Eaglenos Biotech Files IPO Prospectus: Empowering Grassroots Healthcare with Agile and Accurate Electrochemical POCT Solutions

Primary healthcare accounts for as much as 94.8% of China’s overall medical and health system. In the face of a growing number of patient visits at the primary care level, enhancing primary healthcare service capacity is inseparable from the deployment of point-of-care testing (POCT) products.

On April 20, the China Association of Medical Equipment released the group standard “Configuration of Equipment for the Rational Use of Antibiotics in Village Clinics” at the Boao Forum for Asia International Health Industry Forum. This standard is the first to propose the use of point-of-care testing (POCT) devices in primary healthcare institutions and provides a list of recommended equipment configurations for the rational use of antibiotics in village clinics, thereby offering a reference basis for the procurement and utilization of POCT devices in primary healthcare settings.

Primary care settings are burdened with a high prevalence of chronic and common diseases, yet they suffer from outdated equipment and a shortage of professional laboratory personnel. Consequently, there is an urgent need among primary care physicians for convenient and rapid diagnostic methods. Currently, many primary healthcare institutions are equipped only with basic devices for traditional tests such as complete blood counts (CBC). For many other conditions, diagnosis still relies heavily on physicians’ clinical experience or requires sending samples to large hospitals and reference laboratories. For instance, essential electrolyte panels frequently ordered in emergency and metabolic disease cases, as well as blood gas analysis for critically ill patients, are often unavailable due to the lack of appropriate testing equipment at the primary care level. The introduction of advanced point-of-care testing (POCT) solutions tailored for primary care settings would help expand the range of available tests, broaden service offerings, and improve healthcare quality. Furthermore, it would promote the further development of testing items characterized by rapid turnaround times and strong market demand.

Amid a booming market, among the emerging domestic innovative POCT companies, one that completed its RMB 150 million Series A financing in May this year, led by Bencao Capital and participated by Huatai Zijin Investment, Yingmeng Capital, and Shanghai Changjiang Guohong Investment Management Co., Ltd.Nanjing Eaglenos Co., Ltd.(abbreviated as“Jingjie Technology”) caught the attention of VCBeat.

Jingjie Technology, established in 2018, is an in vitro diagnostics (IVD) company dedicated to the research and development, manufacturing, and sales of medical point-of-care testing (POCT) devices, home healthcare management products, and health management solutions. Through years of technological breakthroughs, the company has independently developed a series of compact, portable, user-friendly, rapid, and cost-effective POCT products, including dry chemistry single-use blood gas and biochemistry analyzers, dry chemistry single-use electrolyte analyzers, and handheld biochemistry testers. These innovations help address critical challenges such as the shortage of primary healthcare personnel, lack of medical equipment, and difficulties in diagnosis at the grassroots level.

Development History of Nanjing Eaglenos Co., Ltd. (Image source: Official website of Nanjing Eaglenos Co., Ltd.)

Dr. Qin Yu, founder of Nanjing Eaglenos Co.,Ltd., graduated from Auburn University in the United States. With over 20 years of research experience in the field of electrochemical sensors, he has previously served as a faculty member in the Department of Chemistry at Renmin University of China and in the School of Chemistry and Chemical Engineering at Nanjing University. He holds more than 20 domestic and international patents and has authored over 70 publications, establishing himself as an expert in the international field of electrochemistry.

From 2013 to 2017, she served as a Research Specialist at the University of Michigan in the United States, where she engaged extensively in interdisciplinary collaborations and practical applications. At that time, blood gas analyzers based on electrochemical technology faced high R&D barriers, with imported manufacturers monopolizing over 95% of the Chinese market. Meanwhile, the domestic market for consumer-grade electrochemical devices suitable for home self-testing was limited to a few products, such as blood glucose meters.

“While in the United States, I made friends with several experts in the field of electrochemistry. They returned to their respective countries with their technologies, enabling South Korea, Japan, and India to develop their own blood gas analyzers and electrolyte analyzers. This led me to wonder: Why can’t we create high-performance, cost-effective, high-quality POCT products that are accessible to the general public in China?”

Thus, Dr. Qin Yu, known for her decisiveness and efficiency, leveraged her extensive scientific research expertise to return to China and launch a startup. “I aim to build a science-and-technology-driven enterprise and brand, establish an independent electrochemistry and sensing technology platform from the ground up with proprietary intellectual property rights, and develop POCT products under our own brand.”

And indeed, she did. After a series of technical breakthroughs, Nanjing Eaglenos Co., Ltd. made a strong mark in the industry in the first half of this year with its self-developed dry blood gas analyzer and electrolyte analyzer.

Electrochemical detection technology involves the intersection of multiple cutting-edge disciplines, placing high demands on a company’s R&D capabilities. After years of accumulation, the company has assembled a formidable R&D team comprising leading talents from diverse disciplines and fields, including chemistry, biology, electronics, software, mechanics, and biomedicine, both domestically and internationally.

It is reported that Jingjie Technology currently has a team of approximately 220 employees, covering functions such as basic research, product development, supply chain, quality systems, and operational management. Among them, the product development staff exceeds 100, with one-third of the development team holding master’s degrees or higher, demonstrating strong R&D capabilities and robust innovation momentum.

In addition, the company has appointed Dr. Eric Bakker, Chair of the Division of Analytical Sciences of the Swiss Chemical Society, as its scientific advisor to support Nanjing Eaglenos Co.,Ltd.'s scientific achievements and development.

As one of the major intracellular cations, magnesium plays a pivotal role in human physiological activities, pathological imbalances, and the onset, progression, diagnosis, and treatment of clinical diseases. Numerous clinical scenarios indicate that ionized magnesium levels do not correlate with total magnesium levels, making the measurement of ionized magnesium critical for critically ill patients, those with renal disease, asthma patients, and individuals undergoing cardiac surgery. However, routine clinical laboratory testing predominantly measures total magnesium, often overlooking ionized magnesium.

Addressing the aforementioned pain points, Jingjie Technology has launched an innovative product: a dry, single-use electrolyte analyzer. It offers the advantages of rapid operation, ease of use, maintenance-free performance, accuracy and reliability, as well as a lightweight and portable design, making it suitable for clinical detection of hypomagnesemia and hypermagnesemia. The only consumable is a test card the size of a camera memory card, which can measure five parameters: K+, Na+, iCa2+, and iMg2+. The single-use design also eliminates the risk of sample cross-contamination.

Nanjing Eaglenos Electrolyte Analyzer

From a pricing perspective, POCT instruments that adopt a single-test cartridge model often create the impression of "higher cost per test." However, the Jingjie electrolyte analyzer requires only the test cartridge as a consumable. This one-cartridge-per-test, ready-to-use format significantly reduces reagent waste, as well as consumption associated with calibration and quality control. Furthermore, current medical service fee schedules in healthcare institutions are established based on testing methodologies. Given the appropriate end-user pricing of electrochemical test cartridges, hospitals, distribution channels, and manufacturers can all achieve reasonable revenue.

From a maintenance perspective, the design of the Eaglenos electrolyte analyzer completely eliminates internal fluidic pathways, thereby eliminating the risk of leaks. It is maintenance-free and care-free, saving significant time and maintenance costs for healthcare professionals and distribution channels, offering a hassle-free and highly convenient experience.

Nanjing Eaglenos Co.,Ltd. emotionally recalled to VCBeat that during their visits to grassroots healthcare facilities, a distributor once eagerly told them: “When we encounter patients with diarrhea, fever, burns, or unexplained syncope, electrolyte testing is required. However, many primary care hospitals lack the necessary testing capabilities, forcing physicians to rely on empirical diagnosis or send blood samples to larger hospitals. Nanjing Eaglenos’ electrolyte analyzer has an exceptionally small footprint, requires no preheating for operation, and can be easily carried with one hand during field visits. It is precisely what grassroots community hospitals truly need!”

Leveraging its superior performance and competitive advantages of being “simple, user-friendly, durable, and affordable,” Nanjing Eaglenos Co., Ltd. has successfully penetrated the vast primary healthcare market with its electrolyte analyzer. According to the head of the company’s marketing center, the product has now been adopted by primary healthcare institutions in multiple regions, including Jiangsu, Tianjin, Zhejiang, and Shandong, as well as by departments such as emergency medicine and nephrology in numerous large Grade 3A hospitals.

In addition to the blood gas and biochemical analyzers and electrolyte analyzers mentioned above, Nanjing Eaglenos Co., Ltd. has also made significant strides in the home self-testing product segment, developing handheld biochemical testers, blood glucose and lactate testers, blood glucose and blood ketone testers, and blood glucose and uric acid testers, thereby targeting both B2B and B2C markets. Furthermore, Nanjing Eaglenos remains committed to fundamental research and has developed a solid-liquid dual-mode scanning electrochemical (cell) microscope, empowering researchers to achieve scientific innovation and technological breakthroughs. Its research findings have been published multiple times in top-tier domestic and international journals.

According to public information, Jingjie Technology has established a 7,500-square-meter R&D and production facility, with an annual output value reaching RMB 400 million. What surprises will Jingjie Technology bring to the industry in the future? Let’s wait and see!

References:

1. Nanjing Bio-Medicine Valley “Forging Ahead on a New Journey · Enterprises Striving for an ‘Innovative’ Future | Eaglenos Technology: Upholding the Spirit of Innovation, Relentlessly Scaling the Heights of POCT”

2. Xiaojudeng Network “Hot from the Start! Domestic IVD Technology Is the True Top Tier!”