DigitalCFO Newsroom | 12 April 2022
Making its debut on the 4th annual Financial Times ranking of 500 of Asia-Pacific’s high-growth companies, INEX Innovate is one of only 20 healthcare companies listed in the prestigious line up.
Emerging from the National University of Singapore (NUS), INEX Innovate is a Singapore-based molecular diagnostics developer and medical laboratory operator.
The company was founded by a team of specialists in feto-maternal care and women’s oncology, and is uniquely positioned to identify and address the clinically unmet needs within the women’s and foetal health landscape across Asia.
Chief Executive, Kane Black remarked, “To be recognised by the Financial Times as one of Asia Pacific’s Fastest Growth companies, and the 7th Fastest Growing Health Care companies across Asia-Pacific, is a testament to the INEX team’s dedication and commitment to advancing healthcare for women in Asia. We are excited to be at the forefront of genetics and genomics, arguably the two next significant trends after electric cars and space travel.”
With 48 key patents, 12 trademarks and a wholly owned clinical laboratory, iGene Laboratory, INEX looks well-placed to continue catering to a largely underserved market well into the future.
“Our aim is to provide easier access to less invasive diagnostic tests to help women in Asia get detected and treated early for health concerns such as ovarian or breast cancer. Simply put, we develop non-invasive diagnostic tests to banish much of the anxiety associated with such tests,” added Black.
INEX has been lauded for its cutting-edge technology in women’s health, and in 2021 was awarded Frost & Sullivan’s Singapore Women’s Health Entrepreneurial Company of The Year.
Through innovative molecular diagnostics, INEX has become a leader in the field of foetal cells isolation in maternal blood, and is one of only four experts globally that is focused on non-invasive prenatal diagnostics. It recently developed LEXI™, a breakthrough prenatal diagnostic technology that will allow the analysis and identification of genetic disorders, and is slated to be ready by 2023.
INEX switched gears briefly during the pandemic to cope with the demand for polymerase chain reaction (PCR) tests and COVID-19 test kits. By mobilising their clinical laboratory iGene Laboratory into action, the company quickly became one of Singapore’s first private laboratories to begin PCR testing for COVID-19 in 2020, and has tested hundreds of thousands of patients since.
Backed by institutional investors, the company focuses on developing and translating technologies that aim to deliver precision healthcare for women in Asia, and may well be one of the more significant unicorns to emanate from Singapore anew.
With expansion plans also under way across South-East Asia, EU, United Kingdom and United States, INEX is eyeing an IPO on the Singapore Exchange (SGX) later this year.