Core Viewpoint - BioNexus Gene Lab Corp. has signed a strategic partnership MOU with Shenzhen Rongguang Health Group to enhance cancer screening, precision medicine, and preventative healthcare through its subsidiary MRNA Scientific Sdn Bhd [1][2]. Group 1: Partnership Objectives - The partnership aims to leverage both companies' expertise to tackle critical healthcare challenges and improve patient outcomes [3]. - Key objectives include: - **Expansion of Cancer Screening and Diagnostics**: MRNA Scientific Sdn Bhd will enhance cancer screening capabilities in Southeast Asia and China through advanced genomic testing and molecular diagnostics [3]. - **Research and Development in Regenerative Medicine**: Collaboration will focus on advanced healthcare technologies, including non-cellular exosome therapy and regenerative medicine, for anti-aging therapies and chronic disease management [3]. - **Preventative Healthcare and Chronic Disease Management**: The partnership will improve preventative healthcare services and personalized healthcare plans based on advanced diagnostics [3]. - **Synergy in Technological Innovation**: Combining diagnostic capabilities with established healthcare platforms will create synergies for healthcare innovation, improving disease detection, prevention, and treatment [3]. Group 2: Company Statements - The CEO of BioNexus Gene Lab Corp. emphasized that this partnership is a pivotal moment for the company, advancing efforts in cancer screening and expanding into broader healthcare solutions [4].

Core Viewpoint - BioNexus Gene Lab Corp's subsidiary, Chemrex Corporation, is investing approximately RM 2 million (around USD $450,000) to produce fine-quality color paste for composite industrial customers, marking a significant step in the company's global market expansion strategy [1][2]. Investment and Product Launch - The investment will enable Chemrex to meet the rising demand for high-quality composite materials across various industries, aligning with the company's long-term growth and innovation strategy [2]. Key Benefits of the New Business - **Increased Profit Margins**: In-house production of color paste will enhance profitability by capturing greater margins compared to outsourcing [3]. - **Improved Quality Control**: Internal production allows for strict oversight of product quality, ensuring superior products that meet high standards [3]. - **Timely Delivery of Finished Products**: Producing color paste in-house will facilitate faster turnaround times, improving service and customer satisfaction [3]. - **Competitive Pricing and Market Expansion**: In-house production provides a cost advantage, enabling competitive pricing and market penetration in Southeast Asia, the Middle East, Australia, and New Zealand [3]. Future Expansion Plans - Chemrex plans to establish additional production facilities in the Middle East and Vietnam to enhance responsiveness to regional demand [4]. Synergy Through Bulk Purchasing - Chemrex will leverage bulk purchasing of raw materials to achieve economies of scale, reducing production costs and strengthening its competitive position in the composite materials industry [5]. Company Commitment - The CEO of BioNexus Gene Lab Corp emphasized the company's commitment to quality, innovation, and market leadership through this new business development [6].

Core Insights - BioNexus Gene Lab Corp. has successfully co-invested in Ascension Innovation Sdn Bhd through the Malaysia Co-Investment Fund (MyCIF), indicating strong confidence in AISB's strategic direction and potential [1][3] - AISB is the first recipient of investment under the Environmental & Social Impact (ESI) scheme, which aims to support small and medium enterprises (MSMEs) with impactful healthcare solutions [2] - The co-investment will enhance AISB's efforts in advancing the 'One Patient, One Record' initiative under Malaysia's National Electronic Medical Records (EMR) Plan, modernizing the healthcare infrastructure [3][4] Company Overview - BioNexus Gene Lab Corp. is focused on RNA-based genomic diagnostics and aims to improve global health outcomes through personalized medicine [5] - Ascension Innovation Sdn Bhd specializes in AI-driven healthcare technology solutions, committed to transforming healthcare through innovative practices [5] Financial Details - The total investment in this funding round amounts to RM1.7 million, approximately USD 390,000, highlighting the significance of sustainable healthcare innovations [4]

Core Insights - BioNexus Gene Lab Corp. has successfully closed a RM 1 million (approximately USD 228k) investment in Ascension Innovation Sdn Bhd, enhancing its commitment to AI-driven healthcare solutions [1][4] - The investment provides BioNexus with a significant equity stake in Ascension, facilitating deeper collaboration and integration of advanced AI technologies in healthcare [2][3] Company Overview - BioNexus Gene Lab Corp. is a global leader in RNA-based genomic diagnostics, focused on advancing personalized medicine and improving health outcomes [5] - Ascension Innovation Sdn Bhd specializes in innovative healthcare technologies, particularly through its aiCMS platform, which utilizes predictive analytics and AI tools for clinical management [2][5] Strategic Goals - The investment is part of BioNexus's broader strategy to capitalize on the expanding digital health and AI markets, which are expected to experience significant growth in the coming years [4] - The collaboration aims to create synergies between BioNexus's expertise in genomic screening and Ascension's AI-driven platforms, ultimately improving patient outcomes through more accurate diagnostics and tailored treatments [3][4]

Revenue Performance - For the quarter ended June 30, 2024, total revenue was $1,974,564, a decrease of 23.1% compared to $2,566,848 for the same quarter in 2023[72]. - Chemrex contributed $1,969,068 (99.7%) of total revenue for the current quarter, down 23.2% from $2,562,352 (99.8%) in the prior year[77]. - MRNA Scientific's revenue increased by 22.2% to $5,496, compared to $4,496 in the same quarter last year[77]. - Total revenue for the six months ended June 30, 2024, decreased by approximately 11.9% to $4,356,415 from $4,944,053 in the same period of 2023[86]. - Chemrex's revenue for the six months ended June 30, 2024, decreased by approximately 11.85% to $4,347,754 from $4,932,121 in the same period of 2023[86]. Profitability - Gross profit for the quarter was $288,720, down approximately 15% from $339,714 in the same quarter of 2023[79]. - Profit from operations for the quarter ended June 30, 2024, was $259,168, a 195.2% increase from a loss of $272,199 in the same quarter of 2023[82]. - The company reported a net profit of $199,104 for the quarter, compared to a net loss of $259,251 in the same quarter last year[73]. - The company incurred a net profit of $95,347 for the six months ended June 30, 2024, compared to a net loss of $328,317 for the same period in 2023[96][97]. Expenses - Cost of revenue for the quarter was $1,685,844, a decrease of 24.3% from $2,227,134 in the prior year[78]. - Total operating expenses decreased by approximately 5.9% to $759,657 for the quarter ended June 30, 2024, down from $807,077 in the same quarter of 2023[81]. - MRNA Scientific's operating expenses increased by approximately 87.6% to $185,218 for the six months ended June 30, 2024, compared to $98,720 in the same period of 2023[91]. Other Income - Other income increased significantly to $730,105, compared to $195,164 in the prior year, marking an increase of approximately 274.1%[79]. - Chemrex's other income increased by 256.9% to $692,741 for the quarter ended June 30, 2024, compared to $194,125 for the same quarter in 2023[80]. - Other income for the six months ended June 30, 2024, was $931,952, an increase of approximately 198.2% from $312,508 in the same period of 2023[89]. Cash Flow and Working Capital - Net cash used in operating activities for the six months ended June 30, 2024, was $704,982, compared to $140,341 used in the same period of 2023[95]. - The company generated net cash of $107,160 from investing activities during the six months ended June 30, 2024, compared to a cash outflow of $8,114 in the same period of 2023[98]. - Net cash generated from financing activities was $197,799 for the six months ended June 30, 2024, compared to a cash outflow of $4,212 in the same period of 2023[99]. - The company reported a net change in cash and cash equivalents of $(515,303) for the six months ended June 30, 2024, compared to $(360,184) for the same period in 2023[95]. - As of June 30, 2024, the company had working capital of $6,443,511, up from $6,415,877 as of December 31, 2023, primarily due to profits incurred during the quarter[93]. Compliance and Strategic Initiatives - The company received an additional 180 days from Nasdaq to regain compliance with the minimum bid price requirement, extending the deadline to November 4, 2024[71]. - A strategic investment was made in Ascension Innovation Sdn Bhd by MRNA Scientific Sdn. Bhd., details of which can be found in a Form 8-K filed on April 18, 2024[70]. - The company entered into an advisory service agreement with Maxim Group LLC for M&A services, issuing 300,000 shares for these services[69]. Foreign Currency Impact - Foreign currency translation gain for the quarter ended June 30, 2024, was $2,463, compared to a loss of $333,891 in the same quarter of 2023[83]. - For the six-month period ended June 30, 2024, the company experienced a foreign currency loss of $207,445, an improvement from a loss of $372,930 in the same period of 2023[93]. - The company had a foreign currency translation adjustment of $(115,280) for the six months ended June 30, 2024, compared to $(207,517) in the same period of 2023[95]. Internal Control - The management assessed that internal control over financial reporting had improved, although further improvements are required[103].

Translation of amounts from MYR into US$1.00 has been made at the following exchange rates for the respective period and year: | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|---------------------------------------|---------------------------------------| | | March 31, 2024 | December 31, 2023 | | Period ended March 31, 2024 /Year-ended December 31, 2023 US$1: MYR exchange rate | 4.7205 | 4.5900 | | | January 1, 2024 to March 3 ...

KUALA LUMPUR, Malaysia, April 19, 2024 (GLOBE NEWSWIRE) -- BioNexus Gene Lab Corporation (NASDAQ:BGLC), a global leader in genomic diagnostics and healthcare technology, announces a strategic investment by its wholly owned subsidiary, MRNA Scientific Sdn Bhd, in Ascension Innovation Sdn Bhd (AISB), a privately held Malaysian company. This investment underscores BGLC's commitment to advancing healthcare solutions through cutting-edge AI and predictive analytics. Background: MRNA Scientific Sdn Bhd: A wholly- ...

39 Table of Contents Terms of Directors and Officers Our officers are elected by and serve at the discretion of the board of directors and the stockholders voting by ordinary resolution. Compensation of Directors and Executive Officers For the year ended December 31, 2023, we paid an aggregate of approximately $30,000 including 25,000 shares valued at $25,000, respectively, in cash and benefits to our executive officers. We do not have a share incentive program to provide for grants of awards to our directo ...

BioNexus (NASDAQ:BGLC) stock is rocketing higher on Tuesday despite a lack of news concerning the chemical raw material products company.Instead, traders are seeing shares of BGLC stock rally this morning alongside heavy trading. That has more than 32 million shares of the stock changing hands as of this writing. To put that number in perspective, the daily average trading volume for BioNexus shares is closer to 2 million units.There are no new press releases or filings with the Securities and Exchange Comm ...

BIONEXUS GENE LAB CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars ("US$")) (Unaudited) Common stock Additional paid in Accumulated Table of Contents Balance as of June 30, 2022 14,480,938 $10,929,574 $(5,011,891) $ 1,390,762 $ (486,798) $6,821,647 Net loss for the period - - - (77,401) - (77,401) Foreign currency translation loss - - - - (320,592) (320,592) Balance as of September 30, 2022 14,4 ...