Clinical cancer diagnostics company Pillar Biosciences Inc. is forming a joint venture with laboratory services provider China Biotech Services Holdings Ltd.
The joint venture company will provide precision diagnostic products and services in Hong Kong, Macau, South Korea and Southeast Asia.
Gang Song, founder and CEO of Pillar Biosciences, said the joint venture will help decrease costs and increase the accuracy of tests, especially for patients whose samples were being shipped from Hong Kong to the U.S. or other countries for genetic analysis.
The newly created company will also distribute Pillar Biosciences' products including the SLIMamp and PiVAT-based cancer panels in parts of China.
In addition, Hong Kong-based China Biotech Services will take part in Pillar Biosciences' series B financing round that was initially closed in November 2018.
The deal between the two companies was signed Jan. 9 at the JP Morgan Healthcare Conference.