Malaysian Genomics records jump in revenue by 60 percent

Malaysian Genomics Resource Centre Berhad (Malaysian Genomics), which has recently ventured into cancer immunotherapy products has posted a full-year net profit of RM17.1 million mainly due to a one-off gain from the sale of its pathology lab chain.

Revenue for the year ended June 30 jumped by 60.6 percent to RM951,000 due to strengthening demand seen in its core genetic screening segment, after reflecting the disposal of pathology lab subsidiary MPath Group Sdn Bhd on Dec 24,2019.

“We have a lot planned for our pipeline as part of our strategy to maintain this profitability. We are looking to contribute towards further improvements in healthcare, starting with improving quality of life in the fight against cancer,” said Chief Operating Officer, Sasha Nordin.

Malaysian Genomics announced the addition of companion diagnostics and cancer immunotherapy based on CAR T-cells to its portfolio of products and services in Southeast Asia earlier in June. The product is a result of a tripartite licensing agreement with ICARTAB Biomedical Co Ltd (iCARTab) and Advanced Immune Therapeutics Sdn Bhd (AIT).

“We will be among the first companies to offer such cutting-edge services in Southeast Asia and we are confident that our long experience in genetic testing proves our capabilities. This new addition will enhance our portfolio of personalised healthcare products and services for doctors and medical centres in the region,” said Sasha.

“In the longer run, we are looking to explore this area further by expanding our portfolio of immunotherapy products and services, and also identifying applications in market segments beyond oncology,” he added.

For the fourth quarter, Malaysian Genomics posted a pre-tax loss of RM2.6 million following a 98 percent drop in revenue to RM3,000 due to the Movement Control Order implemented in response to the Covid-19 pandemic.

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