Kuala Lumpur, 24 September 2021: Malaysian Genomics Resource Centre Berhad has slashed its full-year operational losses by 33.3 percent to RM4.29 million for the year ended 30 June 2021, due to higher revenue and lower expenses.

Income recognition from an ongoing sequencing and analysis project helped to drive full-year revenue which grew 87 percent to RM1.78 million from RM0.95 million before. At the same time, cost savings contributed to reducing administrative expenses by 17.7 percent.

In 2020, the onset of the Covid-19 pandemic resulted in operational losses of RM6.44 million, excluding profits from the 2019 sale of its pathology laboratory group. It posted a net profit of RM17.1 million in 2020 mainly due to the impact of the MPath sale.

For the fourth quarter, its operational loss fell 19.3 percent to RM2.1 million against a loss of RM2.61 million before. The reduction in losses came despite negative revenue of RM69,000 following an adjustment due to the derecognition of certain revenue in compliance with MFRS 15.

Meanwhile, Malaysian Genomics expects its revenue in FY2022 to improve with new income streams from distributing and administering COVID-19 vaccines and test kits to the private sector, among other activities.

“While the pandemic has posed a challenge to our core operations, it has also given us the opportunity to evolve and seize new opportunities,” said Chief Executive Officer, Sasha Nordin. In August, Malaysian Genomics teamed up with Malaysia’s largest integrated pharmaceutical group, Pharmaniaga Lifesciences Sdn Bhd to distribute and administer COVID-19 vaccines to the private sector.

“Our knowledge of and connection to the country’s pathology and clinical testing sectors has enabled us to partner with Pharmaniaga on vaccine distribution,” said Sasha. “Vaccination is the key to bringing the COVID-19 pandemic under control, and we are pleased to play a role in helping employers protect their employees against disease and infection.”

“Seizing these opportunities is contributing new growth in our drive to lay a new, larger foundation for Malaysian Genomics’ future in healthcare,” he added. “A locally established cell laboratory is a definite edge, and we are positive on the future prospects of the group. We are confident of enhanced shareholder value and sustainable growth.”

Furthermore, with Selangor now in Phase 2 of the National Recovery Plan, the company has commenced with preparatory work to roll out CAR T-cell immunotherapy treatments for cancer patients.

The group in 2020 diversified into biopharmaceuticals and healthcare services, beginning with the provision of Chimeric Antigen Receptor T-cell (CAR T-cell) immunotherapy for solid cancers.

Subject to Current Good Manufacturing Practice (cGMP) certification approvals, its new laboratory is expected to be ready for operations in early FY2022.

The group also recently welcomed two notable individuals to its board as independent directors, retired Health Ministry Secretary-General Dato’ Seri Dr Chen Chaw Min and former Securities Commission board member Datuk Francis Tan Leh Kiah.

About Malaysian Genomics Resource Centre Berhad (Malaysian Genomics)

Malaysian Genomics Resource Centre Berhad is a leading genomics and biopharmaceutical company based in Southeast Asia. The Company was established in 2004 and listed on the Bursa Malaysia stock exchange in 2010. From pioneering work in genome sequencing, bioinformatics analysis, and genetic screening services, Malaysian Genomics has expanded into the biopharmaceutical sector with immunotherapy for various types of cancer. Utilising its high-throughput sequencing lab, advanced microarray facility, and new state-of-the-art cell processing lab, the Company is committed to improving access to the latest in precision and personalised healthcare solutions. Malaysian Genomics' cancer immunotherapy, which involves supporting a person's immune system to fight cancer, is available to patients across Southeast Asia on a compassionate use basis. The Company's genetic screening products are available under the brand Dtect® to clinicians, while white label/OEM services are provided to consumer genetic screening companies across the region. 

This content is provided by the Malaysian Genomics Resource Centre Berhad.

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