Leading Hong Kong biomedical expert Dennis Lo Yuk-ming explains the cutting-edge technology Insighta will use for early cancer detection on June 26, 2023. (WANG YUKE / CHINA DAILY)

Leading Hong Kong biomedical expert Dennis Lo Yuk-ming and Prenetics Global Ltd on Monday launched a multi-million dollar venture capital deal that aims to provide affordable and early cancer detection, underlining the city’s status as a fast growth biotech hub.

The record $200 million joint venture, Insighta, will provide screening tests based on groundbreaking technology that will detect biomarkers of cancerous molecules.

More than 18 million people are diagnosed with cancer each year, and the disease accounts for10million deaths, including 6 million fatalities in Asia alone

“This innovation doesn't merely represent a significant leap in cancer detection—it has the potential to transform millions of lives and change the trajectory of cancer prognosis, offering hope where it was once scarce,” said Lo, who is renowned for his accomplishment in non-invasive prenatal testing in 2011.

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Insighta’s first breakthrough test, Presight, is set to start with a multi-country 5,000-patient clinical trial in early 2024. 

The initial Presight tests will be focused on liver and lung cancer with it first being made commercially available in the Chinese mainland and Hong Kong in 2025. Liver and lung cancers are the first and second most lethal types of cancer in the mainland. 

In 2027, Insighta plans to launch Presight One, a multi-cancer early detection test capable of detecting more than 10 different cancers.

More than 18 million people are diagnosed with cancer each year, and the disease accounts for10million deaths, including 6 million fatalities in Asia alone.

“The potential of our Presight test is immense. Our primary focus for the initial launch will be in the Chinese mainland, Hong Kong and other parts of Asia,” said Danny Yeung, chief executive officer of Prenetics and Insighta.

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“On a global scale, we intend to forge alliances with healthcare institutions and forward-thinking governments that align with our vision – a commitment to save lives through the power of early cancer detection.” 

Albert Wong Hak-keung, chief executive of the Hong Kong Science and Technology Park (HKSTP), said the launch of Insighta is “a clear signal that Hong Kong has established itself as a fast-growth biomedical technology hub.” 

“This reflects the value both HKSTP and the city offers as a platform to bridge the gap between cutting-edge research and commercialization,” Wong said.