Prenetics and Globally Renowned Scientist Prof. Dennis Lo Establish US$200m Joint Venture “Insighta” for Breakthrough Multi-Cancer Early Detection Screening

Company will Host Conference Call to Discuss the Transaction on June 26 at 8:30 a.m. EDT

(Prof. Dennis Lo and Danny Yeung at Signing Ceremony)

- Insighta is a 50/50 Joint Venture by Prenetics and Professor Dennis Lo.

- Insighta is powered by technology developed by the Centre for Novostics which is supported by the InnoHK Initiative of the Innovation and Technology Commission of the Hong Kong SAR Government.

- By 2030, the early cancer detection screening opportunity is estimated to be US$6bn in Asia on an annual basis.¹

- Prof. Dennis Lo is the Li Ka Shing Professor of Medicine of the Chinese University of Hong Kong (CUHK) and the Scientific Director of the Centre for Novostics.

HONG KONG, June 25, 2023 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE), a leading genomics-driven health sciences company, and Prof. Dennis Lo today announce they have entered into an agreement to establish a joint venture named Insighta. The board of directors of Prenetics Global Limited has unanimously approved the transaction.

Transaction Terms - Prenetics will receive a 50% equity stake, while Prof. Lo’s party will also receive a 50% equity stake. The joint venture will be governed by a six-person board of directors composed of three directors from each side, with Prof. Lo as the Chairman and Danny Yeung as the CEO. The US$200m transaction makes it the largest private life sciences deal in Hong Kong history and one of the largest in the region.

Prof. Lo will contribute:

World-Class Science – Prof. Lo, renowned for his ground-breaking work in non-invasive prenatal testing (NIPT) and in liquid biopsy, has been bestowed with some of the highest distinctions in life sciences. These accolades include his induction as a Fellow of the Royal Society in 2011, recipient of the esteemed Royal Medal and Breakthrough Prize in 2021, and, most recently, the distinguished Lasker Award in 2022².

Prof. Lo, as the Associate Dean (Research) of the Faculty of Medicine at the Chinese University of Hong Kong, consistently demonstrates outstanding academic leadership. His influence extends far beyond the realm of academia, however. Prof. Lo's ground-breaking NIPT technology, which he introduced to the world in 2011, now provides standard of care prenatal screening for over 10 million expectant mothers annually across more than 90 countries. Given the significant global market value of the NIPT technology, currently standing at US$7.3bn, its increasing application is anticipated to drive it to an estimated US$13.1bn by 2027³.