KUALA LUMPUR: Malaysian Genomics Resource Centre Bhd (MGRC) is mid-way through the design and fit-out its new cell laboratory which will mitigate the risk of supply chain disruptions such as those caused by the Covid-19 pandemic.
Expected to be completed by April 2021, the cell laboratory located in Selangor will enable MGRC to conduct cell development and cell engineering locally and avoid the impact of border closures or logistics delays.
Once its cell laboratory is complete, approval to operate will be obtained from the National Pharmaceutical Regulatory Agency (NPRA).
MGRC also intends to obtain NPRA accreditation for cell development and cell engineering through the Current Good Manufacturing Practice (cGMP) certification.
Earnings-wise, MGRC posted a net loss of RM1.55 million for its second quarter (Q2) FY21, due to the challenging environment arising from the Covid-19 pandemic.
This followed a drop in revenue to RM136,000 from RM4.96 million in the three months ended December 30, 2019.
In comparison, MGRC saw a net profit of RM24.7 million in Q2 of FY20 due to a large dividend from its pathology laboratory subsidiary and the proceeds from the subsidiary's sale.
The government tightened movement controls again in November to fight rising COVID-19 infections.
"The effects of the Movement Control Order (MCO) resulted in lower orders for genetic screening services," it said in an announcement to Bursa Malaysia.
MGRC last year diversified into biopharmaceuticals and healthcare services with the provision of Chimeric Antigen Receptor T-cell (CAR T-cell) immunotherapy for solid cancers.
"In view of the positive outlook for the biopharmaceutical and healthcare industry, MGRC will have ample opportunity to grow its biopharma and healthcare business which is expected to contribute positively to the group's future earnings," it said.