$200m investment in Joint Venture for Breakthrough Multi-Cancer Early Detection
About Prenetics
World Class Science and IPs, led by Professor Dennis Lo, one of the world’s most influential and highly respected pioneers in liquid biopsy, is considered the father of Non-Invasive Prenatal Testing.
Prenetics contribution is US$100M in consideration (US$80M in cash and US$20M in Prenetics shares). Capital will be directly used to accelerate clinical trials and commercialization for the Presight test, the 1st test by Insighta.
Strong and proven management team led by Prenetics CEO – Danny Yeung. Demonstrated history of success.
- Prenetics (NASDAQ: PRE), a leading genomics-driven health sciences company, is revolutionizing prevention, early detection, and treatment. Our prevention arm, CircleDNA, uses whole exome sequencing to offer the world’s most comprehensive consumer DNA test. Our $200 million joint venture with renowned scientist Prof. Dennis Lo, underscores our unwavering commitment to saving lives through pioneering multi-cancer early detection technologies. Lastly, ACT Genomics, our treatment unit, is the first Asia-based company to achieve FDA clearance for comprehensive genomic profiling of solid tumors via ACTOnco. Each of Prenetics’ units synergistically enhances our global impact on health, truly embodying our commitment to enhancing life through science.
Investment Highlights
By the year 2035, the Global NGS Oncology Testing Market is Expected to Reach US$75 Billion
Financial Highlights
Revenue from continuing operations of US$21.7 million in the full year 2023, an increase of 65.2% as compared to the full year 2022.
Revenue from continuing operations of US$5.4 million in the fourth quarter of 2023, an increase of 90.8% as compared to the fourth quarter of 2022.
Adjusted EBITDA from continuing operations of US$(24.8) million in the full year 2023.
Adjusted EBITDA from continuing operations of US$(6.2) million in the fourth quarter 2023.
Cash and other short-term assets[1] of US$93.7 million as of December 31, 2023. Additionally, Insighta[2], our 50/50 joint venture in early cancer detection with Professor Dennis Lo, had a cash balance of US$79.1 million in its balance sheet as of December 31, 2023.