By Tom Ballard, Chief Alliance Officer, PYA
More good news for EDP BioTech Corporation, the Knoxville-based company developing products for early detection of diseases starting with colon cancer. In fact, there are two announcements.
About a month after returning from the “InnoSTARS Competition” held in Suzhou, China (click here for our recent post), Eric Mayer, Chief Executive Officer, says the company has been invited to join the BioX Acceleration Program offered through Biohub International and focused on business opportunities in the Asian country.
In addition, EDP BioTech and US Capital Global Securities, an affiliate of US Capital Global, are announcing today that the latter is offering to accredited investors a $5 million preferred equity investment in the privately-held medical device company.
Both opportunities will help the EDP BioTech advance its ColoPlex™ product that Mayer described in a previous teknovation.biz article as “a new type of testing called multiplexing . . . a totally new platform technology that could allow us to look at up to 50 proteins from a single blood draw.”
He added that, when coupled with artificial intelligence and machine learning, more data per patient will give a more accurate picture of that individual’s disease.
“We are excited to have US Capital Global Securities’ experienced team assist us in raising this Series A round of funding, which will enable EDP Biotech to launch ColoPlex™ into the European market,” Mayer said. “US Capital Global’s support and expertise enables EDP Biotech to enhance its platform, finalize its product, and go to market.”
For now, Europe is the company’s immediate target market for the ColoPlex™ product, but China offers significant potential in the future.
“EDP BioTech remains laser focused on launching our product first in the European Union, but we understand the need to begin building long-term and trusted relationships with partners in China now, in order to be successful in this market in the future,” Mayer explained.
In its invitation letter, the BioX organizers described the opportunity as a “a free virtual acceleration program to help overseas companies gain a better understanding of China market and prepare for their future entry strategy.”
Mayer underscored how he saw BioX benefitting the West Knoxville company.
“We are excited to participate in Biohub International’s BioX virtual accelerator program,” he said. “This opportunity will give EDP BioTech better understanding of the vast Chinese diagnostics market including navigating CFDA (China Food and Drug Administration) regulations for our ColoPlex™ product, provide exposure and connect with appropriate industry contacts abroad, and provide valuable insights into doing business and partnering in China.”
The company was founded by Tom Boyd, a Knoxville serial entrepreneur.