ASX debutant aims to revolutionise prenatal screening

An Israeli biotechnology firm, Identifai Genetics, plans to launch on the Australian stock exchange (ASX) on October 13 with a market value of $38.4 million. This IPO is expected to raise $10 million to finance the commercialization of its next-generation prenatal tests. Headquartered in Tel Aviv, the company was founded on the research of Professor Noam Shomron, a leading expert in genetics and genomics at Tel Aviv University.

Identifai's CEO, Eyal Miller, developed the idea for AI and machine learning applications in prenatal genetic testing.

The company's primary product, the Windrose test, is a self-funded non-invasive prenatal screening that has been available since 2012 to detect chromosomal abnormalities like Down syndrome in unborn children. However, Identifai aims to revolutionize the market by screening for over 280 inherited genetic conditions using a single maternal blood draw as early as nine weeks into pregnancy.

Miller explained that the Windrose test employs a machine learning algorithm to compare the fetus's cell-free DNA with that of the mother, enabling the detection of disease-causing mutations. This approach promises to identify even minute genetic changes, allowing for personalized treatment of up to 54 treatable conditions and 267 conditions that should be addressed within the first week of life.

The most notable example cited by Identifai is Pompe disease, a rare genetic disorder where an excess of a specific sugar leads to irreversible muscle and organ damage. Early detection through comprehensive gene scanning would enable prompt treatment, potentially preventing permanent damage.

Identifai's Windrose process is currently undergoing a clinical validation trial involving 600 patients in the United States, scheduled to conclude by late 2027. The company chose to list on the ASX due to the success of other Israeli biotech firms and the growing interest in biotechnology investments in Australia. Upon listing, Identifai will join the ranks of medical diagnostic companies such as BlinkLab, Artrya, and 4DMedical on the local stock exchange.