KUALA LUMPUR, Malaysia, April 30, 2025 (GLOBE NEWSWIRE) -- BioNexus Gene Lab Corp. (Nasdaq: BGLC), a biotechnology company specializing in precision diagnostics and specialty chemical solutions, today announced that it has received official notification from The Nasdaq Stock Market LLC ("Nasdaq") confirming the Company has regained full compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share. This important milestone reaffirms the Company’s standing as a complia ...

Financial Performance - For the year ended December 31, 2024, total revenue was $9,510,646, a decrease of approximately 2.7% from $9,770,806 in 2023 due to increased competition and reduced selling prices[309]. - Cost of revenues for 2024 was $8,221,125, down 2.6% from $8,441,308 in 2023, reflecting lower sales[310]. - Gross profit for 2024 was $1,289,521, compared to $1,329,498 in 2023, indicating a decline in profitability[308]. - Other income surged to $2,072,473 in 2024, an increase of 326.4% from $486,036 in 2023, primarily due to a reversal of expected credit losses[311]. - Total operating expenses rose to $4,935,696 in 2024, an increase of approximately 11.9% from $4,409,122 in 2023[312]. - Sales and marketing expenses increased significantly by 240.4% to $2,030,684 in 2024, driven by higher directors' remuneration and travel expenses[313]. - Research and development expenses decreased by 13.6% to $47,511 in 2024, primarily due to a lab equipment malfunction affecting the IJN project[314]. - General and administrative expenses decreased by 19.2% to $1,973,968 in 2024, mainly due to lower professional fees related to the Nasdaq listing[315]. - The provision for expected credit losses decreased by 32.8% to $883,533 in 2024, reflecting improved credit conditions[316]. - The net loss attributable to common shareholders was $1,598,342 in 2024, a reduction of 39.3% from a loss of $2,629,043 in 2023[308]. Chemrex Financials - Chemrex's general and administrative expenses increased by 404.4% to $679,321 (34.4%) in 2024 from $134,678 (5.5%) in 2023[331]. - Chemrex's provision for expected credit losses decreased by 32.8% to $883,533 in 2024 from $1,314,427 in 2023, due to reduced provisions for doubtful debts and losses allowance[332]. - Chemrex reported a loss before tax of $203,092 (12.7%) in 2024, a decrease of 14.07% from a loss of $236,341 (9.1%) in 2023[334]. - As of December 31, 2024, Chemrex's working capital decreased to $5,479,146 from $6,415,877 in 2023, primarily due to operational losses and strategic investments[336]. - Net cash used in operating activities for Chemrex was $(2,234,260) in 2024, compared to $(1,822,212) in 2023[338]. - Chemrex generated net cash of $418,202 from investing activities in 2024, a significant improvement from $(1,794,202) used in 2023[341]. - Financing activities generated net cash of $144,975 in 2024, a sharp decline from $6,274,939 in 2023 due to the absence of IPO proceeds[344]. - Chemrex's total tax expense for 2024 was $3,494, compared to $31,182 in 2023, reflecting a significant reduction in tax provisions[335]. Strategic Initiatives - The company is actively exploring additional capital-raising mechanisms, including at-the-market offerings and private placements, to support growth initiatives in digital health and decentralized financial infrastructure[276]. - The company intends to pursue selective mergers, acquisitions, and joint ventures, leveraging its clean balance sheet and low compliance cost profile[277]. - A strategic investment was made in Ascension Innovation Sdn Bhd by the company's subsidiary, MRNA Scientific Sdn. Bhd.[283]. - The company announced a new Ethereum-focused treasury strategy, becoming the first Nasdaq-listed company to prioritize Ethereum as a strategic treasury asset[301]. - The company is expanding into digital healthcare markets and evaluating cryptocurrency and blockchain-based financial infrastructure as a treasury diversification tool[303]. - The company anticipates continued revenue acceleration through strategic alliances, mergers, or acquisitions facilitated by its investment banking advisor[303]. Compliance and Governance - The company received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, leading to a request for a hearing to appeal the delisting determination[288]. - A reverse stock split was approved with a ratio of 1-for-10, effective April 7, 2025, to help regain compliance with Nasdaq listing standards[299]. - The company has implemented enhanced governance controls and internal control improvements following concerns raised about its Chemrex subsidiary[300].

Core Insights - BioNexus Gene Lab Corp. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] Financial Performance - The company ended 2024 with a strong cash position of over $4 million and total liquidity exceeding $6 million, demonstrating prudent capital management [3] - BioNexus reduced its year-over-year net loss by over 39%, indicating improved operational efficiency and cost discipline across its healthcare diagnostics and specialty chemicals divisions [3] Strategic Initiatives - The company approved a blockchain-native treasury strategy, becoming the first Nasdaq-listed issuer to prioritize Ethereum (ETH) as a core strategic reserve asset, aimed at enhancing capital efficiency [4] - BioNexus expanded its genomic diagnostics offerings under its MRNA Scientific division and entered into strategic partnerships to scale its molecular screening platform and AI-based health diagnostics initiatives [5] Compliance and Governance - To maintain its Nasdaq listing, the company executed a 1-for-10 reverse stock split on April 7, 2025, and expects to regain full compliance with the Nasdaq minimum bid price rule by or before May 1, 2025 [6] Leadership Perspective - The CEO highlighted 2024 as a foundational year for BioNexus, emphasizing the company's renewed strategic focus and commitment to leading in healthcare technology and decentralized finance [7]

Core Insights - BioNexus Gene Lab Corp. has announced a strategic partnership with ML Tech to enhance its Ethereum-based growth strategies, indicating a commitment to technological and financial innovation [1][2][4] - The collaboration aims to leverage ML Tech's advanced digital asset trading infrastructure to optimize BGLC's Ethereum holdings while ensuring stringent risk management [2][3] - This partnership aligns with BGLC's vision of integrating blockchain technologies into its financial operations, potentially leading to innovative financial structures in the open market [3][4] Company Overview - BioNexus Gene Lab Corp. is focused on pioneering advancements in the digital and healthcare sectors, aiming for sustainable growth and shareholder value [5] - ML Tech is an institutional digital asset platform that offers optimized portfolios and bespoke trading strategies, catering to institutional investors [6]

Core Insights - BioNexus Gene Lab Corp. (BGLC) has become the first Nasdaq-listed company to prioritize Ethereum (ETH) as a strategic treasury asset, aligning with Ethereum's inclusion in the US "Crypto Strategic Reserve" [1][2] - The company has released an Ethereum Strategy Whitepaper that outlines the rationale for this decision and Ethereum's significance as a financial infrastructure asset [2][4] Group 1: Board Approval and Strategic Direction - The Board of Directors has approved the new Ethereum-focused treasury strategy after extensive analysis, recognizing Ethereum as a strategic treasury management solution [3] - Wyoming's blockchain-friendly laws have influenced BGLC's strategic direction, providing a pro-business regulatory environment that supports blockchain innovation [3] Group 2: Ethereum Strategy Whitepaper - The Ethereum Strategy Whitepaper details Ethereum's institutional adoption, staking capabilities, and upcoming protocol upgrades, emphasizing its long-term value and corporate utility [2][4] - The whitepaper distinguishes Ethereum as a programmable financial platform, contrasting it with Bitcoin's store-of-value approach [4] Group 3: Future Commitments and Innovations - BGLC plans to explore Ethereum-based financial applications and innovative treasury management practices, while also assessing the impact of Wyoming's stablecoin issuance framework [5] - The company aims to enhance its financial resilience and attract forward-thinking investors by integrating Ethereum into its corporate treasury [8] Group 4: Ethereum's Financial Attributes - Ethereum is recognized for its institutional credibility, yield-generation capabilities through its Proof-of-Stake (PoS) system, and dominance in financial infrastructure, underpinning trillions of dollars in stablecoin transactions annually [6] - Upcoming upgrades, such as the major Pectra upgrade, are expected to enhance Ethereum's efficiency and scalability [6][7]

Revenue Performance - Revenue for the three months ended September 30, 2024, was $2,630,376, an increase of 3.0% compared to $2,553,686 for the same period in 2023[124] - Total revenue for the quarter ended September 30, 2024, was $2,630,376, representing a 3% increase from $2,553,686 in the same quarter of 2023[126] - For the nine months ended September 30, 2024, total revenue was $6,986,791, a 6.8% decrease from $7,497,739 in the same period of 2023[146] - Chemrex's revenue for the nine-month period decreased by $493,704, representing a decline of 6.61% from the previous year[147] - MRNA Scientific's revenue decreased by 84.5% to $2,563, reflecting a decline from $16,536 in the same quarter of 2023 due to fewer client referrals[128] Profitability - Gross profit for the three months ended September 30, 2024, was $326,536, a decrease of 7.8% from $354,332 in the prior year[124] - Gross profit for the quarter was $326,536, down 7.8% from $354,332 in the same quarter of 2023[131] - Total gross profit for the nine months ended September 30, 2024, was $980,287, reflecting a decrease of approximately 7.8% from $1,062,943 in 2023[152] - Chemrex contributed $975,786 (99.5%) to the total gross profit, down from $1,049,324 (98.7%) in the prior year, marking a 7.01% decrease[153] - MRNA Scientific's gross profit decreased by 67% to $4,501, contributing 0.5% to the total gross profit, down from $13,619 (1.3%) in the previous year[154] Expenses and Losses - Cost of revenue for the quarter was $2,303,840, a 4.8% increase from $2,199,354 in the prior year[129] - Total operating expenses decreased by approximately 30.9% to $2,129,685 from $3,082,128 in the same quarter of 2023[137] - Loss from operations was $1,337,622, reflecting a reduction of approximately 47.1% from a loss of $2,528,512 in the same quarter of 2023[141] - Operating expenses totaled $3,535,248, a decrease of 20.1% from $4,426,077 in the same period last year[158] - The company reported a loss from operations of $1,157,482, a significant improvement from a loss of $2,851,342 in the prior year, representing a 59.4% decrease[162] Other Income and Gains - The company reported other income of $465,527 for the three months ended September 30, 2024, significantly higher than $199,284 in the prior year[124] - Other income increased by approximately 133.6% to $465,527 compared to $199,284 in the same quarter of 2023[134] - Other income increased to $1,397,479 for the nine months ended September 30, 2024, up 173.1% from $511,792 in 2023[155] - The company experienced a foreign currency gain of $839,344 for the nine months ended September 30, 2024, compared to a loss of $391,533 in the prior year[164] Corporate Governance and Compliance - The company entered into an advisory service agreement with Maxim Group LLC for M&A services, issuing 300,000 shares of common stock as compensation[109] - The company received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement of $1.00 per share, with a compliance period extended to November 4, 2024[113] - The company has implemented additional protocols to enhance internal controls and governance procedures at its Chemrex subsidiary following recent transactions[120] - The company appointed Ms. Jook Yuen Low as an independent director, enhancing the board's expertise in corporate governance and compliance[116] Strategic Investments - A strategic investment was made into Ascension Innovation Sdn Bhd by MRNA Scientific Sdn. Bhd., aimed at expanding the company's capabilities[111] Working Capital - As of September 30, 2024, working capital was $5,635,310, down from $6,415,877 as of December 31, 2023, primarily due to investments and operational expansion[165] Cash Flow - Net cash used in operating activities was $2,164,489 for the nine months ended September 30, 2024, compared to $1,039,686 in the same period last year[167]

Core Insights - MRNA Scientific Sdn. Bhd. and Protech Builders Sdn. Bhd. have signed a strategic teaming agreement to develop and operate biogas plants in Malaysia, focusing on renewable energy generation from plantation wastewater [1][2][5] Group 1: Agreement Details - The three-year agreement involves pooling resources to identify, market, and execute biogas projects, with an initial financial contribution of up to RM1,000,000 (approximately USD 235,000) for feasibility studies and project development [2][4] - The partnership aims to leverage MRNA's market knowledge and chemical raw material expertise alongside Protech's mechanical and electrical engineering capabilities [3][5] Group 2: Market Potential - The biogas market in Malaysia presents significant growth opportunities, with expectations to secure multiple projects ranging from small to large-scale installations over the next three years [4][5] - The collaboration is positioned to meet the increasing demand for biogas solutions, contributing to both environmental sustainability and economic benefits in Malaysia [5] Group 3: Company Backgrounds - BioNexus Gene Lab Corp. is an emerging biotech company and a leading supplier of chemical raw materials in Southeast Asia, operating in the biotech and chemical supply industries [6] - Protech Builders Sdn. Bhd. is a renowned mechanical and electrical engineering firm in Malaysia, specializing in complex engineering systems, holding a G7 construction license that allows for projects of any size [7]

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]