SAN FRANCISCO/PRNewswire/ -- Pillar Biosciences, Inc., a clinical cancer diagnostics company based in Boston, MA, USA and Shanghai, China, is forming a strategic partnership and joint venture with China Biotech Services Holdings, Ltd (CBSH; HKSE: 08037). The agreement was signed on January 9th at the JP Morgan Healthcare Conference in San Francisco.
Under the terms of the agreement, Pillar Biosciences will create a joint venture company with CBSH's subsidiary Central Laboratory (Holdings) Limited to provide precision diagnostic products and services to Hong Kong, Macau, South Korea and Southeast Asia. Furthermore, the joint venture company will distribute Pillar Biosciences' products including the SLIMamp® and PiVAT® based cancer panels in parts of China. As part of the agreement, CBSH will participate in Pillar's Biosciences' Series B financing round that was initially closed in November 2018.
"Historically, patient samples had to be shipped from Hong Kong to the United States or other countries for genetic analysis, which increased the costs and limited the accuracy of these types of tests," said Dr. Gang Song, founder and CEO of Pillar Biosciences. "We are excited to partner with CBSH to deliver economical and accurate cancer diagnostic products and services to patients in Hong Kong and many regions of southeast Asia."
Director of Sales
About China Biotech Services Holdings, Ltd
The goal of CBSH is to deliver accurate disease detection to a vast patient population by developing a large health system with cutting-edge technologies and service distribution channels. CBSH's subsidiary Central Laboratory (Holdings) Limited is a Hong Kong-based clinical testing company with a third-party pathological testing lab (PHC), which was established in 1969 and has broad brand awareness and a large network of customers and cooperative organizations in Hong Kong.