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In Brief This Week: Prenetics, MGI Tech, Strata Oncology, Mainz Biomed, Bio-Techne, More

NEW YORK – Prenetics this week announced $51.7 million in revenues for the second quarter of 2022, down 35 percent from the same quarter a year ago. For the quarter ended June 30, the diagnostics and genetic testing company, based in London and Hong Kong, booked a loss of $148.4 million, or $2.91 per share, compared to a loss of $9.9 million, or $.32 per share, during the same quarter a year ago. As of June 30, Prenetics had $134.4 million in cash and cash equivalents. For the third quarter, Prenetics expects $65 million to $70 million in revenues.

MGI Tech said this week that it has opened a new demonstration laboratory in Tokyo to help local customers access its technologies and products. The lab will provide technical assessments, product trials, clinical workflow validation, proof-of-concept programs, and technical support. It is equipped with MGI's DNBSeq-T7, DNBSeq-G400, and DNBSeq-G50 sequencers, as well as the MGISP-NE32, MGISP-Smart8, MGISP-960, and MGISP-100 automation systems for nucleic acid extraction, liquid handling, and library preparation.

Strata Oncology this week integrated its StrataNGS testing and reports with the University of Wisconsin Carbone Cancer Center and UW Health Epic genomics module. Oncologists will now be able to access genomic reports through the electronic medical records (EMR) system, which may help them more quickly identify potential treatments. The integration is also intended to help the institution expand its cancer research capabilities, as EMRs can now be searched for genomic results. 

Mainz Biomed this week reported that its revenues for the first half of 2022 declined nearly 43 percent to $239,805 from $417,311 in the year-ago period. Net loss was $12.6 million, or $.91 per share, compared to $261,721, or $.05 per share, in the first half of 2021. The company ended the first half of the year with cash and cash equivalents of $26.0 million. 

Bio-Techne said in documents filed with the US Securities and Exchange Commission last week that it has entered into a credit agreement with BMO Harris Bank. The agreement provides for a revolving credit facility of $1 billion, which can be increased by $400 million subject to certain conditions. Borrowings under the agreement, which matures on Aug. 31, 2027, can be used for working capital and expenditures, including financing permitted acquisitions. As of Aug. 31, 2022, the firm borrowed $350 million for working capital and to pay outstanding debt under its previous credit agreement. 

SEngine Precision Medicine said this week that it plans to improve access to its Paris test for first responders and cancer patients at the Vincere Cancer Center in Scottsdale, Arizona. Oncologists at the center will collect tumor samples from patients and send them to SEngine's lab in Seattle for analysis with the Paris test, which predicts drug response by integrating cancer genomics with phenotypic testing. This involves developing 3D models of patients' tumors from the submitted samples and testing the activity of up to 44 targeted drugs against the tumors using robotics, proprietary algorithms, and computational tools. Based on the results, SEngine will return to doctors a ranked list of drugs their patients are likely to respond to. The collaboration with Vincere Cancer Center was facilitated by Aspire Financial. 

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on GenomeWeb.