SA biotech pursuing deal to access $5B China market
FEBRUARY 8, 2021
As published in the San Antonio Business Journal
By: W. Scott Bailey – Senior Reporter, San-Antonio Business Journal
“China represents a $5 billion market for CyPath© Lung. An estimated 780,000 people will be diagnosed annually in China with lung cancer, most often at late stage,” bioAffinity President and CEO Maria Zannes said. “Fosun Long March is a driving force in health care, bringing medical breakthroughs to China and the world that improve the health and clinical outcomes of patients.”
Fosun Long March is a high-tech, in-vitro diagnostics enterprise active in manufacturing, marketing, research and development tied to diagnostic and laboratory instruments and reagents. It is owned by Shanghai Fosun Pharmaceutical Co. Ltd., which is listed on the Shanghai Stock Exchange and is on the main board of the Hong Kong Stock Exchange.
“We are impressed with the results of the CyPath© Lung test validation trial that showed high accuracy in detecting lung cancer in people at high risk for the world’s most deadly cancer,” Fosun Long March CEO Dr. Yuejian Zhang said. CyPath© Lung is patient-friendly and reasonably priced, making it a good fit in the China market.”
The San Antonio biotech is actively pursuing commercialization elsewhere in the world as it has a robust patent portfolio with protection in 19 countries and patent applications that expected to further expand its potential global market reach.
“We will be working to bring CyPath© Lung to the European Union this year, a market we estimate at more than $3 billion,” Zannes told me.
The company is also making strong inroads here in the U.S. But the opportunity to team with Fosun Long March could prove a game-changer for bioAffinity.
“It is the world’s largest single market, and the market is growing,” Zannes said.