NEW YORK – Prenetics said this week that its third quarter revenue from continuing operations increased 14 percent year over year to $4.9 million from $4.3 million in the same quarter a year ago. The Honk Kong-based genetic testing company reported a net loss of $14.9 million, or attributable to company shareholders of $13.6 million, or $.08 per share, compared to a net loss of $14.9 million, or $.21 per share, a year ago. Third quarter loss per share from continuing operations was $.07. The company calculated Q3 loss per share using approximately 176.2 million shares compared to 70.4 million shares in the same quarter a year ago. Prenetics completed a 1-for-15 reverse stock split on Nov. 14 to bring the company into compliance with the minimum $1.00 per-share requirement for continued listing on the Nasdaq. Prenetics finished the quarter with $105.2 million in cash and other short-term assets, with an additional $79.1 million of cash with Insighta, the company's 50/50 joint venture in early cancer detection with Chinese University of Hong Kong researcher Dennis Lo.
Biocartis announced this week that it has completed its recapitalization and restructuring announced in September. The restructuring resulted in the creation of a new entity called Biocartis Holdings Inc., which owns European operations Biocartis NV and US-based Biocartis US. Under the plan, approximately €132 million of debt was converted into equity, with the new lead shareholders of Biocartis Holdings Inc. also investing an additional €40 million of new cash.
"The new funding will, in combination with the significantly lowered cost structure and debt structure, allow Biocartis to invest in expanding its business instead of servicing its debt," Biocartis CEO Roger Moody said in a statement.
Laboratory Corporation of America said this week it has finalized its laboratory services deal with Legacy Health. Under the deal, which was originally announced in July, Labcorp will acquire outreach lab facilities and equipment and will provide staffing, leadership, scientific knowledge, analytics, supply chain services, and laboratory support to Oregon-based Legacy's inpatient labs.
Australian diagnostics firm Proteomics International said this week that the US Centers for Medicare & Medicaid Services has published its final determination of the national reimbursement price in the US for the firm’s PromarkerD predictive test for diabetic kidney disease. CMS assigned a payment rate of $390.75 for PromarkerD, which the firm said will be delivered through clinical lab Sonic Healthcare USA. Establishment of the CMS reimbursement price comes after the American Medical Association approved CPT Proprietary Laboratory Analyses code 0385U for PromarkerD earlier this year.
Cencora, formerly AmerisourceBergen, will distribute the Sapphiros GoToKnow COVID-19 Antigen Rapid Test to pharmacies across the US, Boston-based diagnostics firm Sapphiros announced this week. Under the agreement, Cencora also will have access to upcoming Sapphiros technologies, including a fully disposable, low-cost multiplexed molecular diagnostics platform, additional rapid lateral flow tests for diseases beyond COVID-19, and the Satio blood collection patch, expected to launch in early 2024.
In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.