KUALA LUMPUR, 30 November 2020: Reopening its laboratory after COVID-19 movement restrictions were relaxed helped Malaysian Genomics Resource Centre Berhad post a smaller first quarter loss of RM833,000, compared to the preceding quarter.
The 69 percent reduction in losses followed on a RM87,000 revenue for the quarter ended 30 September 2020, the genomics and genetics testing company said in a filing with Bursa Malaysia. The nationwide lockdown due to the COVID-19 pandemic saw private clinics and medical centres closing temporarily or diverting their resources towards COVID-19 screening.
Earlier today, shareholders approved Malaysian Genomics’ proposed diversification into biopharmaceutical and healthcare products and services at its virtual Extraordinary General Meeting.
The diversification will provide a new income stream for Malaysian Genomics as it seeks to create a long-term advantage with the development of its own cell laboratory to drive future commercialisation of various cancer immunotherapy products and services.
Under a tripartite licensing agreement signed earlier in June with ICARTAB Biomedical Co Ltd (iCARTab) and Advanced Immune Therapeutics Sdn Bhd (AIT), Malaysian Genomics will have exclusive rights to offer the Chimeric Antigen Receptor (CAR) T-Cell cancer immunotherapy treatment to Malaysia and Southeast Asia for up to 20 years.
“We expect our immunotherapy business to kick off in December this year. Biopharma and healthcare will potentially contribute 25 percent or more of Group net profits by as early as December next year,” said Sasha Nordin, Chief Executive Officer of Malaysian Genomics.
Malaysian Genomics will be among the first companies in Southeast Asia to offer such cutting-edge healthcare services and making CAR T-cell immunotherapy specifically for solid cancer an accessible and viable option under compassionate use.
“Cancer immunotherapy based on CAR T-cells will enhance our portfolio of personalised healthcare products and services for doctors and medical centres. This will bring us a step closer towards achieving our vision to become a leader in innovative and accessible healthcare products,” he said.
“We have been in genomics services and genetics testing for more than 15 years, and we have the necessary strengths to support the healthcare community’s drive towards personalised care. This is a great opportunity to contribute our genomics and genetics experience towards improvements in fighting cancer,” he said.
Solid cancers include lung cancer and liver cancer, two of the most common solid cancers in Southeast Asia. Solid cancers of the liver, pancreas, oesophagus, brain and central nervous system, stomach, and mesothelioma in the lungs are among the 10 cancers with the lowest 5-year survival rates.
About Malaysian Genomics Resource Centre Berhad (Malaysian Genomics)
Malaysian Genomics is a pioneer in genome sequencing, bioinformatics analysis and genetic screening services. Since 2004, Malaysian Genomics has developed extensive pipelines in the sequencing and analysis of human, animal, plant and microbial genomes for clients locally and globally. It operates one of the largest computational centres for genomic and genetic analysis in the Asian region and was listed on Bursa Malaysia in 2010.