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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.
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.
Prenetics (NASDAQ: PRE), a pioneering health sciences company, has announced a strategic partnership with international footballer and entrepreneur David Beckham. Beckham has invested in Prenetics and co-founded a new health and wellness brand, IM8, along with the company. IM8 will focus on innovative consumer health products, with further details forthcoming.
Beckham highlighted his lifelong access to top medical professionals and his excitement to work with Prenetics, a company dedicated to scientific advancements in health. Prenetics CEO Danny Yeung emphasized the transformative nature of this partnership, noting Beckham’s alignment with the company’s values of discipline, teamwork, and health.
Beckham's involvement includes collaboration with Prenetics shareholder Professor Dennis Lo, known for his pioneering work in non-invasive prenatal testing and early cancer detection. The partnership aims to drive significant contributions to the consumer health and wellness industry.
For more information, interested parties can join the waitlist at IM8health.com and follow IM8 Health on Instagram.
Prenetics Global (NASDAQ: PRE) has announced the addition of Kathryn M. Henry and David Vanderveen to its Board of Directors. This strategic move comes as Prenetics prepares to expand into the consumer health and wellness sector. CEO Danny Yeung believes that the extensive expertise of Henry and Vanderveen in consumer and health sectors will significantly enhance shareholder value. Henry brings experience from her roles at Lululemon and Gap, particularly in global information and technology operations. Vanderveen, with a robust 30-year track record in the beverage, nutrition, and technology sectors, is expected to contribute significantly to Prenetics' ambitious goals. Both directors expressed enthusiasm about their new roles and the company's potential for market disruption.
Prenetics Global (NASDAQ: PRE) has released its unaudited financial results for Q1 2024. The company reported a 30.2% increase in revenue to $6.4 million and a 159.8% rise in gross profit to $3.8 million compared to Q1 2023. Adjusted EBITDA improved by 55.9%, amounting to a loss of $4.1 million. Prenetics holds cash and short-term assets totaling $86.6 million. Insighta, a joint venture focused on early cancer detection, also had a cash balance of $79.8 million.
The company is strategically pivoting towards the U.S. consumer healthcare market, establishing dual headquarters in the U.S. and focusing on science-based health solutions. Insighta is progressing with promising pre-clinical data on prostate cancer and is set to commence a 1,500-person clinical trial in July 2024.
Prenetics Global (NASDAQ: PRE), a genomic-driven health sciences company, has partnered with MZ Group to lead a strategic investor relations and financial communications program. This collaboration aims to increase the company's visibility and communicate its technological advancements in health and wellness. Prenetics offers services like health-focused DNA tests, early cancer detection, and genomic profiling for targeted cancer therapy. With a strong cash position, no debt, and a dedicated management team, Prenetics is poised for growth and value creation for its shareholders. MZ Group, known for its expertise and global presence, will provide strategic counsel to Prenetics, enhancing market connections and communication strategies.
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