ProPhase Labs, Inc. (NASDAQ: PRPH) (“ProPhase”), a next generation
biotech, genomics and diagnostics company, today unveiled its
mission to develop its diverse business units in the MENA region
and in particular, the Gulf Cooperation Council (“GCC”) – a robust
alliance of six Arab states in the Persian Gulf region, which
includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United
Arab Emirates. ProPhase aims to expand its business and form
potential alliances throughout this vast region, focused on further
advancing their state of the art healthcare markets.
The Company notes a rapidly growing population
of over 400 million and an economy projected to grow by an average
of 3.5% per year from 2022 to 2025 as major factors driving this
expansion. With a per capita GDP surpassing $70,000 USD on a PPP
adjusted basis, the GCC holds the world's tenth-largest GDP,
positioning it just behind the U.S. ProPhase seeks to meet the
demand for leading edge diagnostic and therapeutic services in the
area by offering its expanded portfolio to the over 65 million
residents of the GCC, and ultimately, the entire MENA region.
ProPhase has onboarded ThinkEquity and Al Ramz
as advisors to navigate these strategic initiatives. ThinkEquity is
a U.S.-based investment bank with global capabilities in financing
and strategic advisory, while Al Ramz Corporation PJSC is a leading
UAE capital markets financial institution, providing a broad range
of financial solutions.
"We are dedicated to unlocking potential
partnerships and exploiting our advanced technology in the region,"
says Ted Karkus, CEO of ProPhase Labs. “Collaborations with our
investment bankers have opened up numerous in-person negotiations
with significant life sciences companies in the region, helping us
identify and establish potential strategic partnerships."
"We believe Nebula Genomics, a key focus in our
expansion strategy, offers a unique proposition - a comprehensive
data repository with whole genome sequencing (WGS) specimens from
over 140 countries," said Mr. Karkus. "Given the UAE government's
ambitious vision to revolutionize healthcare through genomics and
precision medicine, we believe the insights that our geographically
diverse dataset offers aligns perfectly with this goal. Through
collaboration and by leveraging our expertise and advanced
technologies, we aim to significantly enhance the health and
well-being of individuals across the MENA region and beyond."
The Company plans to establish its presence in
each of the countries with Nebula-branded genomic labs, funded by
its potential strategic partners, with a particular focus on the
UAE, where the government has made substantial investments in
genomics. This initiative is aimed at establishing localized
laboratories that will keep the genomic samples within the country
while expanding Nebula's library of data. Countries are often
hesitant or prohibited from sending their samples across borders.
The Company is also exploring offering a 'white label' version of
its whole genome sequencing kits, branded by the local partner in
exchange for a royalty and access to the data. This move would
further enhance Nebula's global reach to the 400 million
inhabitants of the MENA region.
By harnessing the potential of genomics, AI, and
advanced diagnostics, ProPhase aspires to profoundly impact patient
outcomes and advance public health, aligning with the UAE
government's vision.
Alongside its genomics approach, ProPhase Labs
is in active discussions to partner and introduce its BE-SMART
Esophageal Cancer Test to the MENA region.
“We believe BE-SMART has the potential to be the
gold standard of esophageal cancer testing, setting the bar for
highly accurate predictive testing in this vital space. The UAE has
witnessed an alarming rise in esophageal cancer cases, with an
estimated 1,200 new cases reported and 600 related deaths in 2022
alone. Esophageal cancer ranks as the 10th most prevalent cancer in
the UAE and the 8th leading cause of cancer-related mortality.
Acknowledging this urgent healthcare concern, the UAE government
has recently announced the launch of a national screening program
that targets individuals at high risk of developing esophageal
cancer, such as those with Barrett's Esophagus (BE) or dysplasia.
The program employs a range of screening tests like endoscopy and
biopsy. By detecting and addressing the disease at its early
stages, the program aims to significantly improve patient outcomes
and enhance public health in the UAE. The market currently lacks a
test that can predict BE progression to esophageal adeno carcinoma
(EAC). BE-SMART’s high degree of sensitivity (true positive
predictive ability) and specificity (true negative predictive
ability) promises to change that. The BE-SMART test can potentially
save many lives. At the same time, low risk patients won’t have to
walk around wondering if they are going to develop EAC and be
subjected to yearly endoscopies. Furthermore, this test could
potentially save insurance companies billions of dollars in
unnecessary endoscopy procedures.”
In parallel with these initiatives, ProPhase
Labs plans to launch its over-the-counter anti-viral product,
Equivir, currently under rigorous trials in India, to the MENA
region, in addition to its plans to commercialize in the United
States later this year. The Company believes that this low-cost,
targeted solution for upper respiratory infections will be well
received.
"As we advance our expansion strategy in the
MENA region, ProPhase Labs remains steadfastly committed to
promoting innovation, establishing partnerships, and delivering
powerful solutions that enhance the health and well-being of
individuals in the UAE and beyond," concluded Mr. Karkus.
About ProPhase Labs
ProPhase Labs, Inc. (Nasdaq: PRPH) (“ProPhase”)
is a next-generation biotech, genomics and diagnostics company. Our
goal is to create a healthier world with bold action and the power
of insight. We’re revolutionizing healthcare with industry-leading
Whole Genome Sequencing solutions, while developing potential game
changer diagnostics and therapeutics in the fight against cancer.
This includes a potentially life-saving cancer test focused on
early detection of esophageal cancer and potential breakthrough
cancer therapeutics with novel mechanisms of action. Our
world-class CLIA labs and cutting-edge diagnostic technology
provide wellness solutions for healthcare providers and consumers.
We develop, manufacture, and commercialize health and wellness
solutions to enable people to live their best lives. We are
committed to executional excellence, smart diversification, and a
synergistic, omni-channel approach. ProPhase Labs’ valuable
subsidiaries, their synergies, and significant growth underscore
our multi-billion-dollar potential.
Forward Looking Statements
Except for the historical information contained
herein, this document contains forward looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding our strategy, plans,
objectives and initiatives in the MENA region. Management believes
that these forward-looking statements are reasonable as and when
made. However, such forward-looking statements involve known and
unknown risks, uncertainties, and other factors that may cause
actual results to differ materially from those projected in the
forward-looking statements. These risks and uncertainties include
but are not limited to our ability to obtain and maintain necessary
regulatory approvals, general economic conditions, consumer demand
for our products and services, challenges relating to entering and
growing new business lines and doing business outside the United
States, the competitive environment, and the risk factors listed
from time to time in our Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and any other SEC filings. The Company
undertakes no obligation to update forward-looking statements
except as required by applicable securities laws. Readers are
cautioned that forward-looking statements are not guarantees of
future performance and are cautioned not to place undue reliance on
any forward-looking statements.
For more information, visit
www.ProPhaseLabs.com
Media Relations and Institutional
Investor Contact: ProPhase Labs, Inc.
267-880-1111investorrelations@prophaselabs.com
Retail Investor Relations
Contact:Renmark Financial CommunicationsJohn
Boidman514-939-3989Jboidman@renmarkfinancial.com
Source: ProPhase Labs, Inc.
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