UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 12, 2024 (September 11, 2024)
BioNexus Gene Lab Corp. |
(Exact name of registrant as specified in its charter) |
Wyoming |
| 001-41750 |
| 35-2604830 |
(State or other jurisdiction of incorporation) |
| (Commission File Number) |
| (IRS Employer Identification No.) |
Unit A-28-7, Tower A, Menara UOA Bangsar, No.5 Jln Bangsar Utama 1, 59000 Kuala Lumpur |
| 59200 |
(Address of Principal Executive Offices) |
| Zip Code |
Registrant’s telephone number, including area code: +1 307 241 6898
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
Common Stock, no par value |
| BGLC |
| The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On September 11, 2024, BioNexus Gene Lab Corp (the “Company”) issued a press release announcing that its subsidiary, Chemrex Corporation Sdn Bhd., a Malaysian corporation and a wholly owned subsidiary of the Company (“Chemrex”), has invested RM 2 million (approx. USD $450,000) to commence production of fine-quality color paste (non-drying type) for composite industrial customers, with operations set to begin in September 2024. The press release outlines the advantages of this new production line, including increased profit margins, improved quality control, timely delivery of products, competitive pricing, and market opportunities in Southeast Asia, the Middle East, Australia, and New Zealand.
The press release also highlights future expansion plans for the establishment of additional production facilities in the Middle East and Vietnam, as well as synergies created through bulk purchasing of raw materials to enhance cost efficiency and expand into new industries. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
On September 12, 2024, the Company issued a press release announcing that that its wholly owned subsidiary MRNA Scientific Sdn. Bhd. (“MRNA Scientific”) has signed a strategic partnership Memorandum of Understanding with Shenzhen Rongguang Health Group, a leading healthcare provider in China. The collaboration aims to expand expertise in cancer screening, precision medicine, and preventative healthcare, focusing on early detection, personalized health solutions, and chronic disease management.
Through MRNA Scientific, the Company will enhance cancer screening across Southeast Asia and China, while both companies will jointly develop regenerative medicine technologies and preventative care solutions. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
| Exhibit Description |
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104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BioNexus Gene Lab Corp. |
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Date: September 12, 2024 | By: | /s/ Su-Leng Tan Lee |
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| Name: Su-Leng Tan Lee Title: Chief Executive Officer | |
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EXHIBIT 99.1
BioNexus Gene Lab Corp Announces New Business Developments for Subsidiary Chemrex with Investment in High-Quality Color Paste Production
Kuala Lumpur, Malaysia – September 11, 2024 – BioNexus Gene Lab Corp (Nasdaq: BGLC, the “Company”), an emerging Biotech & Chemicals company, is pleased to announce that its subsidiary, Chemrex Corporation Sdn. Bhd. (Chemrex), has invested approximately RM 2 million (approx. USD $450,000) to begin the production of fine-quality color paste (non-drying type) specifically designed for composite industrial customers. The new production facility will commence operations in late September 2024, marking a significant milestone for the Company as it seeks to expand its portfolio and enhance its market presence globally.
The investment and the launch of this new product line will allow Chemrex to capitalize on the growing demand for high-quality composite materials in various industries. The move is set to bring several key advantages that align with the Company’s long-term strategy for growth and innovation.
Key Benefits of the New Business:
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| 1. | Increased Profit Margins: |
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| The new color paste production will significantly improve Chemrex's profitability. By controlling production internally, Chemrex will capture greater margins compared to outsourcing these materials. This efficiency ensures stronger financial performance in the near and long term. |
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| 2. | Improved Quality Control: |
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| By producing the color paste in-house, Chemrex can exercise strict oversight over product quality. This will ensure that customers receive superior products that meet the highest standards, reinforcing Chemrex's reputation for reliability and excellence. |
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| 3. | Timely Delivery of Finished Products: |
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| In today's fast-paced industrial environment, timely delivery is crucial. Chemrex’s ability to produce the color paste within its own facilities will enable faster turnaround times and better service for its clients, solidifying long-term partnerships and fostering customer satisfaction. |
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| 4. | Competitive Pricing and Market Expansion: |
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| With in-house production, Chemrex will gain a significant cost advantage, allowing it to offer competitive pricing. This strategic positioning will help the Company penetrate new markets across Southeast Asia, the Middle East, Australia, and New Zealand, all regions experiencing high demand for composite materials in construction, automotive, and manufacturing sectors. |
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Future Expansion Plans:
As part of Chemrex's forward-looking strategy, the company has laid out plans to establish additional production facilities in the Middle East and Vietnam. This expansion will position Chemrex closer to key markets, enhancing its ability to respond to regional demand efficiently and cost-effectively. These new factories will replicate the successful production model being rolled out in Malaysia.
Synergy Through Bulk Purchasing:
Chemrex will also leverage bulk purchasing of raw materials to drive synergy effects. By acquiring materials in larger volumes, the Company will benefit from economies of scale, leading to lower production costs. This not only strengthens Chemrex's competitive position in the composite materials industry but also enables it to develop and supply raw materials to various other industries, creating new revenue streams.
Sam Tan, CEO of BioNexus Gene Lab Corp, commented:
"This new business development underscores Chemrex’s commitment to quality, innovation, and market leadership. By investing in color paste production and expanding our reach globally, we are well-positioned to capitalize on emerging opportunities and deliver superior value to our customers and shareholders alike."
About BioNexus Gene Lab Corp:
BioNexus Gene Lab Corp (BGLC) is a biotechnology company focused on providing innovative solutions in the healthcare and industrial sectors. Through its subsidiaries, the company is engaged in the development and production of high-quality materials and healthcare solutions for customers worldwide.
For more information, please visit www.chemrex.com.my.
Investor Relations
BioNexus Gene Lab Corporation
Email: ir@bionexusgenelab.com
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EXHIBIT 99.2
BioNexus Gene Lab Corp. Signs Strategic Partnership MOU with Shenzhen Rongguang Group to Advance Cancer Screening, Precision Medicine, and Preventative Healthcare Solutions
Kuala Lumpur, Malaysia – September 12, 2024 – BioNexus Gene Lab Corp. (Nasdaq: BGLC, the “Company”), an emerging biotechnology company focused on innovative healthcare solutions, is pleased to announce the signing of a strategic partnership Memorandum of Understanding (MOU) with Shenzhen Rongguang Health Group, a major healthcare services provider in China. This partnership aims to expand the Company’s expertise and presence in cancer screening, precision medicine, and preventative healthcare through its subsidiary MRNA Scientific Sdn Bhd.
The partnership between the Company and Shenzhen Rongguang Health Group represents a significant step forward in developing advanced healthcare technologies, with a focus on early cancer detection, personalized healthcare solutions, and broader preventative care. By combining the strengths of the Company’s proprietary molecular diagnostics and Shenzhen Rongguang Health Group’s healthcare infrastructure, the collaboration will drive innovations in early detection, regenerative medicine, and chronic disease management.
Key Objectives of the Partnership
The strategic partnership will allow both companies to leverage their expertise to address critical healthcare challenges and improve patient outcomes. The primary goals include:
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| 1. | Expansion of Cancer Screening and Diagnostics: MRNA Scientific Sdn Bhd, a subsidiary of BGLC, will lead efforts to enhance cancer screening capabilities across Southeast Asia and China. By introducing advanced genomic testing and molecular diagnostics, the partnership will enable earlier detection of cancers and other diseases, improving survival rates and treatment effectiveness. |
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| 2. | Research and Development in Regenerative Medicine: Both companies will collaborate on research and development in advanced healthcare technologies, including non-cellular exosome therapy and regenerative medicine. These cutting-edge treatments offer new possibilities for anti-aging therapies, chronic disease management, and personalized health solutions, extending beyond cancer detection into broader healthcare innovations. |
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| 3. | Preventative Healthcare and Chronic Disease Management: The partnership will explore opportunities to improve preventative healthcare services, focusing on managing chronic conditions, enhancing patient quality of life, and offering personalized healthcare plans based on advanced diagnostics. This aligns with the global trend toward precision medicine and healthcare that is tailored to individual genomic profiles and risk factors. |
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| 4. | Synergy in Technological Innovation: The collaboration will combine the Company’s diagnostic capabilities with Shenzhen Rongguang Health Group’s established healthcare platforms to create synergies in healthcare innovation. This will allow both companies to introduce new healthcare technologies that improve the detection, prevention, and treatment of various diseases, while expanding access to these solutions in underserved markets. |
Sam Tan, CEO of BioNexus Gene Lab Corp, stated:
"This partnership marks a pivotal moment for BGLC and our subsidiary, MRNA Scientific Sdn Bhd. By joining forces with Shenzhen Rongguang Health Group, we are not only advancing our efforts in cancer screening but also expanding into the broader healthcare sector with cutting-edge solutions for preventative medicine and regenerative healthcare. This will enable us to deliver superior healthcare outcomes for patients across Asia."
About BioNexus Gene Lab Corp.
BioNexus Gene Lab Corp. (BGLC) is an emerging biotechnology company focused on providing innovative solutions in healthcare. BGLC is committed to advancing precision medicine, early diagnostics, and cutting-edge therapies to improve patient care and outcomes.
For more information, please visit www.bionexusgenelab.com.
Contact Information:
Investor Relations
BioNexus Gene Lab Corp
Email: ir@bionexusgenelab.com