ProPhase (NASDAQ: PRPH), a next-generation biotech, genomics, and diagnostics company, earlier this year announced the closing of the sale of its wholly owned subsidiaries, Pharmaloz Manufacturing Inc. and Pharmaloz Real Estate Holdings Inc. (collectively “Pharmaloz” or “PMI”), to a private equity group based in Houston, Texas. The transaction’s aggregate deal was valued at approximately $23.6 million, which immediately bolstered ProPhase’s balance sheet and liquidity by eliminating over $20 million in debt, payables, and other contingent liabilities. Overall, the transaction better positioned ProPhase to focus on its promising and high-value core businesses.
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About ProPhase Labs Inc.
ProPhase is a next-generation biotech, genomics and diagnostics company. Its goal is to create a healthier world with bold action and the power of insight. ProPhase is revolutionizing healthcare with industry-leading Whole Genome Sequencing solutions, while developing potential game changer diagnostics and therapeutics in the fight against cancer. This includes a potentially life-saving cancer test focused on early detection of esophageal cancer and potential breakthrough cancer therapeutics with novel mechanisms of action. ProPhase develops, manufactures, and commercializes health and wellness solutions to enable people to live their best lives. The company is committed to executional excellence, smart diversification, and a synergistic, omni-channel approach. ProPhase Labs’ valuable subsidiaries, their synergies, and significant growth underscore its potential for long-term value.
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