ProPhase Labs, a next generation biotech, genomics and diagnostics company, unveiled its mission to develop its diverse business units in the MENA region and in particular, the Gulf Cooperation Council (GCC)
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. They noted a rapidly growing population of more than 400mn and an economy projected to grow by an average of 3.5% per year from 2022-2025 as major factors driving this expansion.
The company has onboarded ThinkEquity, a US-based investment bank with global capabilities in financing and strategic advisory, and Al Ramz, a leading UAE capital markets financial institution, providing a broad range of financial solutions, as advisors to navigate these strategic initiatives.
"We are dedicated to unlocking potential partnerships and exploiting our advanced technology in the region," said 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. Given the UAE government's ambitious vision to revolutionise 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," added Karkus. "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 eighth leading cause of cancer-related mortality.”
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.
