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Prenetics Global Limited Class A Ordinary Share (symbol: PRE) is a prominent diagnostic and genetic testing company with a unique focus on genomics and precision oncology. The company has developed an integrated platform that facilitates early cancer detection, targeted therapy, and direct-to-consumer genetic testing services.
The company operates in two main segments. The prevention segment encompasses the design and sale of genetics testing products, including update services, and stool-based DNA tests for early colorectal cancer screening. The diagnostic segment includes the sale of COVID-19 testing services and products, as well as precision oncology services. A majority of the company's revenue is generated from the diagnostics segment.
Geographically, Prenetics operates primarily in Hong Kong and the United Kingdom, with the majority of its revenue coming from Hong Kong.
In recent developments, Prenetics has announced a major joint venture named Insighta with Professor Dennis Lo. This collaboration aims to revolutionize multi-cancer early detection. Insighta will leverage cutting-edge technology developed by the Centre for Novostics, supported by the InnoHK Initiative of the Innovation and Technology Commission of the Hong Kong SAR Government. By 2030, the early cancer detection screening market in Asia is projected to be worth USD 6 billion annually.
Professor Dennis Lo, a renowned figure in the scientific community, brings a wealth of experience and groundbreaking technologies to Insighta. His contributions will include his pioneering work in non-invasive prenatal testing (NIPT), which has become a standard of care globally. Prenetics will provide robust capital resources amounting to USD 100 million, with an equal split between cash and stock. The joint venture aims to introduce the Presight test for lung and liver cancers by 2025, with plans to expand to over 10 different cancers by 2027.
Prenetics' CEO, Danny Yeung, expressed his excitement about the joint venture, emphasizing its potential to significantly impact global health by making early cancer detection more accessible and cost-effective. The initial focus will be on Mainland China, Hong Kong, and other parts of Asia, with plans to collaborate with healthcare institutions and governments worldwide.
In addition to Insighta, Prenetics' other initiatives include CircleDNA, offering the world's most comprehensive consumer DNA test, and ACT Genomics, which has achieved FDA clearance for comprehensive genomic profiling of solid tumors.
Overall, Prenetics continues to prioritize innovation in genomics-driven health sciences, aiming to enhance life through early cancer detection, prevention, and treatment.
Prenetics' IM8 has announced a collaboration with Mayo Clinic to develop a new line of premium supplements, focusing on nutrition, cellular rejuvenation, protein, collagen, and overall wellness. The partnership, announced after IM8's official launch on November 18th on IM8health.com, combines IM8's innovation with Mayo Clinic's medical expertise to create evidence-based, clinically researched supplements.
The collaboration includes contributions from Dr. Dawn Mussallem, a Mayo Clinic integrative oncologist who serves on IM8's Scientific Advisory Board. Mayo Clinic maintains a financial interest in the referenced technology and will direct any revenue toward its not-for-profit mission in patient care, education, and research.
Prenetics' IM8 has launched a groundbreaking space experiment aboard the International Space Station (ISS) in collaboration with the University of Oxford, supported by Space Applications Services. The mission, launched via SpaceX CRS-31 on November 4th, aims to study accelerated aging and longevity using microgravity's unique environment.
The experiment focuses on autophagy, the cellular process of removing and recycling damaged components, using 3D organoids in a specially designed science cube. The research leverages microgravity's ability to accelerate aging processes, potentially leading to insights for improving human healthspan and astronaut health.
Coinciding with this research, IM8 officially launched its premium supplements brand on November 18th on IM8health.com, offering two products: Daily Ultimate Essentials and Daily Ultimate Longevity, now shipping to 31 countries.
Prenetics Global (NASDAQ: PRE) has announced its participation in two upcoming investor conferences in December 2024. The company will attend the iAccess Alpha Virtual Best Ideas Winter Conference on December 10-11, where CEO Danny Yeung will present on December 10 at 10:00am ET, followed by one-on-one meetings with CFO Stephen Lo and Prenetics Americas President David Vanderveen on December 11.
Additionally, David Vanderveen will represent the company at the 13th Annual ROTH Deer Valley Event in Park City, UT from December 11-13, conducting one-on-one investor meetings throughout the conference.
Prenetics Global reported strong Q3 2024 results with revenue growing 59.4% year-over-year to $7.8 million and 30.9% sequentially. Gross profit increased 138.6% to $3.9 million, with gross margin improving to 50.8%. The company launched IM8Health.com, a premium supplements brand, shipping to 31 countries. Notable developments include Tencent's $30 million strategic investment in Insighta, validating its $200 million valuation, and the acquisition of Europa Sports Partners establishing U.S. headquarters in Charlotte. The company maintains a strong financial position with $69.1 million in cash and short-term assets, remaining debt-free, and reiterates its FY 2024 revenue target to exceed $33 million.
Prenetics (NASDAQ: PRE) and David Beckham have officially launched IM8, a health and wellness brand entering the $187 billion global consumer health market. The launch features two premium products: Daily Ultimate Essentials, an all-in-one powder with 92 nutrient-rich ingredients replacing 16 separate supplements, and Daily Ultimate Longevity, a daily capsule for cellular rejuvenation. A clinical trial showed that 93% of participants experienced increased energy levels within 30 days using Daily Ultimate Essentials. The products are available in 31 countries through IM8health.com, with subscription pricing at $79 for Essentials and $75 for Longevity. The launch follows Prenetics' acquisition of Europa, a major U.S. sports nutrition distributor.
Prenetics (NASDAQ: PRE) and David Beckham have officially launched IM8, a health and wellness brand entering the $187 billion global consumer health market. The launch introduces two premium products: Daily Ultimate Essentials, an all-in-one powder containing 92 nutrient-rich ingredients replacing 16 separate supplements, and Daily Ultimate Longevity, a daily capsule for cellular rejuvenation. Clinical trials showed significant benefits with 93% of participants experiencing increased energy levels. The products are available in 31 countries through IM8health.com, with subscription pricing at $79 for Essentials and $75 for Longevity. The launch follows Prenetics' acquisition of Europa, a major U.S. sports nutrition distributor.
Ellington Financial (NYSE: EFC) has announced the redemption of all 957,133 outstanding shares of its Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock. The redemption is scheduled for December 13, 2024, at $25.540558 per share, comprising the $25.00 liquidation preference plus $0.540558 in estimated accrued dividends. The Series E Preferred Stock will be suspended from NYSE trading before market open on the redemption date, and all shares will be redeemed through the Depository Trust Company (DTC).
Prenetics (NASDAQ: PRE) announced its participation in the upcoming Sidoti Virtual Micro Cap Conference scheduled for November 13-14, 2024. CEO Danny Yeung and CFO Stephen Lo will deliver a virtual presentation on November 13th at 8:30 a.m. ET. The presentation will be accessible through the company's investor relations website. Management will also be available for one-on-one meetings with investors on November 13th.
Prenetics Global (NASDAQ: PRE) announced a strategic US$30 million investment by Tencent in Insighta, valuing the early cancer detection company at US$200 million. This investment reduces Prenetics' stake in Insighta from 50% to 35%, while Insighta's co-founders retain their 50% shareholding. Prenetics receives US$30 million in cash from the sale of secondary shares to Tencent, boosting its pro forma cash and short-term assets to over US$90 million.
Insighta's early cancer detection platform uses proprietary FRAGMA technology, which detects DNA methylation aberrations in cell-free DNA. The company has begun clinical trials in Mainland China for liver cancer detection and plans to expand to lung cancer. With US$80 million in cash reserves, Insighta is well-funded to advance its clinical trials and commercialization efforts.
Prenetics Global (NASDAQ: PRE) has announced the acquisition of Europa Sports Partners and its subsidiary, Hubmatrix, marking a significant expansion into the $187 billion US consumer health and wellness industry. This strategic move aligns with Prenetics' recent launch of IM8, a health and wellness brand co-founded with David Beckham. Key highlights include:
1. Europa is one of the largest sports nutrition distributors in the US, with a network of 10,000+ gyms.
2. The acquisition establishes Prenetics' US headquarters in Charlotte, NC.
3. Prenetics projects $100 million+ revenue in the consumer segment for FY2025.
4. Europa distributes over 120 brands and operates three warehouses with 200,000+ sq ft of space.
5. Hubmatrix, Europa's subsidiary, provides 3PL direct-to-consumer fulfillment for health and wellness brands.
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