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ProPhase Labs, Inc. (PRPH) is a diversified natural health medical science company that specializes in providing a wide range of diagnostic and consumer products. The company's operations are divided into two primary segments: Diagnostic Services and Consumer Products.
The Diagnostic Services segment offers COVID-19 diagnostic testing to a broad range of customers across the United States, including health plans, third-party payers, and government organizations. This segment is focused on delivering timely and accurate diagnostic information, critical during the ongoing pandemic and beyond.
The Consumer Products segment is engaged in the research, development, manufacture, distribution, marketing, and sale of over-the-counter (OTC) healthcare products and dietary supplements within the United States. In addition to these offerings, ProPhase Labs also provides personal genomics products and services, enabling consumers to gain insights into their genetic makeup.
ProPhase Labs is committed to advancing health and wellness through innovative products and services. Recent achievements include the development of the BE-Smart Esophageal Cancer Test, leveraging the company's AI platform and extensive genomics database. This test represents a significant step forward in cancer diagnostics and showcases the company's commitment to leveraging advanced technologies for improved healthcare outcomes.
Moreover, ProPhase Labs has projects such as Project ZenQ-AI and Equivir, which underline the company's focus on continuous research and innovation. These initiatives highlight ProPhase Labs' role in pushing the boundaries of medical science and consumer health products.
Financially, ProPhase Labs maintains a solid position, with ongoing projects and partnerships further strengthening its market presence. The company actively communicates with its retail investors through multiple channels, ensuring transparency and engagement with its stakeholders.
For more information, visit ProPhase Labs.
ProPhase Labs (NASDAQ: PRPH) announced its participation at the NobleCon17 Annual Small & Microcap Investor Conference on January 19-20, 2021. CEO Ted Karkus will present and hold one-on-one meetings to discuss the launch of ProPhase Diagnostics, a subsidiary operating a CLIA accredited lab in New Jersey. The company recently leased a new 25,000 sq. ft. facility in Garden City, NY, aimed at processing up to 50,000 COVID-19 tests daily. The lab's high demand will be a key focus during the conference.
ProPhase Labs, Inc. (NASDAQ: PRPH) announced a registered direct offering of 550,000 shares at $10.00 each, plus warrants for 275,000 shares at $11.00. This offering, set to close on January 7, 2021, aims to generate funds for working capital and corporate purposes. The shares are offered under an effective shelf registration statement filed with the SEC. The company did not engage a placement agent for this transaction.
ProPhase Labs (NASDAQ: PRPH) is expanding its CLIA lab operations by leasing a new 25,000 square foot facility in Garden City, New York, aiming to process up to 50,000 COVID-19 tests daily by Q1 2021. The company has ordered necessary equipment and is hiring technical staff, expecting to create around 100 jobs. CEO Ted Karkus indicated that new accounts have already begun using the New Jersey lab, suggesting significant growth opportunities. However, he cautioned about uncertainties regarding business attraction and demand fulfillment.
ProPhase Labs, Inc. (NASDAQ: PRPH) reported net sales of $3.8 million for Q3 2020, up from $2.8 million in Q3 2019. Despite the increase in sales, the company experienced a net loss of $569,000 or ($0.05) per share, compared to a loss of $428,000 or ($0.04) per share a year earlier. For the nine months ended September 30, 2020, net sales reached $9.4 million, compared to $6.7 million in the same period of 2019. CEO Ted Karkus highlighted the expansion of their supplement, Legendz XL®, into major retailers and the acquisition of a CLIA-accredited lab to enhance testing capabilities, aiming for a run rate of 4,000 tests per day by Q1 2021.
ProPhase Labs (NASDAQ: PRPH) announced its participation in the Virtual Fall Investor Summit from November 16-18, 2020. CEO Ted Karkus will present and hold one-on-one meetings, showcasing the new ProPhase Diagnostics and its recent acquisition of a CLIA accredited laboratory in New Jersey. Steven Kamalic, the new COO, brings 18 years of industry experience, previously overseeing a successful laboratory. This event marks an important opportunity for ProPhase Labs to communicate growth strategies and innovations.
ProPhase Labs (NASDAQ: PRPH) has acquired Confucius Plaza Medical Laboratory Corp., enhancing its medical testing capabilities. The lab, sized at approximately 4,000 square feet, specializes in various tests, including COVID-19 diagnostics. ProPhase Diagnostics aims to significantly boost lab capacity, targeting processing up to 8,000 tests daily by Q1 2021. With the estimated market for COVID-19 detection kits projected at $6.1 billion in 2021, the company anticipates a potential $7.5 million in annual pre-tax income from testing operations. ProPhase also plans to expand its diagnostics services further.
ProPhase Labs, Inc. (NASDAQ: PRPH) announced a definitive agreement to acquire Confucius Plaza Medical Laboratory Corp., a CLIA-accredited facility based in New Jersey, for $2.5 million. This acquisition aims to enhance ProPhase's diagnostic testing capabilities, particularly for COVID-19 and respiratory pathogens. The lab will operate under ProPhase Diagnostics, Inc., allowing the company to process up to 8,000 COVID-19 tests daily. The transaction is expected to close shortly, pending customary conditions, and current lab management will remain in place to ensure continuity.
ProPhase Labs (NASDAQ: PRPH) announced plans to explore acquiring CLIA accredited labs for COVID-19 testing. The company entered into a Consulting Agreement with Predictive Laboratories, Inc. to aid in this process, which includes identifying new opportunities and acquiring labs. ProPhase also issued a $3.0 million Amended Promissory Note to Predictive Labs, with milestone-based compensation under the Consulting Agreement aimed at expediting payment. The collaboration aims to enhance ProPhase's capabilities in medical technology and testing, ultimately creating long-term value for shareholders.
ProPhase Labs (NASDAQ: PRPH) has engaged MZ Group for a strategic investor relations campaign aimed at enhancing visibility in the investment community. This initiative follows a significant revenue increase of 124% year-over-year, totaling $3.6 million in the latest fiscal quarter, driven by heightened demand for OTC healthcare products. MZ Group, a renowned investor relations specialist, will assist ProPhase in capital markets strategy, roadshows, and brand awareness. Executives express confidence in the company’s growth prospects amidst the ongoing COVID-19 pandemic.
ProPhase Labs, Inc. (NASDAQ: PRPH) announced an at-the-market equity offering sales agreement with A.G.P./Alliance Global Partners, enabling the company to sell shares through various methods on the Nasdaq. The proceeds from this offering will support working capital, product development, acquisitions, and general corporate purposes. ProPhase has approximately $20 million in working capital, enhanced by a recent debt financing. CEO Ted Karkus emphasized the flexibility gained from the ATM facility to access capital for strategic transactions and opportunities.
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