7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dammam Valley of Saudi Arabia to acquire Majority of Arcensus GmbH to Accelerate Global Implementation of Whole Genome Sequencing in Genetic Diagnostics, Delivery of Breakthrough Technologies in Genomic Bioinformatics
Published in Saudi Press Agency on 06 - 09 - 2022

Dammam Valley in partnership with other investment partners, supported by Ministry of Investment, announced to acquire a majority stake in Arcensus GmbH/Germany.
The initiative for the take-over comes from the Kingdom's aim to improve the global speed in implementing genomic testing for the early diagnosis of genetic diseases, mainly in cancer and rare genetic disorders. The financial investment led by Dammam Valley will allow Arcensus to speed up the penetration of the worldwide markets with its innovative solutions. It will be the backbone for developing a comprehensive multi-omic strategy.
CEO of Dammam Valley Dr. Abdulrahman Al-Olayan said, "This is an important step in our global healthcare strategy for Saudi Arabia, as we believe that the early diagnosis and preventive testing based on real-life genomic expertise with Whole Genome Sequencing is a key ingredient to accelerate the development of, and access to, new future treatments. As a leading technology company in genomic testing, Arcensus GmbH, founded by the visionary multi-entrepreneur, Dr. Arndt Rolfs, is best positioned to provide a deep understanding of bioinformatic technologies and data analytics infrastructure needed not only for the Kingdom of Saudi Arabia but for medical research and development efforts across the globe. A key principle of this is to preserve Arcensus ́ autonomy. We are delighted that the founder of Arcensus, Dr. Arndt Rolfs, will continue to manage operations, sit on the board and remain a significant shareholder."
Dr. Arndt Rolfs, Arcensus founder and CEO, said, "Dammam Valley will be a tremendous partner for the global expansion to us and shares our vision for building a worldwide healthcare platform in modern preventive medicine as well as early diagnostics of all genetic diseases. This important partnership will allow us to increase the investments in our modern technology and services platform, as well as our knowledge-based data extraction of the genomic data."
Under the terms of the agreement, Dammam Valley along with other investors will make a double-digit million Euro payment on a fully diluted basis. The parties agree Arcensus to continue its current business model, a network of partnerships and overall objectives following the transaction's closing. The integrity of the proprietary patient data will be maintained, as will the dedicated sales, marketing, and life sciences business activities.
Established in 2021, Dammam Valley is a semi-government Investment company, solely owned by Imam Abdulrahman bin Faisal University. It strives to be a source and destination for biotechnology innovation and healthcare in the Middle East and is the Nation's premier hub for evaluating and incubating biotech innovations. Aiming to stimulate investment, support projects, and forge quality partnerships in the fields of Health & Biotechnology, in addition to focusing on numerous other sustainable investments in various fields of interest.
Arcensus, founded by Dr. Arndt Rolfs, a multi-entrepreneur in biotechnology, CEO and founder of several innovative biotech companies, is a digital health and diagnostics company providing comprehensive genomic diagnostic services based on Whole Genome Sequencing. With a cross-functional, international team of geneticists, medical experts and data scientists, Arcensus, one of the world's most innovative genetic biotechnology companies, offers its knowledge and bioinformatic expertise in genomic interpretation together with cutting-edge medical and preventive health applications. The management of Arcensus is convinced that with the worldwide implementation of Whole Genome Sequencing as the first line of genomic testing, the genomic era will start quickly and will conquer the molecular medicine market in a short time.


Clic here to read the story from its source.