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 18, 2024 (September 14, 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 14, 2024, BioNexus Gene Lab Corp (the “Company”) issued a press release announcing that its wholly owned subsidiary MRNA Scientific Sdn. Bhd. (“MRNA Scientific”) has signed a strategic outsourcing agreement with VITARRAY Global Pte. Ltd. (“Vitarray”), an exempted private company incorporated in Singapore. This agreement focuses on the provision of mRNA dynamic gene detection services for the Southeast Asian market.
Leveraging MRNA Scientific’s advanced testing facilities in Kuala Lumpur, the collaboration aims to enhance early disease detection, including for cancer and cardiovascular conditions, while expanding access to molecular diagnostics. Vitarray, authorized by China’s Huaxia Jingdu Renhe Medical Laboratory to manage overseas gene detection, will supply samples, and MRNA Scientific will handle testing. The agreement is expected to improve profitability and expanding market reach.
A copy of the press release is furnished as Exhibit 99.1 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 18, 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. Signs Strategic Outsourcing Agreement with VITARRAY Global Pte. Ltd.
KUALA LUMPUR, Malaysia, Sept. 14, 2024 (GLOBE NEWSWIRE) -- BioNexus Gene Lab Corp.(Nasdaq: BGLC, the “Company”), an emerging biotechnology company focused on innovative healthcare solutions, is pleased to announce that its wholly owned subsidiary, MRNA Scientific Sdn. Bhd. (“MRNA Scientific”), has entered into a strategic outsourcing agreement with VITARRAY Global Pte. Ltd. (“Vitarray”), an exempted private company incorporated in Singapore. This agreement focuses on the provision of mRNA dynamic gene detection services for the Southeast Asian market.
Under this agreement, MRNA Scientific will leverage its advanced medical testing facilities located in Kuala Lumpur, Malaysia, to provide outsourcing services for Vitarray’s mRNA gene detection activities. This collaboration is aimed at enhancing the deployment of advanced molecular diagnostics throughout Southeast Asia, facilitating early disease detection and expanding access to innovative healthcare technologies.
Vitarray has been authorized by Huaxia Jingdu Renhe Medical Laboratory Co., Ltd. (“Huaxia”), a leading medical diagnostics company in China, to manage their overseas recruitment, promotion, and management of mRNA dynamic gene detection technology. This authorization provides Vitarray with the exclusive right to bring Huaxia’s advanced gene detection technology to international markets, including Southeast Asia.
Key Terms of the Agreement:
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| 1. | Outsourcing of Testing Services: |
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| Vitarray will provide the necessary samples and blood collection materials, while MRNA Scientific will supply reagents, laboratory staff, consumables, and testing facilities. |
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| 2. | Initial Testing and Cooperation: |
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| Both parties will conduct an initial batch of experimental tests to ensure alignment on quality and performance before proceeding with long-term collaboration. |
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| 3. | Cost Reduction and Market Expansion: |
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| Through this partnership, MRNA Scientific will significantly reduce its testing costs by more than 25%, making its services more profitable. This cost efficiency opens up opportunities to expand the market for mRNA dynamic gene detection services, while increasing the profit margins for future testing projects |
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| 4. | Further Cooperation: |
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| This agreement also lays the foundation for strengthened technical and market cooperation between the two companies in MRNA Scientific and Vitarray, with plans to expand the use of mRNA dynamic gene detection technology across various markets, including Southeast Asia. |
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| 5. | Confidentiality and Compliance: |
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| Both parties are committed to maintaining strict confidentiality regarding all technical, business, and medical expert information involved in the collaboration. |
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Expanding the Reach of mRNA Dynamic Gene Detection
The outsourcing agreement represents a significant milestone for both MRNA Scientific and Vitarray. This collaboration leverages MRNA Scientific’s advanced diagnostic technology and expert medical testing capabilities to help broaden the availability of early-stage disease detection services, particularly for critical health issues like cancer, cardiovascular diseases, and other chronic conditions. Furthermore, with reduced testing costs, MRNA Scientific is well-positioned to reach more markets and increase profitability while maintaining its high standards of service.
Sam Tan, CEO of BioNexus Gene Lab Corp., commented on the significance of the agreement:
"This partnership with Vitarray reflects our commitment to advancing healthcare innovation through strategic collaborations. By utilizing MRNA Scientific’s expertise and testing infrastructure, we are helping to bring the benefits of cutting-edge molecular diagnostics to the broader Asian market, enabling earlier and more accurate disease detection, all while improving our cost efficiency."
About MRNA Scientific Sdn. Bhd.
MRNA Scientific Sdn. Bhd., a wholly owned subsidiary of BioNexus Gene Lab Corp., specializes in molecular diagnostics, with a focus on cancer screening and personalized healthcare solutions. Through its advanced testing laboratories in Kuala Lumpur, MRNA Scientific offers a range of cutting-edge services designed to improve early disease detection and overall healthcare outcomes.
About BioNexus Gene Lab Corp
BioNexus Gene Lab Corp. (Nasdaq: 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.
Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on beliefs and assumptions and on information currently available to the Company. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact Information:
Investor Relations
BioNexus Gene Lab Corp
Email: ir@bionexusgenelab.com
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