Philippine medical products company Philab has received P400 million from a venture capital affiliate of the International Finance Corp. (IFC) to finance production of medical and education kits for government programs, the company disclosed.
Altus Capital Corp., an affiliate of the World Bank Group’s IFC, provided the funding, which will serve as working capital for Philab to produce health test kits and other medical products, as well as education kits to be used by the Department of Education, the Department of Health and the National Institutes of Health at UP Manila.
Altus said it provided the capital to the Philippine healthcare company as a vote of confidence on its promising track record of profitability and growth.
“We are proud to support the outstanding development and long-term growth of Philab. They are a prime example of what we look to invest in: Pioneering companies with products and services that have profound impact in the communities they serve,” Altus Managing Director Pavan C. Gidwani said in a statement.
Philab’s core business is in the health science sector, producing and supplying the majority of the country’s medical and education materials for laboratories and schools. The Department of Education has also tapped the company to supply math and science teaching kits to more than 34,000 schools in the country.
Last year, Philab introduced a low-cost self-test kit for the early detection of dengue fever. The kit, which is being distributed to local health care workers and facilities by the DOH as well as available for sale to other medical institutions and the public, is marketed under Philab’s brand LabIt.
As of the end of 2016, Philab had been awarded a total of P3.2 billion in procurement contracts by government agencies.
Altus Capital, managed by Altus Capital Partners, has offices in Manila, Bangkok, and Singapore, and has more than $250 million in assets under management.