Two new investors -- Isaac Newton Corporation, which is part of the Wuthelam Group, and SG Global Enterprise -- are taking stakes in Digital Life Line as it progresses to commercialise its enhanced testing kits for various diseases beyond Covid-19.


Digital Life Line has on 1 July 2022 secured up to S$4 million for its Series A funding round.

It was announced last night that new funding also came from its existing shareholders -- DiSa Digital Safety, Mr. Eddie Chng Weng Wah, Professor Soo Khee Chee and Mr. John Wong Weng Foo.

DiSa Digital Safety is a wholly-owned subsidiary of Singapore-listed DISA Limited which is into digital security.

Digital Life Line has a licensing agreement with the National University of Singapore and Singapore Health Services for the use of their new saliva-based testing technology. 

Originally developed to test for Covid-19, it is envisaged that it can be applied to improve detection of other infectious diseases (Hepatitis B, influenza, dengue), cancer, and metabolic diseases.

test kit 5.22
Digital Life Line has, on 1 July 2022, entered into a conditional share subscription agreement with Isaac Newton Corporation and SG Global Enterprise to subscribe for new preference shares in cash for a total consideration of S$1.75 million and S$0.50 million respectively.

The pre-money valuation of 100% of Digital Life Line of S$20 million was agreed to by the parties at arms’ length, on a “willing-buyer, willing-seller” basis.

The first tranche of payment was made upon signing of the Subscription Agreements with S$0.875 million from Isaac Newton Corporation and S$0.25 million from SG Global Enterprise.

The second tranche payment, with S$0.875 million from Isaac Newton Corporation Ltd and S$0.25 million from SG Global Enterprise, is subject to Digital Life Line’s ability to obtain relevant regulatory approvals and successfully secure purchase orders from its customers.

• Isaac Newton Corporation, a company incorporated in British Virgin Islands, is a member of the Wuthelam Group which is best known for its S$15.6 billion purchase to raise its stake in Nippon Paint of Japan in 2020.

• SG Global Enterprise is one of the leading wholesale commodities trading companies in Singapore. International tyre manufactures and major commodities trading giants are key buyers of their products. Their products are shipped worldwide.
ProfSooKheeCheeProf Soo Khee Chee“With this new funding, we will continue to leverage on our proprietary on-kit, reader-free signal amplification feature to expand our pipeline of rapid diagnostic kits for other infectious diseases, cancer, and metabolic diseases. We look forward to fostering a vibrant innovation network via internal R&D, existing and future partnerships with universities and industry partners, to further demonstrate the benefits of enhanced detection for point-of-care testing.”

-- Prof Soo Khee Chee, Chairman of the Board of Digital Life Line, and Inaugural Benjamin Sheares, Professor in Academic Medicine at Duke-NUS Medical School. He is also one of the inventors of the PASPORT-enhanced detection platform.


DiSa Digital Safety has, on 1 July 2022, increased its investment in the share capital of Digital Life Line by S$1 million.

The existing shareholders of Digital Life Line, namely Mr. Eddie Chng Weng Wah, Professor Soo Khee Chee and Mr. John Wong Weng Foo have also, on the same day, increased their shareholdings in Digital Life Line by S$250,000 each.

With effect from 1 July 2022, the composition of shareholders of Digital Life Line is as follows: 

Name of Shareholder

Shareholding (%)

 

On signing of Subscription Agreements

On receipt of Second Tranche Payment:

DiSa

39.21%

37.26%

Blade Research*

32.24%

30.64%

Chng Weng Wah

7.19%

6.83%

Professor Soo Khee Chee

6.32%

6.00%

John Wong Weng Foo

5.45%

5.18%

Isaac Newton Corporation

4.15%

7.88%

Dr. Chua Lee Kiang, Melvin

3.48%

3.31%

SG Global Enterprise

1.09%

2.07%

Dr. Guy Heathers

0.87%

0.83%

Total

100.00%

100.00%

*Blade Research Pte. Ltd. is wholly-owned by Professor Soo Khee Chee.

Shareholders7.22Note: Eddie Chng is MD and CEO and substantial shareholder of DISA Limited.
“We are pleased to see that our exclusive licensee, Digital Life Line, has been successful in securing the funding which would help to bring our IP (Intellectual Property) forward and together we hope to make an impact to the healthcare industry,” said Dr. David Wang, Director of the Centre for Technology Development at Duke-NUS.


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