NGeneBio sets up AI subsidiary to tap into U.S. precision diagnosis market
Summary
NGeneBio said on Monday that it established a fully owned U.S. subsidiary called NGeneBioAI which will operate as an AI precision diagnosis software company. The subsidiary is expected to serve as a bridgehead for NGeneBio to tap into the U.S. cancer diagnosis market valued at approximately $4.1 billion. The supply of NGeneBios NGS precision diagnosis products will also begin in earnest through partnerships with CLIA Labs in the U.S. Last December, NGeneBio and LabGenomics signed a memorandum of understanding to cooperate in next-generation sequencing (NGS) services by taking advantage of the CLIA Lab in the U.S., which LabGenomics plans to acquire. "NGeneAnalySys is being used for cancer precision diagnosis analysis not only in Korea but also in overseas medical institutions such as Europe and the Middle East," said a company official from NGeneBio. The precision diagnostic software technology is being used in clinical trials for cancer patients at medical institutions at home and abroad and has been well-recognized by clinicians.