Prophase Labs Inc. (NASDAQ: PRPH) stock soared by 5.87% at last close as well as the PRPH stock price has been observed rising by 5.9% in the pre-market trading session. ProPhase Labs is a medical technology and scientific firm with a wide range of products. At its CLIA-certified laboratories, PRPH’s subsidiary, ProPhase Diagnostics, provides a wide range of clinical diagnostic information and testing services.
What is happening?
PRPH has revealed the launch of two wholly-owned subsidiaries: ProPhase Precision Medicine that will concentrate on genomics testing technologies and ProPhase Global Healthcare, which has been recently created to broaden PRPH’s SARS-CoV-2 (COVID-19) testing into other regions and seek other healthcare-related initiatives.
ProPhase Precision Medicine will look to buy existing firms and technology, or otherwise get accessibility to whole-genome sequencing technology (WGS). WGS is a method for studying complete genomes, containing genes and chromosomes in DNA, in one step. Genomic testing results can be used to identify hereditary illnesses, predict illness risk, predict treatment response, and define genetic abnormalities, including those that cause cancer growth. Whole genome sequencing costs have declined considerably in recent years, allowing for new services that can give more extensive testing, better diagnoses, and the capacity to predict outcomes.
Ted Karkus, CEO of ProPhase Labs stated:
With the capacity to examine every base in the genome, whole genome sequencing is quickly becoming a significant part of the future of healthcare. ProPhase Precision Medicine was founded to look for ways to gain a piece of the anticipated multibillion-dollar genomic diagnostics industry by allowing patients to understand and make informed decisions about their own unique genetic variations. If PRPH can execute these activities in combination with their present CLIA laboratories and harness the significant infrastructure already constructed for their other lab testing services, a genomics company under PRPH may be synergistic with their current ProPhase Diagnostics operations. However, PRPH is looking forward to explore more available solutions which could be fit their strategy.