ProPhase Labs, Inc. (NASDAQ: PRPH) saw its shares lose some strength Wednesday, as the next-generation biotech, genomics, and diagnostics company, reported its progress on the commercialization of its breakthrough BE-Smart test for esophageal cancer. The Company is aiming for commercial launch in the second half of 2024.
CEO Ted Karkus commented, “The BE-Smart test is more than an advancement in medical technology; it is providing a critical solution to esophageal cancer by enabling early and cost-effective detection. Early detection offers patients the opportunity for more favorable outcomes and a brighter, healthier future. This groundbreaking diagnostic test is a patent-protected method for identifying esophageal cancer markers and a key component of ProPhase Labs’ mission to enhance early detection and facilitate personalized treatment strategies and reflects our commitment to saving lives and improving patient care.”
The BE-Smart test constitutes a major innovation in the detection and management of esophageal adenocarcinoma (“EAC”) and stands at the forefront of a diagnostic revolution. ProPhase intends to pursue and seeks to capture a significant share of a multi-billion-dollar market for EAC diagnostics.
The Company anticipates reimbursement rates ranging between $1,000 and $2,000 per test based on CPT codes (as defined below) of similarly complex tests.
PRPH shares dipped a penny to $6.09.
