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PHI aims for US listing

Phase Holographic Imaging to list in the US

PHI aims for US listing

11 July, 2024

Swedish Medtech Phase Holographic Imaging is making significant strides in the United States, establishing itself at the forefront of the rapidly growing regenerative medicine field. PHI is now taking an important step by applying for listing its shares in the US OTCQB market to enhance its presence and opportunities in the US. BioStock talked to CEO Patrik Eschricht to learn more about what this means for the company.

The core technology of the Phase Holographic Imaging (PHI) commercial HoloMonitor system is so-called “Quantitative Phase Imaging” (QPI), capable of assessing cell culture quality and health without influencing or damaging cells like traditional measurement methods. PHI’s overarching goal with its technology is to contribute to making cell-based therapies affordable, accessible, and patient-safe.

Since 2022, the company has had a laser focus on regenerative medicine. This growing field involves the repair, replacement, or regeneration of dysfunctional cells, tissues, and organs to amplify our natural healing process in the places where it is needed most. Allowing for precise monitoring and verification of cell quality, the QPI technology is considered a valuable asset in this cutting-edge field. According to PHI, QPI measurements would fit seamlessly into an automated manufacturing workflow, setting it apart from other cell quality control methods that require removing precious cells from the process.

Establishing a presence in the US

With the US spearheading the field of regenerative medicine, PHI has put a lot of emphasis on establishing itself in this major market. PHI got its first US customer already back in 2014 and has always had a strong academic foothold, collaborating with leading US research institutes, such as Northeastern University, Huntsman Cancer Institute, UCSF and the National Institute of Aging.

In 2019, as part of the ongoing expansion of activities in the US, PHI established its first fully owned subsidiary, PHI Inc., in Boston. Two years ago, the company joined the RegenMed Development Organization (ReMDO) located in Winston-Salem. PHI also joined an alliance for advancing cell-based biomanufacturing with other companies in ReMDO and the pioneering Wake Forest Institute for Regenerative Medicine (WFIRM). Together, they aim to automate the manufacturing process of cell-based therapies using recent technological developments in cell culturing, analytical instrumentation, and artificial intelligence.

In 2022, as a next step in its investment in regenerative medicine, PHI opened a new development office in the Innovation Quarter in Winston-Salem to become present at the epicentre of this rapidly growing field.

Next up: dual listing

Now, the company has decided to push even further into the major US market, applying to list its shares on the US-based OTCQB Venture Market. This dual listing would not only offer PHI’s current and prospective shareholders an additional trading platform but also enhance PHI’s credibility among US investors and partners. BioStock has talked to PHI CEO Patrik Eschricht to learn more about what the dual listing means for the company and its plans moving forward.

Patrik Eschricht, CEO PHI
Patrik Eschricht, CEO PHI

Firstly, Patrik, what does this dual-listing mean for PHI – what do you hope to achieve?

– We have thought about it before, but now that everyone is talking about regenerative medicine and AI, the time is right. We are very happy about the possibility of dual-listing on the OTCQB, which would be another significant step in PHI’s growth journey as a global company. This dual listing would make it more accessible for international investors to invest in PHI, positively increasing liquidity, boosting shareholder value, and supporting our ongoing growth.

Why is now the perfect time for a dual listing?

– We have the world’s eye on Winston-Salem and the leading institute, WFIRM, for pioneering regenerative medicine and bringing scientific discoveries to the clinic and patients.  The time is now, as we see the momentum within regenerative medicine and the, therefore, increasing relevance of PHI’s unique technology. We have made a strategic decision to push further into the major US market and react to the growing interest in PHI from the US and regenerative medicine partners.

How will this step affect your listing on the Spotlight Stock Market in Sweden?

– This dual listing would allow international investors to trade in PHI shares, expanding our investor community and enhancing the liquidity of our shares. I see this as a significant benefit to our current shareholders and PHI’s ongoing growth.

Given the increasing interest in PHI’s activities within regenerative medicine, can you share some of the latest developments of your alliance at WFIRM?

– Certainly — to recap, we’re spearheading an important Smart Manufacturing project with our technology development alliance with WFIRM, ReMDO, analytics leader SAS, BioSpherix, and QIAGEN. This project focuses on creating new standards for cell therapy quality control. A cornerstone of this project is the ‘Cell Report Card,’ which integrates QPI cell quality data with omics information.

– This card tracks a cell sample throughout the lifetime of the cells and the patient, providing data crucial for ensuring quality and safety in cell therapies. We have finalized another round of experiments and continue to evaluate the HoloMonitor data together with our partners.

With PHI’s active participation in the RegenMed Development Organization, could you provide an update on the progress of the RegeneratOR test bed and highlight what impact the participating companies have on enhancing regenerative medicine?

– We are happy to see the substantial growth of the RegeneratOR test bed, particularly with our partner QIAGEN’s recent commitment to expanding its contributions. The test bed initiative is at the forefront of regenerative medicine, offering access to cutting-edge technologies and expert resources.

– In my eyes, it’s a must-have to drive novel prototyping in the regenerative medicine field and the right place for PHI to present our unique technology for the development of cell-based therapies. At our latest meeting, it was obvious to everyone that not one company can solve all the problems; we need to work together. And at the RegeneratOR test bed, we have a very strong “Starting Eleven”, a starting lineup with over 60 companies.

WFIRM was awarded a USD 160 million 10-year US National Science Foundation Regional Innovation Engines grant. Have there been further indications of how this grant impacts PHI?

– We are still thrilled about the USD 160 million NSF grant, which underscores Winston-Salem’s role as a global hub for regenerative medicine! With the complexity and number of partners involved in this grant, we patiently await the presentation of details and how this grant will directly impact PHI—so we, too, can share the news. So far, the increased focus on the region certainly has boosted our visibility and may create new business opportunities.

– Our collaboration with WFIRM places us at the forefront of innovation in regenerative medicine. Being at the epicenter of such significant advancements reinforces our strategic positioning and commitment to establishing our QPI technology as the gold standard in cell quality control.

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.

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