- Companies target emerging markets across the globe and joint venture opportunities
- ProPhase and G42 Healthcare to explore creation of advanced genomic sequencing facility in the US
- Companies enter initial agreement aimed at improving genomic sequencing capabilities
ProPhase Labs, Inc. (NASDAQ: PRPH), a growth-oriented and diversified diagnostics, genomics and biotech company, announced today that its wholly-owned subsidiary, ProPhase Precision Medicine Inc., the owner of Nebula Genomics, Inc., has signed a Memorandum Of Understanding (MOU) with G42 Healthcare, a leading Abu Dhabi-based artificial intelligence (AI) health-tech company, to explore several collaborative opportunities including, but not limited to, genomic sequencing, artificial intelligence, sharing of genomic data insights, and obtaining certain advanced certifications. ProPhase and G42 Healthcare have also entered into an initial agreement with the goal of significantly synergizing the companies’ genomic sequencing capabilities to support further development and globalization of their healthcare offerings.
G42 Healthcare is a leading health-tech company that seeks to transform the UAE’s healthcare landscape with AI and advanced medical technologies. G42 Healthcare is part of the Abu-Dhabi based Group42 (G42), a leading AI and cloud computing company dedicated to the development and implementation of holistic and scalable AI solutions. G42 recently launched a $10 billion fund to invest in late-stage technology companies, targeting a broad spectrum of technologies that promise to shape the global economic landscape in the next decades.
The areas of potential collaboration are intended to enable G42 Healthcare to acquire consumer-facing capabilities in providing patient-specific data, supporting gene therapy programs, and developing personalized medical treatment and therapies. The companies intend to target high-growth and underserved markets during the initial phase but will consider all global markets and opportunities as well.
“G42 Healthcare is an enabler of the world’s largest and most comprehensive population genomics initiative – the Emirati Genome Program, which aims to move the traditional ecosystem from sick care to preventive healthcare for UAE’s citizens, making G42 Healthcare an ideal strategic relationship for ProPhase as we look to bolster our next generation sequencing capabilities and build our new state-of-the-art genomic sequencing facility,” commented Ted Karkus, ProPhase Lab’s Chief Executive Officer. “The goal of these initiatives is to advance and diversify our genomic sequencing capabilities while improving operational efficiencies. We expect to realize cost savings through these objectives, which we will then pass on to our customers in an effort to accelerate sales growth. We believe that, together, ProPhase and G42 Healthcare can make great strides to be at the forefront of genetic research, which is set to play a key role in personalized precision medicine.”
Commenting on the MOU with ProPhase, Ashish Koshy said: “At G42 Healthcare, we push the boundaries of innovation with robust, long-lasting, and future-ready partnerships that enable us to continually offer innovative solutions across the entire healthcare value chain. We are thrilled with our strategic collaboration with ProPhase, which will help us expand the scale and scope – starting with genomic sequencing to advanced AI technologies, while delivering valuable data insights for R&D and improved outcomes as part of our clinical genomics solutions. We are confident that this partnership with ProPhase will deliver comprehensive genome data, biological insights, and healthcare outcomes for better personalized and preventive healthcare delivery.”
“As an active advisor to both ProPhase Labs and G42, I am excited that this collaboration brings together two organizations that are leaders in next-generation sequencing.” said Dr. George Church, Professor of Genetics at Harvard Medical School, and Chairman of Nebula’s Scientific Board. “I founded Nebula Genomics, now part of ProPhase, with the goal of making whole genome sequencing accessible to everyone. This MOU and first agreement are significant steps in realizing that vision. G42 has arguably built one of the most advanced sequencing facilities in the world and Nebula Genomics has continued to innovate in direct-to-consumer whole genome sequencing. Together, our organizations have the potential to bring personal genomics to everyone.”
ProPhase Labs recently announced plans to significantly expand its Garden City, New York headquarters and build a new genomics laboratory outfitted with industry-leading next generation sequencing to perform whole genome sequencing and an array of genetic test offerings for both clinical and research purposes. Another initiative contemplated by the MOU is a strategic collaboration with G42 Healthcare to develop this advanced genomics sequencing facility.
G42 Healthcare has built the Omics Centre of Excellence in Masdar, Abu Dhabi, which leverages advanced sequencing technologies to offer state-of-the-art genetic sequencing services across the disease spectrum – from acute to chronic to lifestyle, making it a partner of choice for governments, research institutes, hospitals, and omics centres.
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