VIRTUE

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focused on enabling innovative

diagnostic systems

new Industrial platform

Creating a

in vitro

Virtue Diagnostics closes $100 million Series B Funding

next generation

Creating a new Industrial platform focused on enabling innovative next generation in vitro diagnostic systems

Virtue Suzhou Site Grand Openning

About

Mission

About / 01

Our Vision

Vision

About / 02

About / 03

Focus

Virtue Diagnostics is an innovative IVD company focused on infectious disease, cancer, and chronic diseases. Our goal is to utilize our diverse technology platforms to provide clinical solutions for patients at all disease stages including early screening, initial diagnosis, treatment monitoring and minimal residual disease management.

About / 04

Create a leading innovative global diagnostic company by leveraging diverse technology platforms through internal development and external collaboration.

Our Mission

Technology Platforms

Physical Presence

Virtue Diagnostics has built a team of experienced leaders around specific technology platforms coupled with automated workstation capabilities for chemiluminescence, clinical mass spectrometry, multi-label pathology, single cell technology and other molecular biology technologies.

Virtue Diagnostics’ physical presence is split between Singapore, Suzhou and Beijing China. Our R&D is headquartered in Singapore, manufacturing in Suzhou, and our CRO in Beijing. In 2020, we opened a highly advanced, 1000 m² R&D center, that was designed to incorporate diverse technical capabilities with a strong desire to foster collaborative development. Our new 6000 m² diagnostic instrument and reagent manufacturing site at Biobay in the Suzhou Industrial Park, is open and has begun instrument manufacturing. Our 500 m² CRO in Beijing is focused cancer detection using next generation Pathology platforms.

Collaborative R&D

Virtue Diagnostics has adopted a new collaborative model, which establishes a complete industrial chain from innovative research and development to clinical trials, clinical applications, and large-scale industrialization. It serves the world's advanced diagnostic technologies and provides solutions to China and other emerging markets.

Accelerate clinical diagnostics innovation for a healthier world

Projects & Products

Investor

Release

Beijing

diverse technology platforms

Singapore R&D Center

11Biopolis Way, Helios L03-10/L08-06,Singapore

Room 116, Block B1, Jingcheng Shangde Zhizao Industrial Park, No 10 Jiancaicheng East Road, Haidian District, Beijing

Shanghai

by leveraging

Building 14, Zone B, Biological Industry Park, No.218 Sangtian Street, Suzhou Industrial Park

Suzhou Site

Singapore

Our Singapore R&D Hub with 1000 m² focused on Instrument and reagent development on two floors. We have technical expertise is in Mass Spectrometry, Immunoassay and Molecular Diagnostics with over 20 senior scientists in place focused on technological transfer and clinical development.

internal development

and external collaboration.

VirtueDx Beijing is our leading High Content Pathology CRO and service lab. We have begun the process to productize the business through offering a automated system if off the shelf IVD assay kits. We have begun to build a fully integrated system including staining machine, image analysis and software with registered reagents as IVD kits.

Create a

Create a leading innovative global diagnostic company by leveraging diverse technology platforms through internal development and external collaboration.

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Beijing OfficeMultiplex Pathology Headquarters

leading innovative

China Headquarter

Virtue Diagnostics recently opened a new 6300 m² diagnostic instrument and reagent manufacturing site and clinical laboratory at Biobay in Suzhou Industrial Park. Our state of the art facility is fully equipped and designed with the regulatory requirements for manufacturing clinical diagnostic reagents and instruments for immunoassays, nucleic acid tests and clinical pathology diagnostics.

701, Building B, New Bund World Trade Center III, #11, Dongyu Road 221, Pudong New Area, Shanghai

Shanghai Office

Suzhou

global diagnostic company

through

Clinical Mass Spectrometry

Project Areas

Molecular platforms

Virtue Diagnostics has been formed with a straightforward premise. Most new companies see tremendous potential in the Chinese market but are concerned about how to enter and how to address the unique requirements of the Chinese market for attention and the required significant resources. Through license agreements limited to China, Virtue diagnostics deals with all the investment and focus required to enter the Chinese market. Partnerships are constructed so that a full grant to all rights for technical improvements and the use of clinical data for non-Chinese markets, to catalyze and accelerate time to market. We believe this win-win approach will address many of the challenges other partnerships frequently struggle with unsuccessfully. Our initial focus will be on bringing new technology platforms including clinical mass spectrometry, multiplex immunohistochemistry for pathology-based cancer detection and a new molecular and immunoassay platform. Our focus is on bringing solutions that are specifically geared to the Chinese market to address the highest prevalence diseases that now lack affordable next generation diagnostics.

With the significant advancement in identification of early stage biomarkers for many diseases including cancer, diabetic kidney disease, neurological diseases including Alzheimer’s, the need for a best in class, mass spectrometer specifically designed for clinical diagnostics is immense. We believe that many of the newest early blood based diagnostic tests, will require the sensitivity that mass spectrometry provides for rare peptide analysis.

Advances in genomics and proteomics has enabled researchers to uncover the molecular events that are the underlying basis for developing a disease. Often a combination of genetic changes either through spontaneous mutations or inheritance, lead to this disease state. Identifying and understanding these molecular changes has driven clinicians and researchers to diagnose and treat disease in a novel way. Pathology, the discipline of physical identification of disease within tissue or cells, has now become the center point to ascertain exactly what is problem and if or how it may be treated. Visualization of excised tissue or isolated circulating tumor cells involves multiplex immunohistochemistry or mIHC. mIHC, involves using highly specific stains to identify molecular markers that are disease specific. Gone are the days of labeling cancer based on the organ or site of identification. Today, the underlying genetic changes that leads to the disease is identified and appropriate treatments are recommended.

The global outbreak of Covid-19 has highlighted the universal lack of sufficient molecular platforms capable of diagnosing the next pathogen. High sensitivity, quick and low-cost molecular platforms will have tremendous demand long after the Covid-19 issues fade as medicine continues to move into a molecular world. Very inexpensive, easy to use point of care systems that are highly flexible and capable of diagnosing the genetic cause of disease or identify a new pathogen are of long-term universal interest.

Multiplex Pathology

Molecular Platforms

As in mass spectrometry, the equipment for mIHC was designed for research labs. This equipment is exceedingly expensive and has not been designed for hundreds or thousands of clinical samples. Based on our partnership with a leading mIHC service laboratory in China, we will develop a vastly lower cost IHC multiplex cell analysis platforms specifically designed for the clinical market. We also see exceptional opportunity to bring solutions for single cell analysis, digital/next generation pathology for treatment involving checkpoint inhibitors and immune modulators.

Clinical mass spectrometry is a newer technology in the clinical diagnostics market. Adoption has occurred only in highly specialized areas and it remains largely a research-based technology. Mass Spectrometry provides unrivalled sensitivity for analysis of metabolic products including isoforms of biomarkers, vitamins, steroids, and hormones. While clinical mass spectrometry has been used worldwide for many years in newborn screening, use in specialty diagnostics use is highly limited in developed markets and is virtually non-existent in emerging markets. As the technology and instrument systems have been specifically designed for the research market, these systems lack essential attributes for the diagnostics market including automation, easy to use software and prepackaged reagent kits.

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info@virtuedx.com

About Virtue Diagnostics

Virtue Diagnostics closes $100 million Series B Funding

Yunxia Yang, parter at Sequoia China, said, “Virtue Diagnostics is building competitive diagnostic technology platforms. The team is widely recognized for their global experience, strong technical know-how and execution. We believe Virtue has high potential to be a global leader. Sequoia China is helping/assisting innovative medical device and diagnostic companies grow rapidly, bringing better products to patients faster.” Lu Huang, from Morningside Ventures said, “After 20 years of development, China's IVD industry has completed import substitution. Incremental domestic market growth will be enabled by technology. Virtue is unique in having successful entrepreneurial experience in China and in international exposure. The company has grown rapidly, making great progress. Morningside will utilize its international background, global capital and technology resources to assist Virtue Diagnostics become the forerunner in China's IVD industry.” Oriza Holdings’ Project Manager said, “The best IVD companies in China in the future must be global companies. The domestic IVD industry will enter a stage of innovation-driven development, while the unmet needs of overseas emerging markets will bring about more strategic opportunities. The management team of Virtue Diagnostics led by Johnson Zhang is one of the best in the industry. We look forward to Johnson Zhang leading Virtue Diagnostics to provide effective diagnostic products and clinical solutions to China and the world.” Ms. Jieyu Zou, managing director of Lilly Asia Ventures (LAV) said, “LAV highly agrees with Virtue Diagnostics’ vision to provide the world with diversified, affordable, multi-disease, and full-stage IVD solutions-and its ‘bring in, launch out’ business model. In the past two years since its establishment, Virtue Diagnostics has demonstrated outstanding leadership and execution capabilities winning widespread recognition in the industry. LAV is honored to participate in the growth of Virtue Diagnostics. We look forward to working with investors to assist Virtue achieve continued success in the future.” Mr. Michael Duan from PerkinElmer Ventures said, “Under the pressure of centralized procurement policies, the development of Chinese IVD companies in the future will rely more on their innovation capabilities. They need to increase the proportion of new products to better adapt to the medical reform. In addition to the revenue from innovation, tapping overseas markets has also become a new source of revenue for Chinese IVD companies. Developing countries with smaller scale but faster growth will become the main battlefield. Virtue Diagnostics team has an international vision and multi-national management experience to better achieve the goal of innovation and overseas exploration.” Mr. Ding Yameng, the founding partner of Hao Yue Capital, said, “Hao Yue is honored to be the exclusive financial advisor of VIRTUE Diagnostics in this round of financing. Johnson Zhang, founder of Virtue Diagnostics, is an outstanding leader in the IVD industry in China. He has a unique strategic vision and excellent commercial executive capabilities. Virtue Diagnostics’ strategy of ‘Serving the China market with innovative technologies and expanding the emerging markets by integrating industry resources’ and their innovative platform-based model will enable their products garner a foothold both in China and globally.”

Virtue Diagnostics, an innovative IVD company, has just announced closing US$100 million in Series B funding. Virtue Diagnostics, founded in 2019, is focused on clinical tests for China and emerging markets. Sequoia China and Morningside Ventures jointly led the investment round with ORIZA Holdings. Existing investors Lilly Asia Ventures and PerkinElmer Ventures participated while HAOYUE Capital was the exclusive financial advisor.

Virtue Diagnostics is a global, platform-based IVD (In Vitro Diagnostic) company focusing on providing affordable clinical solutions at all disease stages including very early screening, initial diagnosis, treatment monitoring and minimal residual disease management. Virtue Diagnostics Corporate and R&D headquarters are in Singapore, manufacturing is in Suzhou, China and CRO/Clinical Lab is in Beijing. China’s future IVD market is driven by local innovation. “Virtue Diagnostics strategy is to introduce new technology platforms by cooperating with global technology companies, developing products and solutions specifically geared for the Chinese market and accelerating the time to market through our highly experienced team of R&D, registration and commercial professionals,” said Johnson Zhang, CEO of Virtue Diagnostics. Virtue Diagnostics exclusively partnered with PerkinElmer for clinical mass spectrometry in China. The triple quadrupole mass spectrometer, produced by Virtue Diagnostics, launched in Q3-2021 after receiving NMPA approval. Panovue, acquired in 2021, leads in multiplex pathology, providing a full range of solutions for its landscape analysis platform. While local innovation drives the Chinese IVD market, the IVD industry in many emerging countries is still in its infancy, relying on imported products. Covid-19 pushed governments to strengthen local IVD capabilities with incentives. Virtue Diagnostics is expanding to bring high quality affordable IVD products to selected emerging markets. Johnson added: “Virtue Diagnostics will introduce innovative diagnostic technologies in China and will concurrently launch emerging markets through mergers and acquisitions ,joint ventures and local entities. With our rich industry experience, innovation capability and international background we will succeed.”