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Prenetics

Topic: Company

 From HandWiki - Reading time: 3 min
Short description: Hong Kong genetics and medical testing company
Prenetics Global Ltd.
TypePublic
NYSE: PRE
Industry
FoundersAvi Lasarow
HeadquartersHong Kong
Websitewww.prenetics.com

Prenetics is a Hong Kong company that offers genetic profiling services.

One of its major investors was Alibaba founder Jack Ma.[1] It listed on the NASDAQ exchange via a Special-purpose acquisition company.[2][3]

Since listing, it has not been able to turn a profit.[4][5] 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.[6]

Products

Its subsidiary CircleDNA focuses on disease prevention rather than genealogy. For example, in 2016 it launched a rapid DNA-based colon cancer screening product.[7] In 2019 it launched a line of at-home tests to be sold through retailers in Asia.[8]

In 2023 it announced plans to partner with the Chinese University of Hong Kong and molecular biologist Dennis Lo to launch DNA testing for several major diseases and cancers.[9][10] They claim that by 2027 patients will be able to test for more than 10 types of cancer with a single blood test.[11]

Covid Testing Contracts

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][12] It also had plans to participate in a Covid passporting scheme.[13]

Its UK arm provided COVID-19 testing to the Premier League to help them restart football amid the pandemic.[14][15] As part of so-called "project restart" the company hired former FIFA player Rio Ferdinand to reassure players about the safety of the plan.[16] Around the same time, the company also launched pop-up testing sites for a flexible workspace provider.[17]

References

  1. ↑ 1.0 1.1 "Jack Ma-backed Prenetics plots IPO after COVID-19 test success" (in en-GB). https://asia.nikkei.com/Business/Markets/IPO/Jack-Ma-backed-Prenetics-plots-IPO-after-COVID-19-test-success. 
  2. ↑ "Hong Kong biotech Prenetics tumbles after Nasdaq debut" (in en-GB). https://asia.nikkei.com/Business/Markets/IPO/Hong-Kong-biotech-Prenetics-tumbles-after-Nasdaq-debut2. 
  3. ↑ Yang, Jing (September 15, 2021). "Prenetics, a Covid-19 Testing Startup, to Go Public in SPAC Merger". https://www.wsj.com/articles/prenetics-a-covid-testing-startup-to-go-public-in-spac-merger-11631745000. 
  4. ↑ "Prenetics Global Limited (NASDAQ:PRE): Is Breakeven Near?" (in en-US). 2023-11-11. https://finance.yahoo.com/news/prenetics-global-limited-nasdaq-pre-143203359.html. 
  5. ↑ "Prenetics Global Limited (NASDAQ:PRE) Held Back By Insufficient Growth Even After Shares Climb 30%". 2024-01-07. https://simplywall.st/stocks/us/healthcare/nasdaq-pre/prenetics-global/news/prenetics-global-limited-nasdaqpre-held-back-by-insufficient. 
  6. ↑ "Prenetics Global Limited Announces Reverse Stock Split" (in en-US). 2023-11-01. https://finance.yahoo.com/news/prenetics-global-limited-announces-reverse-100000640.html. 
  7. ↑ "iGene: Hong Kong biotech start-up Prenetics bringing 48-hour DNA tests to broader Chinese market for safer prescriptions" (in en). 2016-04-04. https://www.scmp.com/tech/science-research/article/1932838/igene-hong-kong-biotech-start-prenetics-bringing-48-hour-dna. 
  8. ↑ Shu, Catherine (2019-07-29). "Prenetics partners with Watsons, one of Asia's largest personal care retailers, to sell its new consumer DNA tests" (in en-US). https://techcrunch.com/2019/07/29/prenetics-partners-with-watsons-one-of-asias-largest-personal-care-retailers-to-sell-its-new-consumer-dna-tests/. 
  9. ↑ "Exclusive: Hong Kong’s DNA pioneers launch blood tests to find cancer" (in en). 2023-06-26. https://www.scmp.com/business/china-business/article/3225286/cuhks-dennis-lo-launches-blood-tests-prenetics-group-find-cancer-cells-liver-and-lungs-propelling. 
  10. ↑ "Covid-Testing Unicorn Is Plotting Bets for Post-Virus World" (in en). Bloomberg.com. 2022-05-18. https://www.bloomberg.com/news/articles/2022-05-18/covid-testing-unicorn-is-plotting-bets-for-post-virus-world. 
  11. ↑ "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" (in zh-hant). https://news.mingpao.com/pns/%e8%a6%81%e8%81%9e/article/20230627/s00001/1687803019485/%e4%b8%80%e6%ac%a1%e6%97%a9%e7%af%a9%e5%a4%9a%e7%a8%ae%e7%99%8c%e7%97%87-%e8%b2%bb%e7%94%a8%e5%8d%83%e5%a4%9a%e5%85%83-%e7%9b%a7%e7%85%9c%e6%98%8e%e4%bc%99prenetics%e5%89%b5%e5%90%88%e8%b3%87%e4%bc%81%e6%a5%ad-%e7%9b%ae%e6%a8%99%e5%be%8c%e5%b9%b4%e6%8e%a8%e5%87%ba%e6%aa%a2%e6%b8%ac. 
  12. ↑ "香港本地爆發迫近 政府考慮應否全民檢測新冠病毒" (in zh-hant). 2020-07-15. https://www.bbc.com/zhongwen/trad/science-53402970. 
  13. ↑ "Covid-Testing Unicorn Is Plotting Bets for Post-Virus World". May 18, 2022. https://www.bloomberg.com/news/articles/2022-05-18/covid-testing-unicorn-is-plotting-bets-for-post-virus-world. 
  14. ↑ Carp, Sam (2020-05-11). "Premier League taps Prenetics for coronavirus testing in ‘UK£4m’ deal" (in en-GB). https://www.sportspromedia.com/news/premier-league-project-restart-coronavirus-tests-prenetics/. 
  15. ↑ Brown, David (2024-01-20). "Lab boss is suspect in police drug test inquiry" (in en). ISSN 0140-0460. https://www.thetimes.co.uk/article/lab-boss-is-suspect-in-police-drug-test-inquiry-sst6633h6. 
  16. ↑ Cunningham, Sam (2020-05-18). "Exclusive: Ferdinand to convince players on Covid-19 test safety" (in en). https://inews.co.uk/sport/football/premier-league/rio-ferdinand-coronavirus-tests-testing-premier-league-project-restart-man-utd-428851. 
  17. ↑ Partridge, Joanna (2021-03-21). "Is this the future of office work – the pop-up car park Covid test pod?" (in en-GB). The Guardian. ISSN 0261-3077. https://www.theguardian.com/world/2021/mar/21/is-this-the-future-of-office-work-the-pop-up-car-park-covid-test-pod. 

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