Israeli molecular diagnostics company GeneSort today announced that it had been acquired by Hong Kong investment fund AID Partners for $23 million. The deal will provide GeneSort with resources and other support for expanding into Southeast Asia and other global markets. Moshe Hogeg's Singulariteam fund is the largest investor in GeneSort, having invested $2.2 million in the company.
GeneSort specializes in genetic analysis of deep tissue. It detects specific genetic mutations linked to various types of cancer. Oncologists can use GeneSort's diagnostic results to adapt treatments to the patient's specific genetic mutations, which can have a dramatic effect on the recommended treatment.
GeneSort chairman and CEO Dr. Gil Pogozelich said, "We are very excited about the acquisition and the possibilities it creates for our company and the technology we have developed. The acquisition gives us an opportunity to help more patients around the world. This is a milestone for us and validation of the strategy we are employing. Our technology has the potential to help millions of people all over the world. We expect the coming efforts to create important value in the struggle against cancer."
AID Partners founder and chairman Kelvin Wu King Shiu said, "GeneSort uses new and innovative approaches in the battle against cancer. Its diagnostic technology can help medical teams detect relevant genetic mutations quickly and effectively, and provides personal mapping in the battle against cancer. GeneSort is focusing on the critical demand for help in the struggle against one of the most common diseases on the globe. We're proud to add GeneSort to the AID family, and expect further growth and innovation from the company."
Hogeg said, "The technology developed by GeneSort differs from those of other companies working in this area. This technology has the potential to not only improve people's quality of life, but to even save lives. We're very proud that we supported GeneSort in its early stages, and we expect its development to continue after the acquisition." He added, "I'm glad that the investments by Chinese companies in Israeli companies are proving fruitful."
The sale is Hogeg's third in a month, after Juno was acquired by Gett for $200 million and Mobli sold a patent to Snapchat for $7.7 million.
Published by Globes [online], Israel Business News - www.globes-online.com - on May 9, 2017
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