Prenetics
Prenetics (NASDAQ:PRE) is a health sciences company headquartered in Hong Kong with a significant presence in the United States. It is best known for its innovations in consumer and clinical health, focusing on early detection, prevention, and treatment of diseases, particularly cancer.
Prenetics' consumer initiatives are spearheaded by IM8, a health and wellness brand. Another key offering is CircleDNA, which utilizes next-generation sequencing (NGS) technology to provide comprehensive DNA testing for consumers, offering insights into health, wellness, and genetic predispositions.
The company's clinical arm includes Insighta, a joint venture focused on developing multi-cancer early detection technologies. Additionally, ACT Genomics develops and provides a variety of genomic profiling panels, including ACTOnco, ACT HRD, ACTFusion, and ACTDrug tests, tailored to meet specific clinical needs. ACTLiquid Pro, a sequencing-based liquid biopsy assay, and ACTMonitor, which tracks drug resistance, treatment response, and cancer recurrence in real-time, are among its notable products. ACT Risk offers management solutions for assessing and mitigating cancer risks.
| Company type | Public |
|---|---|
| Nasdaq: PRE | |
| ISIN | KYG722451229 |
| Industry |
|
| Founded | 2014 |
| Founders |
|
| Headquarters | |
Key people | Danny Yeung (CEO) |
| Website | prenetics |
One of its major investors was Alibaba founder Jack Ma.[1]
Since listing, it has not been able to turn a profit.[2][3] In October 2023 it announced a 1 for 15 reverse stock split so it could regain the stock exchange's required US$1 per share stock price.[4]
Danny Yeung serves as CEO of Prenetics.[5]
Prenetics has become the first Hong Kong–based unicorn to list on Nasdaq following a merger with a Special-purpose acquisition company Artisan Acquisition Corp.[6][7]
Products
[edit]Its subsidiary CircleDNA focuses on disease prevention rather than genealogy. For example, in 2016 it launched a rapid DNA-based colon cancer screening product.[8] In 2019 it launched a line of at-home tests to be sold through retailers in Asia.[9]
Insighta
[edit]In 2023 it announced $200 million joint venture with the Chinese University of Hong Kong and molecular biologist Dennis Lo to launch DNA testing for several major diseases and cancers.[10][11] Lo and Prenetics are working together to create a new company, Insighta, that will focus on their cancer detection work.[12] The early detection cancer test, Presight, will begin clinical trials in 2024.[12] The company claims that by 2027 patients will be able to test for more than 10 types of cancer with a single blood test.[13] Danny Yeung will serve as CEO of Insighta and Lo will serve as chairman.[12]
Covid testing contracts
[edit]Prenetics was aggressive in marketing Covid testing capacity. It was one of three companies, and the only one from Hong Kong, selected to provide COVID-19 testing support to the Hong Kong government.[1][14] It also had plans to participate in a Covid passporting scheme.[15]
Its UK arm provided COVID-19 testing to the Premier League to help them restart football amid the pandemic.[16][17] As part of so-called "project restart" the company hired former FIFA player Rio Ferdinand to reassure players about the safety of the plan.[18] Around the same time, the company also launched pop-up testing sites for a flexible workspace provider.[19]
References
[edit]- ^ a b "Jack Ma-backed Prenetics plots IPO after COVID-19 test success". Nikkei Asia. Retrieved 2023-11-19.
- ^ "Prenetics Global Limited (NASDAQ:PRE): Is Breakeven Near?". Yahoo Finance. 2023-11-11. Retrieved 2023-11-19.
- ^ "Prenetics Global Limited (NASDAQ:PRE) Held Back By Insufficient Growth Even After Shares Climb 30%". simplywall.st. 2024-01-07. Retrieved 2024-01-20.
- ^ "Prenetics Global Limited Announces Reverse Stock Split". Yahoo Finance. 2023-11-01. Retrieved 2023-11-19.
- ^ Sobti, Tara. "Prenetics' Danny Yeung and Dennis Lo launch Insighta, an early cancer detection testing company". Tatler Asia. Retrieved 2024-02-02.
- ^ Yang, Jing (September 15, 2021). "Prenetics, a Covid-19 Testing Startup, to Go Public in SPAC Merger" – via www.wsj.com.
- ^ "Hong Kong biotech Prenetics tumbles after Nasdaq debut". Nikkei Asia. Retrieved 2023-11-19.
- ^ "iGene: Hong Kong biotech start-up Prenetics bringing 48-hour DNA tests to broader Chinese market for safer prescriptions". South China Morning Post. 2016-04-04. Retrieved 2024-01-20.
- ^ Shu, Catherine (2019-07-29). "Prenetics partners with Watsons, one of Asia's largest personal care retailers, to sell its new consumer DNA tests". TechCrunch. Retrieved 2023-11-19.
- ^ "Exclusive: Hong Kong's DNA pioneers launch blood tests to find cancer". South China Morning Post. 2023-06-26. Retrieved 2023-11-19.
- ^ "Covid-Testing Unicorn Is Plotting Bets for Post-Virus World". Bloomberg.com. 2022-05-18. Retrieved 2023-11-19.
- ^ a b c Branca, Malorye (2023-06-29). "Dennis Lo and Prenetics Form Early Cancer Detection Firm Insighta". Inside Precision Medicine. Retrieved 2024-02-02.
- ^ "一次早篩多種癌症 費用千多元 盧煜明伙Prenetics創合資企業 目標後年推出檢測 - 20230627 - 要聞". 明報新聞網 - 每日明報 daily news (in Traditional Chinese). Retrieved 2024-01-20.
- ^ "香港本地爆發迫近 政府考慮應否全民檢測新冠病毒". BBC News 中文 (in Traditional Chinese). 2020-07-15. Retrieved 2023-11-19.
- ^ "Covid-Testing Unicorn Is Plotting Bets for Post-Virus World". May 18, 2022 – via www.bloomberg.com.
- ^ Carp, Sam (2020-05-11). "Premier League taps Prenetics for coronavirus testing in 'UK£4m' deal". SportsPro. Retrieved 2023-11-19.
- ^ Brown, David (2024-01-20). "Lab boss is suspect in police drug test inquiry". ISSN 0140-0460. Retrieved 2024-01-20.
- ^ Cunningham, Sam (2020-05-18). "Exclusive: Ferdinand to convince players on Covid-19 test safety". inews.co.uk. Retrieved 2023-11-19.
- ^ Partridge, Joanna (2021-03-21). "Is this the future of office work – the pop-up car park Covid test pod?". The Guardian. ISSN 0261-3077. Retrieved 2024-01-20.
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