ProPhase Labs Inc (NASDAQ:PRPH) is trading with a marginal gain in the pre market session on Thursday. The stock is up 12% over the past week.
Major Trigger:
ProPhase Labs Diversifies with Formation of Genomics and Global Healthcare Subsidiaries
Key Highlights:
- announced the formation of two wholly-owned subsidiaries, ProPhase Precision Medicine, Inc., which will focus on genomics testing technologies, and ProPhase Global Healthcare, Inc., which was recently formed to seek to expand the Company’s SARS-CoV-2 (COVID-19) testing into other countries and to pursue additional healthcare-related initiatives.
- ProPhase Precision Medicine will seek to acquire existing businesses and technology, or otherwise gain access to technologies utilized to conduct whole-genome sequencing (WGS). WGS is a comprehensive method for analyzing entire genomes, including the genes and chromosomes in DNA.
- The data obtained from genomic testing can help to identify inherited disorders, predict disease risk, identify expected drug response, and characterize genetic mutations, including those that drive cancer progression. The costs associated with whole genome sequencing have dropped dramatically in recent years, leading to new services that can provide more detailed testing, better diagnoses, and an ability to predict the viability of therapeutic treatments.
Market Reaction
As of 7:26, PRPH is trading at $5.61, up 0.36%. So far more than 3.50K shares have exchanged hands.
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