NEW YORK – South Korean firm DxVx said Friday it had secured $2.8 million in government support for development of an optical sensor system for the early diagnosis of diseases in adults with urine-based biomarkers.
The firm said it secured the funding through the Korea Evaluation Institute of Industrial Technology within South Korea's Ministry of Trade, Industry, and Energy. The government will provide most of the funding for a three-year $3.6 million project toward developing both a system for health monitoring and early diagnosis of diseases such as diabetes and prostate cancer.
The firm said it has a secondary goal in the project of developing a point-of-care in vitro diagnostics instrument that would use microelectromechanical system technology, optical sensors, and artificial intelligence to measure biomarkers useful for healthcare.
DxVx will lead the product development in a collaboration with the Korea Electronics Technology Institute, the Department of Urology at Hanyang University College of Medicine, and the Department of Electrical and Electronics Engineering at Korea University. DxVx plans to launch a testing instrument in China through a Chinese subsidiary and globally through the Coree Group.