Israeli GeneSort, a molecular diagnostics company for detecting cancer, has been acquired by the Hong Kong-based investment fund AID Partners for $23 million. The acquisition will provide the company with resources to expand into the Southeast Asian market.
GeneSort specializes in the detection of specific genetic mutations linked to different types of cancer. Oncologists can use the diagnostic results to modify the treatments based on the specific genetic mutations of their patients.
"We are very excited about the acquisition and the possibilities it creates for our company and the technology we have developed," said GeneSort CEO Dr. Gil Pogozelich, as reported by Globes. "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."
"GeneSort uses new and innovative approaches in the battle against cancer," added AID Partners chairman Kelvin Wu King Shiu. "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."
Read more: Globes