PHI´s CEO comments on latest advancements
In 2022, medtech company Phase Holographic Imaging conducted a rights issue that added over 57 million SEK to its coffers. Since then, and with a new focus on regenerative medicine, the company has been attracting more attention, not least by adding the Swiss investor company Altium as a new major shareholder. BioStock reached out to PHI´s CEO, Patrik Eschricht, to learn more about the visions moving forward.
Phase Holographic Imaging (PHI), based in Lund, Sweden and Boston, Massachusetts, is in the commercialization phase of its instrumentation for non-invasive time-lapse imaging. The company’s flagship product, HoloMonitor, is used for long-term quantitative analysis of living cell cultures.
An eventful 2022 paved the way for progress in 2023
Yesterday, PHI released its Interim Report 3 for 2022/23. One major takeaway is that the interest in the HoloMonitor product line is increasing.
On April 13, 2022, the subscription period in the company´s rights issue of units ended. In total, the rights issue was subscribed to approximately 80 percent by existing shareholders, the public and guarantors. PHI thus received approximately SEK 57.55 million before issuing costs.
The goal of conducting the right issue was multifaceted. Still, the major aim was, without a doubt, to adapt the company´s reagent-free and non-invasive imaging technology for regenerative medicine purposes. Thus taking advantage of the unique opportunities that the technology provides within this emerging field of the biopharma industry.
“When will the breakthrough in regenerative medicine come? Our answer to that: The time is right now!” – Patrik Eschricht, CEO at PHI
Comments from the CEO
In 2022, PHI identified its biggest market opportunities to date, and the company is now positioned in the epicenter of the industrialisation of clinical regenerative medicine. The new focus and progress have borne fruit. In 2023, the company’s share price increased by a whopping 235 per cent. BioStock turned to CEO Patrik Eschricht to learn more about the specifics of the latest progress and the plans for the future.
Patrik, would you say 2022 was a tipping point for PHI regarding the new focus on regenerative medicine?
– Yes, definitely! From the start, we have been certain that our non-invasive technology could play an important role in regenerative medicine. For that, we have worked very hard in the last years to position ourselves with the key players in the field. However, everyone only had one question on their mind. When will the breakthrough in regenerative medicine come? Our answer to that: The time is right now!
What is the current status of the collaboration with Biospherix, SAS, and QIAGEN?
– Our alliance has received a grant for in-kind resources from the Wake Forrest Institute for Regenerative medicine (WFIRM) and ReMDO to develop advanced cell manufacturing technology. Also, our own Lisa Lindström (PHI product manager) is the project manager for the collaboration to improve quality and reproducibility in smart manufacturing of mesenchymal stem cell (MSC)-based regenerative therapeutics by creating a “cell report card” that collects the critical data to determine cell quality and health.
– Presently, we are working on collecting HoloMonitor data on MSCs for SAS to train AI algorithms. In addition, I am pleased that we are on track to recruit a biologist to our new office adjacent to WFIRM, a process which we hope will be finalized soon.
In a previous BioStock interview with Goran Dubravcic, CEO of Altium, he painted a very bright future where PHI will become a company that will provide a unique approach to upcoming medicine solutions. What role do you envision PHI will be playing in the field of regenerative medicine within two years?
– Our aim is that PHI technology will be part of standard quality control within regenerative medicine to make regenerative medicine affordable, accessible, and safe for everyone.
From April 11 to May 2, 2023, the warrants of series TO 3 will be redeemed. If fully subscribed, it would provide PHI with approximately 40 MSEK before issuing costs. How will the proceeds be used?
– The proceeds will contribute to the global market introduction of our new fluorescence unit. Also, we will make every effort to achieve GAMP validation to enter the sizeable clinical market. And, of course, further grow as a significant player in regenerative medicine.
Also, you have other warrants of series TO 4 coming up (which will be redeemed from September 12 to October 3, 2024). It could provide PHI with over 20,8 Mkr. So, in terms of development, where do you envision PHI will be at this point in 2024?
– I envision that PHI and our key technology are integrated into established quality standards within regenerative medicine.
Also read: PHI catches eye of major investor (March 10, 2023)
Also watch: We are Phase Holographic Imaging | About PHI (March 15, 2023)The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.