Philab invests in US-based genome sequencing company
Listed Philab Holdings Corp. is investing an initial P500 million in US-based Veritas Genetics, whose whole genome sequencing technology is capable of revealing crucial details about an individual, including the risk for inherited conditions and the efficacy of certain drugs.
Through this partnership, Philab will offer Veritas’ whole genome sequencing kits in the Philippines and the rest of Asia Pacific outside China for $999 (P51,000).
Company officials expect the price to go down to about $100 per kit in less than a decade given improvements in technology.
“It’s perhaps the best investment one can make in his lifetime,” Veritas Genetics co-founder and CEO Mirza Cifric said, referring to genome sequencing.
The company’s flagship product could map out an individual’s inherited disease risk such as cancers, traits and ancestry. Individuals only have to provide a saliva sample using portable kits provided by the company.
“It can tell you which drugs will work on you, which drugs won’t work on you,” he said.
Tom Navasero, Philab chair and CEO, said the Philippines would host a sequencing facility with Clark, Pampanga, identified as a potential location.
“We may look at additional investments if and when Veritas requires the capital moving forward,” Navasero said.
Philab is the country’s only listed company focused on medical technology. It listed using the so-called backdoor route after acquiring Alterra Capital Partners Inc. in 2016.
Navasero said the market potential was large although he did not share specific targets.
He said an individual’s data would be secured by Veritas although these could be accessed by the owner. They will also be given access to genetic counselors, specialists who can help interpret what their data means.
