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In Brief This Week: Quest Diagnostics, Danaher, Trinity Biotech, Oncgnostics, Prenetics

NEW YORK –   Quest Diagnostics said this week that it is collaborating with healthcare-focused relief and development organization Americares to provide no-cost diagnostic services and expanded telehealth to free and charitable clinics across the US with the goal of reducing health disparities in underserved communities. The partners will provide no-cost diagnostic services to 10 clinics for one year to help patients manage chronic disease. Additionally, clinics in Baltimore, Chicago, Houston, and Richmond, Virginia, will receive grants through the Quest Diagnostics Foundation for telehealth services. 

Danaher announced this week that its board of directors has approved a regular quarterly cash dividend of $.27 per share of its common stock, payable on Oct. 27 to shareholders of record on Oct. 12. 

Trinity Biotech said this week that it was notified by the Nasdaq Stock Market last week that the company's shares do not comply with a listing requirement calling for a minimum bid price of at least $1.00 per share for 30 consecutive days. The Irish point-of-care diagnostic test developer has 180 calendar days, or until March 6, 2024, to regain compliance or risk having its shares being delisted from the exchange. To regain compliance, the closing bid price on Trinity's stock must be at least $1.00 per share for at least 10 consecutive business days. The company may be eligible for an additional 180-calendar-day grace period if it meets the continued listing requirement of a minimum market value of $1 million and other initial listing requirements excluding the minimum bid price requirement. Trinity would also need to provide written notice of its intention to meet the listing requirement during the second compliance period, the firm said. 

German molecular diagnostics firm Oncgnostics said last week that it has received a multi-million-dollar investment from Hong Kong-based Grande Bio-tech to make Oncgnostics' cervical cancer diagnostic test, GynTect, available in Southeast Asia. Oncgnostics, based in Jena, has been distributing the test in China since 2022 through a partnership with Shanghai-based GeneoDx and received approval for the test, sold in China under the name GongAnLi, from the National Medical Products Administration that same year. The tests detects cancer-related DNA methylation changes from cervical swabs. 

Prenetics said this week that its revenues were $5.7 million in the second quarter of 2023, up 36 percent year over year from $4.2 million in Q2 of 2022. The Hong Kong-based genomic testing company posted a net loss of $20.4 million, or $.14 per share, compared to a net loss of $148.4 million, or $2.91 per share, a year ago. As of June 30, the firm had $177.2 million in cash and cash equivalents. In June, Prenetics signed a $200 million deal with Dennis Lo, a researcher at the Chinese University of Hong Kong, to form a joint venture, Insighta, that will develop multi-cancer screening tests. 

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.