ProPhase Labs Inc. Sets the Course for Expansion into the MENA Region with Cutting-Edge Genomic and Diagnostics Technologies

In a bid to seize substantial strategic growth opportunities in an emerging healthcare market, Company reveals plans to increase its global footprint.

Garden City, NY, June 22, 2023 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH) (“ProPhase”), a next generation biotech, genomics and diagnostics company, today unveiled its mission to develop its diverse business units in the MENA region and in particular, the Gulf Cooperation Council (“GCC”) – a robust alliance of six Arab states in the Persian Gulf region, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. ProPhase aims to expand its business and form potential alliances throughout this vast region, focused on further advancing their state of the art healthcare markets.

The Company notes a rapidly growing population of over 400 million and an economy projected to grow by an average of 3.5% per year from 2022 to 2025 as major factors driving this expansion. With a per capita GDP surpassing $70,000 USD on a PPP adjusted basis, the GCC holds the world's tenth-largest GDP, positioning it just behind the U.S. ProPhase seeks to meet the demand for leading edge diagnostic and therapeutic services in the area by offering its expanded portfolio to the over 65 million residents of the GCC, and ultimately, the entire MENA region.

ProPhase has onboarded ThinkEquity and Al Ramz as advisors to navigate these strategic initiatives. ThinkEquity is a U.S.-based investment bank with global capabilities in financing and strategic advisory, while Al Ramz Corporation PJSC is a leading UAE capital markets financial institution, providing a broad range of financial solutions.

"We are dedicated to unlocking potential partnerships and exploiting our advanced technology in the region," says Ted Karkus, CEO of ProPhase Labs. “Collaborations with our investment bankers have opened up numerous in-person negotiations with significant life sciences companies in the region, helping us identify and establish potential strategic partnerships."

"We believe Nebula Genomics, a key focus in our expansion strategy, offers a unique proposition - a comprehensive data repository with whole genome sequencing (WGS) specimens from over 140 countries," said Mr. Karkus. "Given the UAE government's ambitious vision to revolutionize healthcare through genomics and precision medicine, we believe the insights that our geographically diverse dataset offers aligns perfectly with this goal. Through collaboration and by leveraging our expertise and advanced technologies, we aim to significantly enhance the health and well-being of individuals across the MENA region and beyond."