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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 Global Limited (NASDAQ: PRE) announced its fourth quarter and full year 2022 financial results, reporting a revenue of US$275.8 million for 2022 and US$52.3 million for Q4 2022, reflecting a 19.2% decrease year-over-year. The Company achieved an adjusted EBITDA of US$58.3 million for 2022. Notably, Prenetics is shifting focus to precision oncology, highlighted by the acquisition of ACT Genomics, the first Asian firm to receive FDA clearance for its genomic profiling test. The Company aims to implement a US$20 million share buy-back program while also reducing its workforce by 60% to streamline operations and cut costs.
Prenetics Global Limited (NASDAQ: PRE) has announced the formation of a new Scientific Advisory Board (SAB) aimed at enhancing its diagnostic cancer genomics platform. The SAB comprises respected experts in oncology and genomics, including Prof. Tony Mok, who will chair the board. This strategic move is designed to leverage their expertise for advancing precision oncology, particularly early cancer detection. CEO Danny Yeung emphasized the significance of these appointments in driving innovative solutions for cancer treatment. Prenetics continues to focus on its goal of transforming patient care through advanced genomic technologies.
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