HerAnova Lifesciences, a medical technology firm dedicated to advancing women’s health, is accelerating its development after opening its regional headquarters in Hong Kong two years ago.
Seasoned healthcare leaders and serial entrepreneurs founded the company in the US in 2022 to challenge the status quo in women’s healthcare, which they see as significantly lagging behind.
“We aim to address the critical under-recognition and lack of innovation in women’s health,” says company Chairwoman and Co-Founder Penny Wan.
Hong Kong, as a major R&D and fundraising centre, is playing a central role in the company’s growth plans, while also serving as a base for future Asian expansion.
Three of the city’s leading medical centres – Prince of Wales Hospital, Queen Mary Hospital and Kwong Wah Hospital – are involved in clinical studies.
The healthcare company also runs clinical research in the Chinese Mainland, Europe and the US.
Executives are concentrating on two common conditions, for which they believe they can make a difference: endometriosis, a debilitating disease that affects one in ten women of reproductive age worldwide, and infertility, which significantly impacts many women and their families.
“We want to focus on these two critical areas first and expand to other women’s health conditions in the future,” Ms Wan explains.
One current priority is HerResolve, a faster, more accurate, and easier-to-use test for endometriosis that has already been certified for commercial use in the US.
Diagnosing endometriosis often takes years, leading to missed opportunities for early intervention as the often-painful condition worsens, leading to poor quality of life, loss of fertility and increased cancer risk.
HerAnova’s scientists are also developing a more accessible and patient-friendly alternative to conventional IVF in a bid to transform infertility treatment.
The company is currently piloting its treatment, called HerCAPA, with the Prince of Wales Hospital in Hong Kong.
Growth capital
The women’s health specialist is also attracting investors, securing additional backing in Hong Kong last year.
Its latest funding round was led by MindWorks Capital, a pan-Asian investor headquartered in Hong Kong, and the Hong Kong SAR Government’s Innovation and Technology Venture Fund.
HerAnova sealed the deal with MindWorks after participating in last year’s Asia Summit on Global Health (ASGH), a leading health innovation and investment event held every May.
The Summit, which gathers senior government officials, business leaders, academics and investors from around the world, provides a range of deal-making and project pitching services to help promising projects and start-ups realise their expansion plans.
Last year’s ASGH hosted more than 390 one-on-one deal-making sessions and more than 660 business matching meetings, facilitating over 1,000 high-quality cross-border collaborations and connections.
The high-profile event, which is co-organised by the Hong Kong SAR Government and the Hong Kong Trade Development Council, helped HerAnova raise its profile, engage with the global healthcare community and explore meaningful collaboration, Ms Wan notes.
ASGH’s public pitching, exhibition and interview opportunities allowed MindWorks and other investors to assess HerAnova’s science and capabilities in an open forum, helping accelerate and inform their investment decision.
New capital will help the medtech innovator ramp up investment in Hong Kong across clinical research, laboratory infrastructure and cross-border innovation, as it seeks to improve the patient experience and lower healthcare costs.
“We are actively integrating into Hong Kong’s broader ecosystem,” Ms Wan emphasises.
The city’s clinical researchers are invaluable partners, she adds. Their commitment and professionalism are already helping drive high-quality R&D, while their widespread connections and communication skills can also articulate the value of HerAnova’s pipeline across the region, as the company continues to expand.
The firm also benefits from Hong Kong’s world-class patient enrolment and data integrity, as well as strong support from institutions, government and partners.
“This collaborative edge sets Hong Kong apart.”