00:00We thought we could put COVID in the back burner, but it seems like it's come back in focus for your business as well.
00:05How do you see this recent surge in COVID cases really affecting your business now?
00:10Well, I mean, COVID is really here to stay, and we know that it's a seasonal thing.
00:14It would happen one or twice every year.
00:16And definitely there is a spike in the business as we are a major provider of COVID testing in the region.
00:23But however, we also see a lot of growth in our non-COVID business.
00:27And we definitely see that because of the pandemic, a need for self-help and self-at-home testing is a very upcoming demand.
00:38Yeah, I'd like to talk to you about that because certainly one of the – I'll be very careful with this because certainly a pandemic is no light thing.
00:46But one of the things the world learned from our bouts and experience with the pandemic was testing, right?
00:55To test more and certainly here in Hong Kong, anecdotally, as you would know, right?
00:59People, if you have something or have you tested, it's widely available.
01:02Have you seen a structural pickup in how the community approaches testing as it pertains to your business, for example?
01:12Absolutely.
01:13I think for the longest time, you know, people rely on the health to the authority and the doctors.
01:19But I think since the pandemic, people now believe that with the appropriate tools, they can really control their own health by the at-home testing.
01:26And so that's why we are very bullish to see a very strong demand in the at-home testing area where people can really test at the comfort of their own home.
01:35And we are in the business of developing a very innovative urine-based assay where we can allow to detections of various infectious diseases, women's health, and oncology application in the near future,
01:48while we can all be very non-painful and non-invasive and at the comfort of their own home.
01:55Can you tell us more on why you focus on these parts, like whether it's women's health, cancers, infectious diseases?
02:02Right. Absolutely. I think while, first of all, infectious disease is well proven by COVID, and there is always an urgent need when symptoms shown.
02:11But the symptoms for infectious disease often fade.
02:13In order for the doctor to give you the precise, you know, medication, you do want to know what exactly is your problem.
02:19So rapid at-home testing is very helpful.
02:23For women's health, it's also quite obvious because there are a lot of compliance issues, right?
02:27And in addition, the privacy, the embarrassment of the current gold standard really warrants a huge demand, you know, in the at-home women's health testing.
02:38And lastly, for cancer, obviously, it's terminal because it's often too late when we go to see a doctor.
02:44So there's a strong demand for early cancer screening.
02:47But the screening must be able to be very accessible and very able to allow people to do that often in order to have the preventative effects.
02:55Yeah. Tell us more about that.
03:00This is something that you guys developed, the first urine concentration technology.
03:06I guess, how accurate so far is it based on your research and findings?
03:11And does it replace anything in the process thereafter?
03:14Or is this something that you test at the start and then you go through the usual processes in place right now?
03:20Well, we are very proud about what we have achieved because this technology is invented by me 10 years ago.
03:28And we have 10 years of history in perfecting this technology, which is the ability to concentrate the sample prior for detection.
03:34And we apply that particularly in the application of urine because we do see urine as the most convenient and most accessible samples for everyone to provide.
03:44And the first application that we do, for example, is in the application of HPV testing, where the gold standard is very invasive, you know, and painful and embarrassing cervical swab.
03:57So, you know, by simply providing urine at home, we are able to get the same performance and accuracy compared to the gold standard where it requires a physician perform a swab.
04:13You mentioned about the HPV test.
04:16It's already commercially available in Hong Kong, Ricky.
04:19What's your ambition for this test, in particular, when it comes to usage and sales?
04:23Well, we are looking for a global market here.
04:27And that's why we operate simultaneously in Hong Kong, Maine and China and in the U.S.
04:31And in all three sites, we do have our independent clinical laboratory, which are fully accredited by local authorities, which allow us to commercialize and perform and provide these innovative diagnostic solutions.
04:45And what's so far been the reception from the medical community, from the doctors?
04:50It's actually quite well received.
04:54In fact, you know, just a couple of weeks ago, we do receive an award with our collaborator with AFTCP, which is the largest gynecology association in the United States, recognizing our research, the data that we provide with our urine tests and next period tests comparing to the gold standard cervical swab based assay.
05:16And with the performance that are very equivalent to the gold standard, but with a much simpler and convenient sample type, we do see a huge potentials encouraging women, which honestly, in this region of the world, half of the women that should be doing regular frequent screening are not doing so.
05:36So we do see there's a huge market to penetrate into that and potentially saving a lot of lives.
05:42Yeah, you know, and, you know, I guess I'm not alone in saying that, you know, hopefully you're successful in getting this done, because this is certainly a, there's much demand for this, certainly at home.
05:53You mentioned we're starting with HPV.
05:57This, I don't know how to phrase this question.
05:58I don't think I've ever thought about phrasing this question this way.
06:01But what else can we find in human pee apart from this?
06:07Well, almost everything, because everything that you can find in blood, ultimately, they would go through your kidney and secret out of the body through your urine.
06:15So urine is really the goldmine.
06:17However, for the longest time, well, scientists understand there are all the biomarkers in your urine.
06:22But you never really see very strong applications in urine diagnostics, because they are really technical challenges that no one is able to crack.
06:31But we do believe that with our unique core technologies, we are able to address all of these technical challenges.
06:37And therefore, we are able to launch, you know, the next generation of this urine-based testing to really solve some of these major public health issues.
06:47Fascinating stuff, Ricky.
06:49I'm going to ask you about the financials in some ways.
06:51You just completed the Series A funding, and you may raise about $34 million there.
06:57Certainly, that's a lot of money.
06:59Tell us a little bit more about what you're going to be doing with that sort of funding, and what do you see in terms of revenue forecasts moving forward?
07:07Right.
07:07Well, first, we at Faith Scientific are very proud about this achievement, because it was 10 years in making.
07:13And I do believe that investors are really supporting us because of our vision and the unique core technology that we have.
07:19And I think the use of Proceed would be really focusing in the area of the next generation urine diagnostic, both in the R&D pipeline.
07:27We do have a very strong, robust R&D pipeline, as well as the commercialization of the existing product, particularly in the urine FPV test, which we see a huge uptake in the preventions for cervical cancer.
07:38What's your revenue situation like, Ricky?
07:44And for viewers watching, where can they find your products, if at all?
07:49Well, right.
07:51So I think in Hong Kong, we are the only brand that are penetrating to the two main retail channels.
07:57In Manning and Watson, you can find our test.
07:59I think in the U.S., you will also find us in Amazon and in some of the major online channels like Walmart and such.
08:10And we are just starting our commercialization effort in China.
08:14But at the moment, you can see it already in some of the major online channels like GeneDome and MeeTown.
08:22And I think in terms of the revenue situation, we are at the tens of millions of dollars right now.
08:28And we do hope to double and triple that in recent years.
08:34Nice.
08:34Tens of millions of dollars.
08:36Sorry, I need to ask you, are you closer to 10 million or are you closer to 100 million?
08:40That's a very wide gap, Ricky, very quickly, if you could.
08:43Of course.
08:44While we are in the range between 10 to 20 million dollars right now, and we hope to get to around 50 million dollars,
08:50that's our target in the next two or three years.
08:54Okay.
08:54Well, I know Series A has just done.
08:57So how far do you think before we actually see a listed company in phase scientific?
09:02Is that part at all of a three-year horizon, Ricky?
09:05Well, I think in a high-growth biotech company, you know, getting IPO is certainly one of our major milestones that we want to achieve.
09:13We do need the financial support to get to our vision.
09:16And that's why, you know, completing a Series A is definitely the very first step and also the preparation for us.
09:24While we are very open in the IPO options and we are preparing and we are waiting for the best timing to use.
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