ProPhase Precision Medicine, Inc. and ProPhase Global Healthcare, Inc. to Expand Opportunities in Genomics and International Testing Services
ProPhase Diagnostics, Inc. Developing New Testing Capabilities by means of Research and Acquisition
CEO Ted Karkus to Discuss New Initiatives at LD Micro Invitational XI Virtual Conference Today at 1:00 p.m. ET
GARDEN CITY, NY, June 10, 2021 (GLOBE NEWSWIRE) — ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and expertise firm, in the present day introduced the formation of two wholly-owned subsidiaries, ProPhase Precision Medicine, Inc., which is able to deal with genomics testing applied sciences, and ProPhase Global Healthcare, Inc., which was lately fashioned to hunt to increase the Company’s SARS-CoV-2 (COVID-19) testing into different nations and to pursue further healthcare-related initiatives.
ProPhase Precision Medicine will search to accumulate present companies and expertise, or in any other case achieve entry to applied sciences utilized to conduct whole-genome sequencing (WGS). WGS is a complete methodology for analyzing complete genomes, together with the genes and chromosomes in DNA. The knowledge obtained from genomic testing will help to determine inherited problems, predict illness threat, determine anticipated drug response, and characterize genetic mutations, together with those who drive most cancers development. The prices related with entire genome sequencing have dropped dramatically in recent times, resulting in new providers that may present extra detailed testing, higher diagnoses, and a capability to foretell the viability of therapeutic remedies.
“Whole genome sequencing is rapidly becoming a key component of the future of healthcare, with the ability to test every base in the genome,” stated Ted Karkus, CEO of ProPhase Labs. “ProPhase Precision Medicine was created to explore opportunities to capture market share in the estimated multi-billion-dollar market of genomic diagnostics, offering patients the ability to understand and make informed choices about the unique genomic variants in each of us. A genomics business within the Company may be synergistic with our existing ProPhase Diagnostics operations if we are able to conduct these activities in conjunction with our current CLIA labs and leverage the extensive infrastructure already built for our other lab testing services. We intend to explore available solutions that may fit our strategy.”
“ProPhase Global Healthcare was launched with the goal of developing COVID-19 testing facilities internationally and conducting additional healthcare-related initiatives,” continued Mr. Karkus.
Karkus added, “With the onset of the global pandemic, testing demand has increased dramatically around the world, and we are well positioned to leverage our knowledge and efficiencies to capture additional share in the global testing market. As we continue to seek new laboratory acquisition targets, we are now open to opportunities that are outside the United States. This business unit is formed to pursue international opportunities in a subsidiary that will be organized in a manner best suited to international transactions.”
“Consistent with our diversification strategy, ProPhase Diagnostics is now developing antigen and antibody tests in partnerships with scientists to broaden our COVID-19 testing beyond RT-PCR testing. Additionally, we are considering the acquisition of other laboratories in the U.S. that may provide pathology, toxicology, blood, urine and oncology testing in order to expand beyond COVID-19 testing. Taken together, we are highly focused on leveraging our success in the testing business to expand into other high value testing capabilities through accretive acquisitions, licensing opportunities and R&D both here and abroad.”
Mr. Karkus added that, though the Company aspires to determine and consummate potential acquisition and growth targets and alternatives, there could be no assurance that the Company might be in a position to take action.
CEO Ted Karkus will current on the LD Micro Invitational XI digital convention going down June 8-10, 2021. He is scheduled to host a digital presentation in the course of the occasion as follows:
2021 LD Micro Invitational XI
Date: Thursday, June 10, 2021
Time: 1:00 p.m. EDT – Track 2
A reside audio webcast and archive of the occasion presentation might be accessible utilizing the webcast hyperlink above. For extra info on the LD Micro Invitational XI, or to register for the occasion, please go to https://ldmicrojune2021.mysequire.com.
Forward Looking Statements
Except for the historic info contained herein, this doc comprises forward-looking statements throughout the which means of the Private Securities Litigation Reform Act of 1995, together with statements concerning our potential to accumulate firms and set up applied sciences to conduct whole-genome sequencing (WGS), the perceived benefits of WGS, the estimated marketplace for genomic diagnostics, our potential to synergize the operations of ProPhase Precision Medicine with ProPhase Diagnostics, our potential to develop COVID-19 testing services internationally and conduct further healthcare-related initiatives, COVID-19 testing demand, and our potential to increase our testing capabilities by means of accretive acquisitions, licensing alternatives and R&D. Management believes that these forward-looking statements are affordable as and when made. However, such forward-looking statements contain identified and unknown dangers, uncertainties, and different components which will trigger precise outcomes to vary materially from these projected within the forward-looking statements. These dangers and uncertainties embrace however aren’t restricted to the size, scope and length of the COVID-19 pandemic, client demand for our lab processing providers, the aggressive setting, challenges regarding getting into into new enterprise strains, the failure to acquire and preserve sure regulatory approvals, our potential to proceed to ramp up our labs’ testing capability and execute on our marketing strategy, and the chance components listed infrequently in our Annual Reports on Form 10-Okay, Quarterly Reports on Form 10-Q and every other SEC filings.
About ProPhase Labs
ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and expertise firm. The Company’s subsidiary, ProPhase Diagnostics, presents a broad array of medical diagnostic insights and testing providers at its CLIA licensed laboratories. ProPhase Diagnostics serves sufferers with SARS-CoV-2 (COVID-19) by means of each saliva and nasal swab strategies. Our methodology additionally has the potential to determine the likelihood of mutations. Critical to COVID testing, outcomes are supplied in beneath 24 hours. ProPhase now additionally presents antigen exams for COVID-19 and polymerase chain response (PCR) for Influenza A and B and RSV. We are also at the moment growing an immunity check. ProPhase Labs researches, develops, manufactures, distributes, markets, and sells OTC client healthcare merchandise and dietary dietary supplements, together with dietary dietary supplements beneath the TK Supplements® model. The Company actively pursues strategic investments and acquisition alternatives for different firms, applied sciences, and merchandise. For extra info, go to www.ProPhaseLabs.com.