DUBAI - Prenetics Global Limited (NASDAQ:PRE), a genomics-driven health sciences company, has entered into a strategic partnership with Metavisionaries and their partners Space Application Services through their Metaspace Venture. The collaboration includes a five-year research agreement and the establishment of a Space Innovation Lab within the UAE Space Agency.
The first project under this partnership will be with the Botnar Institute for Musculoskeletal Sciences at the University of Oxford, NDORMS, focusing on cellular solutions to combat accelerated aging in space. This research aims to yield advancements that could benefit healthcare on Earth.
The UAE Space Agency has expressed enthusiasm for the initiative, which aligns with its mission to build a space ecosystem and promote innovation. Mohsen Al Alwadi, Director of the Space Missions Department at the agency, highlighted the importance of engaging non-space industry partners in space exploration and human health.
Dr. James L. Green, former Chief Scientist of NASA, and Dr. Tara Ruttley, former Associate Chief Scientist of NASA, will join the Prenetics Scientific Advisory Board. Concurrently, Danny Yeung, CEO of Prenetics, will join the Board of Directors at Metavisionaries.
The inaugural Prenetics research cube is scheduled to be sent to the International Space Station (ISS) onboard a SpaceX mission in the fourth quarter of 2024. This move is part of a broader effort to translate space research into health innovations on Earth.
Prenetics, known for its comprehensive consumer DNA test through its prevention arm CircleDNA, is also advancing in precision oncology and early cancer detection technologies. The company's treatment unit, ACT Genomics, has achieved FDA clearance for comprehensive genomic profiling of solid tumors.
The information in this article is based on a press release statement from Prenetics Limited.
InvestingPro Insights
As Prenetics Global Limited (NASDAQ:PRE) embarks on an ambitious partnership with Metavisionaries and Space Application Services, their financial health and market performance provide key insights into the company's current standing. With a market capitalization of $56.49 million, Prenetics is positioned as a relatively small player in the biotech industry, which might impact their ability to fund and sustain long-term research projects.
InvestingPro Data reveals a challenging financial picture, with a negative Price to Earnings (P/E) ratio of -2.42 and an adjusted P/E ratio for the last twelve months as of Q3 2023 at -1.95. This indicates that the company is not currently profitable, which is not uncommon for research-intensive biotech firms. The Price to Book ratio for the same period stands at 0.27, suggesting that the company's stock is trading below the value of its assets, potentially signaling an undervalued stock to investors.
Despite the negative P/E ratio, the company has managed to generate significant revenue, reporting $279.64 million over the last twelve months as of Q3 2023. However, this was accompanied by a revenue decline of -2.96% in the same period, which may raise concerns about the company's growth trajectory.
InvestingPro Tips highlight the importance of considering the company's future potential and the impact of strategic partnerships on long-term growth. Prenetics' collaboration with space and healthcare entities could open new research avenues and markets, potentially improving future financial outcomes.
For investors interested in a deeper dive into Prenetics' financial health and future prospects, InvestingPro offers additional tips, providing a comprehensive analysis that could guide investment decisions. With the use of coupon code PRONEWS24, users can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights into the company's performance and industry trends. Currently, there are 15 more InvestingPro Tips available for Prenetics, offering a more nuanced understanding of the company's strategic position and market potential.
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