LG Chem said that it has licensed in a molecular diagnostic platform technology from Kryptos Biotechnologies, a U.S. biotechnology and diagnostic firm. Kryptos' technology, called photothermal heating, uses light to generate and control heat for miniaturization of molecular diagnostic devices.
LG Chem plans to use the acquired technology to develop an ultrasmall molecular diagnostic device that can overcome the spatial limitations of existing on-site molecular diagnostic devices.
Molecular diagnostics is a technique that detects and diagnoses molecular level changes occurring in DNA and RNA containing genetic information through numerical and image evaluation.
Currently, the molecular diagnostic test is usually commissioned to a central laboratory or a test center in a large hospital. However, there have recently been efforts to minimize the device in the U.S. and Europe, which, in turn, have led to a growing market for on-site molecular diagnostics that allow hospitals to see results quickly in an in-hospital laboratory without sending the samples to a testing center.
Notably, the company expects that the market for ultrasmall molecular diagnostic devices will grow as there are no commercially available products that can directly inspect samples in small clinics or a hospital's outpatient center.
LG Chem plans to develop and commercialize the product by 2025 and secure its share in the global market for ultrasmall on-site molecular diagnostics devices.
"We will secure a considerable share in the unexplored ultrasmall on-site molecular diagnostics device market by combining Kryptos' platform technology and LG Chem's R&D capabilities to develop a device that can overcome the limitations of existing molecular diagnostic systems," said Lee Dong-soo, head of LG Chem's diagnostics business unit.
Kryptos Biotechnologies COO Lee Jin-yong also said, "We are delighted to have entered into a contract with LG Chem, which has great capabilities and know-how in the bio business. We will work closely with LG Chem to help address unmet medical needs."