BioNexus Gene Lab Corp. Agrees to Invest RM 1.2 million in Ascension Innovation (AISB) to Advance Digital Health Innovation through AI adoption in Healthcare

Rhea-AI Summary

BioNexus Gene Lab Corp. (NASDAQ: BGLC) invests RM 1.2 million in Ascension Innovation (AISB) to advance digital health innovation through AI adoption in healthcare. The investment by MRNA Scientific, a subsidiary of BGLC, in AISB underscores a strategic move to accelerate healthcare solutions with cutting-edge AI and predictive analytics. The investment will support AI features in clinics and on app, predictive analytics, personalized health solutions, and market expansion. AISB projects substantial revenue growth in Malaysia and aims to onboard more healthcare providers and corporations.

Positive

• Strategic investment by BioNexus Gene Lab Corp. in Ascension Innovation to advance digital health innovation through AI adoption in healthcare.
• Investment by MRNA Scientific, a subsidiary of BGLC, signifies commitment to cutting-edge AI and predictive analytics in healthcare solutions.
• MRNA Scientific's investment of RM 1.2 million in AISB will support AI features in clinics and on app, predictive analytics, and personalized health solutions.
• BioNexus Gene Lab Corp. aims to expand market reach and enhance accessibility of its blood-based genomic screening services through integration with AISB's aiCMS and aiCARE app.
• AISB projects substantial revenue growth in Malaysia and plans to onboard more healthcare providers and corporations to its platform.
• Global digital health market size was estimated at USD 240.9 billion in 2023, with a projected CAGR of 21.9% from 2024 to 2030.
• Global market size for AI in Healthcare is expected to reach USD 187.7 billion by 2030, with a CAGR of 38.5% from 2024 to 2030.
• Quotes from Mr. Sam Tan, CEO of BioNexus Gene Lab Corp., and Mr. Andrew Teng, CEO of Ascension Innovation, reflect optimism and commitment to revolutionize patient care through predictive and generative AI.
• Handover ceremony took place at the Apollo Men's Wellness Centre in Starhill, Kuala Lumpur, witnessed by key executives from BioNexus Gene Lab Corp. and Ascension Innovation.

Negative

• None.

Insights

Financial Analyst

The strategic investment by BioNexus Gene Lab Corporation into Ascension Innovation represents a synergy between genomic diagnostics and healthcare technology with digital health innovation. Evaluating such an investment involves examining the potential for revenue growth and market expansion. The investment figure of RM 1.2 million translates to approximately $250,000>, which while modest, could indicate a calculated entry into the rapidly expanding digital health market, projected to grow at a CAGR of 21.9% through 2030. The expected 10% equity stake in Ascension Innovation suggests a foothold strategy, allowing BioNexus to observe performance and scale its involvement accordingly. The merging of BioNexus's blood-based genomic screening with Ascension's digital platforms could lead to cross-selling opportunities and integrated diagnostics solutions, ultimately aiming for an enhanced user interface and market reach. Retail investors should note that the success of this investment depends on the adoption rate of the aiCMS platform and the actual market traction it can sustain over the projected period.

Medical Technology Expert

The collaboration between BioNexus and Ascension Innovation signals an important trend in the fusion of AI, genomics and healthcare. With unique proprietary blood-based genomic screening techniques, BioNexus aims to complement Ascension's aiCMS platform, which could lead to more informed and personalized healthcare delivery. Ascension's use of predictive analytics and AI-driven tools, such as Large Language Models for note taking and diagnosis, has the potential to streamline clinical operations. From a medical technology standpoint, the integration of predictive health analytics and AI medical imaging within such platforms is significant, as it could lower barriers for patients and providers in accessing advanced diagnostics and potentially improve population health outcomes. For investors, the key metrics to monitor would include the rate of new clinic onboarding, user base growth and the utilization of these AI tools in practical healthcare settings.

KUALA LUMPUR, Malaysia, April 19, 2024 (GLOBE NEWSWIRE) -- BioNexus Gene Lab Corporation (NASDAQ: BGLC), a global leader in genomic diagnostics and healthcare technology, announces a strategic investment by its wholly owned subsidiary, MRNA Scientific Sdn Bhd, in Ascension Innovation Sdn Bhd (AISB), a privately held Malaysian company. This investment underscores BGLC’s commitment to advancing healthcare solutions through cutting-edge AI and predictive analytics.

Background:

• MRNA Scientific Sdn Bhd:
  • A wholly-owned subsidiary of BGLC, MRNA Scientific specializes in blood-based genomic screening and dynamic genome profiling.
    MRNA’s innovative techniques enable early disease detection, personalized health management, and AI-driven insights.
    
• Ascension Innovation Sdn Bhd (AISB):
  • AISB is a trailblazer in healthcare technology, committed to enhancing patient experiences and outcomes.
  • Their flagship platform, aiCMS, empowers clinics, physicians, and patients to have better control over healthcare delivery through personalized patient health management.
    

Strategic Investment and Handover Ceremony:

• MRNA Scientific’s investment of RM 1.2 million (approx. USD $250k) will occur in two tranches. The Company has made an initial payment of approx. RM 100k, to be followed by a final payment of RM 1.1million, subject to a formal agreement. Our investment in AISB signifies a strategic move to accelerate healthcare innovation. The investment, funded internally, is expected to constitute an indicative equity of approximately 10% of the ordinary shares in AISB upon completion.
  
• The infusion of capital will further AISB’s development and accelerate its AI rollout, including:
  • AI Assistance in the Clinic and on-App: The AI features include the integration of predictive and generative AI note taking/analysis and diagnosis aids via Large Language Model (LLM), voice transcription, and natural language assistance for service selection and bookings.
  • Predictive Analytics and Personalized Solutions: aiCMS will enhance early disease detection and personalized health recommendations in clinic and on-app, with the integration of in-app predictive health and wellness recommendations, medical translation services, and AI medical image analysis.

Ceremony Participants:

• MRNA Scientific Directors:
  • Mr. Kenny Lai
  • Mr. CC Wong
• AISB Directors:
  • Mr. Andrew Teng (Chief Executive Officer, CEO)
  • Mrs. Penny Attenbrough (Chief Strategy Officer, CSO)

Expanding Market Reach:

• MRNA Scientific and BGLC believe that this strategic investment will allow BGLC’s Blood-based Genomic Screening (BGS) liquid biopsies and other diagnostic services to be better marketed and accessible to a wider range of customers and healthcare providers, through integration into AISB’s aiCMS and the aiCARE app, enabling direct booking via healthcare providers and patients.
• By combining MRNA’s expertise in genomics and AISB’s innovative platform, patients and healthcare professionals will benefit from advanced diagnostics and personalized care.

Digital Health & AI Market:

• The global digital health market size was estimated at USD 240.9 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 21.9% from 2024 to 2030¹.
• The global market size for AI in Healthcare is expected to reach USD 187.7 billion by 2030 with a compound annual growth rate (CAGR) of 38.5% from 2024 to 2030².
• Given the market size and opportunities in Digital Health and AI in Healthcare, MRNA and BGLC will closely consider opportunities to increase our participation in this market, including the potential to increase our investment in AISB and other technology platforms.
  

AISB’s Projections:

• Projected Revenue in Malaysia:
  • As stated in its investment documents, AISB anticipates substantial revenue growth driven by increased adoption of aiCMS, with projections reaching RM 75million collectively for 2024-2028.
  • The platform’s comprehensive suite of services positions it as a game-changer in the Malaysian healthcare landscape.
  • These revenue projections were part of the approved prospectus on the Securities Commission of Malaysia approved pitchIN Funding platform.
    
• Clinics and Service Providers:
  • AISB aims to onboard a significant number of healthcare and wellness providers, and corporations.
  • Since its recent launch, aiCMS has already proven market traction with over 30 healthcare providers and corporations in its initial segue into this broad market.
    
• User Base and Health Records:
  • With 145,000+ registered users and 340,000+ individual health records in its database, the aiCMS platform is already making an impact in the market.
  • The platform’s scalability has the potential for exponential growth.

Quotes:

• Mr. Sam Tan, CEO, BioNexus Gene Lab Corporation: “Our investment in AISB reflects our belief in their transformative healthcare solutions. Together, we aim to revolutionize patient care through predictive and generative AI.”
  
• Mr. Andrew Teng, CEO, Ascension Innovation Sdn Bhd: “We welcome MRNA Scientific’s support and look forward to leveraging their expertise. The future of healthcare lies in predictive analytics and personalized solutions.”

The handover ceremony took place at the Apollo Men’s Wellness Centre in Starhill, Kuala Lumpur on April 18^th, 2024, witnessed by Mr. Sam Tan, Chief Executive Officer of BioNexus Gene Lab Corp (BGLC).

Photo:

Mr. Kenny Lai and Mr. CC Wong handing over the Letter of Offer to Mr. Andrew Teng and Mrs. Penny Attenbrough at Apollo Men’s Wellness Centre, witnessed by the CEO of BioNexus Gene Lab Corp., Mr. Sam Tan (centre)

About BioNexus Gene Lab Corporation:

BioNexus Gene Lab Corporation (NASDAQ: BGLC) is a global leader in RNA-based genomic diagnostics, committed to advancing personalized medicine and improving global health outcomes.

For more information, visit BioNexus Gene Lab Corp.’s website: www.bionexusgenelab.com

About Ascension Innovation Sdn Bhd:

Ascension Innovation Sdn Bhd (AISB) is at the forefront of healthcare technology, driving innovation through its flagship platform, aiCMS.

For more information, visit Ascension Innovation Sdn Bhd’s website: www.aisb.io

¹ https://www.grandviewresearch.com/industry-analysis/digital-health-market
² https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-ai-healthcare-market

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For media inquiries, please contact:

Investor Relations
BioNexus Gene Lab Corporation
Email: ir@bionexusgenelab.com

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Disclaimer:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or projected. Forward-looking statements include, but are not limited to, statements regarding:

• Projected revenue growth
• Market trends and adoption rates
• The potential impact of aiCMS on patient care
  

These forward-looking statements are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from the statements made. Such risks and uncertainties include, but are not limited to:

1. Market and Industry Risks:

 - Rapidly evolving healthcare technology landscape

 - Regulatory changes and compliance challenges

 - Competitive pressures and market dynamics

2. Operational and Financial Risks:

 - Execution of strategic initiatives

 - Financial performance and liquidity

 - Intellectual property protection

3. External Factors:

 - Global economic conditions

 - Public health crises (e.g., pandemics)

 - Political and geopolitical uncertainties

Investors are cautioned not to place undue reliance on these forward-looking statements. BGLC undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The safe harbor provisions of the Private Securities Litigation Reform Act of 1995 protect forward-looking statements from litigation risks.

Investors are encouraged to review BGLC's filings with the Securities and Exchange Commission (SEC) for a comprehensive understanding of the company's business, financial performance, and risk factors.

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BioNexus Gene Lab Corporation
Tower B, Vertical Business Suite 10-2
No. 8, Jalan Kerinchi, Bangsar South,
59200, Kuala Lumpur

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Note to Editors: High-resolution images and additional information are available upon request.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c3545c8-1c0f-47c1-aabc-7a3e4d1de620

 

FAQ

What is the strategic investment announced by BioNexus Gene Lab Corp. (BGLC) in Ascension Innovation (AISB)?

BioNexus Gene Lab Corp. (BGLC) announced a strategic investment through its subsidiary, MRNA Scientific, in Ascension Innovation (AISB) to advance digital health innovation through AI adoption in healthcare.

What is the investment amount by MRNA Scientific in AISB?

MRNA Scientific, a subsidiary of BGLC, is investing RM 1.2 million in Ascension Innovation (AISB) to support AI features, predictive analytics, and personalized health solutions.

What are the key features that the investment will support in AISB?

The investment by MRNA Scientific will support AI features in clinics and on app, predictive analytics, personalized health solutions, and market expansion for Ascension Innovation (AISB).

What are the projections for revenue growth in Malaysia by AISB?

Ascension Innovation (AISB) projects substantial revenue growth in Malaysia, with revenue projections reaching RM 75 million collectively for 2024-2028.

How many registered users and individual health records does the aiCMS platform have?

The aiCMS platform has 145,000+ registered users and 340,000+ individual health records, showcasing its impact and scalability in the market.

What was the date and location of the handover ceremony between BioNexus Gene Lab Corp. and Ascension Innovation?

The handover ceremony took place at the Apollo Men's Wellness Centre in Starhill, Kuala Lumpur on April 18th, 2024, witnessed by key executives from both companies.