BioNexus Gene Lab, which wholesales chemical products and provides non-invasive blood tests in Asia, filed on Tuesday with the SEC to raise up to $17 million in an initial public offering. The company is currently listed on the OTCQB under the symbol "BGLC".
The company's subsidiary Chemrex focuses on the sale of chemical raw materials (mostly FRP) for manufacturing across several industries (e.g. medical, mechanical, electronic) primarily in Malaysia, as well as other countries in Southeast Asia. BioNexus also develops and provides non-invasive liquid biopsy tests for the early detection of biomarkers that are believed to be linked to diseases. Its non-invasive blood tests aim to minimize treatment costs and improve patient management by providing analysis of changes in RNA to detect the potential risk of 11 different diseases.
The Kuala Lumpur, Malaysia-based company was founded in 2004 and booked $11 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol BGLC. Network 1 Financial Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
