pathogens as well as antibiotic resistance markers for actionable results when clinicians need them. iCubate has created solutions for the detection of bloodstream infection through the iCubate platform and assays detecting gram-positive cocci (iC-GPC Assay™) and gram-negative rods (iC-GN Assay™). These assays provide identification of the most common bloodstream pathogens and clinically relevant antibiotic resistance markers to help guide antimicrobial therapy. The iC-GPC Assay™ has been cleared for clinical laboratory use by the U.S. FDA and the iC-GN Assay™ is currently under regulatory review. iCubate’s pipeline of infectious disease detection products include the iCubate Mycobacterium Assay, the iCubate Gastrointestinal Assay and the iCubate Respiratory Assay. To learn more about iCubate, visit iCubate.com.
About Wondfo Biotech
Wondfo, founded in 1992, is the leading company in diagnostic point-of-care testing (POCT) in China. Wondfo has a solid technical foundation and has built six technology platforms, including immunodiagnostic technology platform (colloidal gold, fluorescence, chemiluminescence, etc.), electrochemical technology platform, biological raw material development platform, instrument development platform, clinical biochemical detection technology platform and a molecular diagnostic technology platform. Wondfo provides customers with POCT products and solutions to help them quickly and easily perform infectious disease detection, drug testing, pregnancy testing, and testing for cardiovascular and diabetes and other chronic diseases. Headquartered in Guangzhou, Wondfo has R&D centers in Guangzhou, Shenzhen and San Diego, with operations in more than 110 countries around the world. Wondfo is listed on the Shenzhen Stock Exchange of China with a stock code of 300482. The current market value is approximately RMB 11 billion. The operating income in 2017 is approximately 1.15 billion RMB. For more information, please visit: https://www.wondfo.com.cn/.
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Note on Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws, such as the global market for infectious molecular diagnostics and the anticipated benefits from the joint venture. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will” and “expect” and similar statements. Forward-looking statements are not historical facts, and involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including in this case the risk that a new program such as this joint venture may not be successful or fully achieve the objectives of the participants. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.
Contact: Margetta Thomas