Local diagnostics company expands operation to the US

Diagnostics & MedTech News: Australian diagnostic company, BCAL Diagnostics, has announced the establishment of a US subsidiary to speed up the development of the company’s non invasive screening test for breast cancer.

The company is gearing up for the commercial launch of its proprietary BREASTEST blood test, with significant investments in clinical partnerships and technology for sample analysis.

BCAL CEO Shane Ryan said “This is a wonderful opportunity for BCAL to establish its US presence, which is essential to our global market entry.”

The company has purchased equipment from its development partner Precion required for the functioning of a US laboratory. It has leased offices and a BCAL US research laboratory will commence operations today, 2 September 2024.

Precion is undergoing a restructure and the company’s former CTO Dr Klaus-Peter Adam will join BCAL US as full-time Director of US Research and Product Development and will oversee BCAL US operations.

“Shareholders will recall from BCAL’s 2 August 2023 announcement the key role that Dr Adam played in the 2023 clinical study, and we are extremely fortunate to have gained the services of Dr Adam on a full-time dedicated basis,” Ryan added.

According to the company, its US strategy is quickly building momentum.

“The US programme offers BCAL an opportunity to accelerate and validate new products on US patient centric data and gain an in-county understanding of the US diagnostics market. Collaboration with US physicians is progressing at the first partner two sites, Michigan and Chicago,” Ryan stated.

The financial terms on which BCAL has been able to establish its US operations are commercially confidential, though the company recently completed a $10.5 million capital raising.

The company was founded by the Lancashire-born Jayne Shaw, who migrated to Australia in 1990. She became the director of nursing and CEO of two NSW hospitals, where she noticed the poor results for breast cancer patients.

In 2000, she co-founded the eyecare clinic consolidation play Vision Group, which listed on the ASX and eventually was acquired by Chinese interests. She then invested in the Sydney Breast Clinic, teaming-up with former New South Wales Liberal Party Health Minister Ron Phillips.

After the Sydney Breast Clinic was sold to Healthscope, the duo acquired the intellectual property pertaining to the blood-based tests and BCAL was listed on the ASX in July 2021.

BCAL has reported an 8.6% increase in revenue and a 26% increase in net loss for the financial year ending June 30, 2024, compared to the previous year.

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