BioNexus Gene Lab Corp. (BGLC) entered into definitive agreements on November 12, 2025 with Fidelion Diagnostics and Tongshu Biotechnology to commercialize its VitaGuard minimal residual disease (MRD) liquid‑biopsy platform throughout Southeast Asia. The agreements include a share‑subscription structure that gives BGLC at least 15 % of Fidelion’s fully diluted share capital and, in return, Fidelion receives 19.9 % of BGLC’s pre‑money outstanding shares, creating a cross‑ownership that aligns incentives for rapid regional rollout.
VitaGuard is a tumor‑naïve platform that can detect circulating tumor DNA at variant allele frequencies as low as 0.02 % and recovers roughly 95 % of cell‑free DNA. The company projects a per‑test cost of under $300, positioning it as a cost‑competitive alternative to current MRD assays that typically exceed $1,000. By partnering with Fidelion, which holds commercial rights outside China, and Tongshu, the original developer, BGLC will launch the platform in Malaysia, Singapore, and other ASEAN markets where regulatory pathways for liquid biopsy are accelerating.
The deal marks a decisive shift for BGLC, which has struggled with declining revenue and negative earnings in recent quarters. In 2024, the company reported a 12 % drop in revenue to $45 million and a net loss of $3.2 million, prompting a reverse stock split in April 2025 to regain Nasdaq compliance. To support its expansion, BGLC filed a $100 million shelf registration and established a $20 million at‑the‑market program in early 2025, underscoring the need for capital to fund the new platform and associated commercialization costs.
Market reaction to the announcement was muted, with BGLC’s shares falling more than 13 % on the day of the disclosure. Analysts cited the company’s weak financial footing and the uncertainty surrounding the timing of revenue realization from the new platform as key concerns. Despite the strategic upside, investors remained cautious, reflecting broader market sentiment toward biotech firms with high growth potential but limited cash flow.
CEO Sam Tan emphasized that the partnership “marks the next growth chapter for BGLC. We intend to bring high‑fidelity, tumor‑naïve blood tests to everyday care across ASEAN.” Dr. Yan Linghua, CEO of Tongshu Gene and director of Fidelion, added that the collaboration will “expand access to MRD testing in routine care” and accelerate the platform’s adoption in the region.
The agreements position BGLC to capture a share of the rapidly expanding ASEAN point‑of‑care diagnostics market, which is projected to grow at a compound annual growth rate of 12 % over the next five years. By leveraging VitaGuard’s low cost and high sensitivity, BGLC aims to differentiate itself from established players such as Abbott and Roche, while the cross‑ownership structure is designed to align long‑term interests and support sustained investment in research and market development.
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