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PRPH

ProPhase Labs, Inc. Common Stock (DE) NASDAQ Capital Market
$5.73
Open: $6 High: $6 Low: $5.18 Close: $5.63
Range: 2021-05-06 - 2021-05-07
Volume: 71,463
Market: Closed
Powered by Finage Stock APIDelayed data
PRPH
ProPhase Labs, Inc. Common Stock (DE) 621 North Shady Retreat Road Doylestown PA, 18901 http://www.prophaselabs.com
ProPhase Labs Inc is a manufacturer and distributor of homeopathic and health products. It is also engaged in the research and development of potential over-the-counter drug, natural health products, supplements, personal care & cosmeceutical products.
  • CEO: Ted Karkus
  • Employees: 46
  • Sector: Healthcare
  • Industry: Drug Manufacturers
PRPH News
Latest news about the PRPH
  • ProPhase Labs Partners With Dutchess County New York to Provide COVID-19 Testing

    State-Of-The-Art COVID-19 Testing Available for 300,000 Residents to Aid Reopening Efforts GARDEN CITY, NY, May 06, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (Nasdaq: PRPH), a diversified medical science and technology company, today announced that it has signed a contract with Dutchess County, New York to provide reliable COVID-19 testing to its nearly 300,000 residents within 22 towns and four villages. ProPhase was awarded the contract after a highly competitive process in which it was able to demonstrate its distinguished multiplex RT-PCR testing, which offers over 99 percent accuracy and provides results within 24-hours that can be reported directly to a patient’s smartphone. “We continue to see significant demand for our testing services and are rapidly expanding our reach with government contract wins throughout New York,” said Ted Karkus CEO of ProPhase Labs. “Combined with our recent partnership with Oyster Bay Township, we have announced testing availability to over 600,000 New York residents since April. We are proud to aid these communities in reopening their schools and local businesses as well as for sporting events, school proms, graduations and other live events. We look forward to announcing additional contract wins with other city and county governments with ongoing bids for these lucrative contracts.” Dutchess County Executive, Marc Molinaro said, “We are very pleased to partner with ProPhase to offer this mobile testing option. This is a great resource for residents when they need testing done for event participation such as proms, weddings or other events where state guidelines require vaccination or negative testing. There is no out of pocket cost and it is conveniently located right at Dutchess Stadium, with easy access of Rt. 9 and Interstate 84.” ProPhase Labs will play a key part in the county’s plans to continue reopening. Dutchess County Government will offer ProPhase Lab’s saliva-based, viral RT-PCR multiplex-testing which can quickly detect COVID-19 and any of the 17+ current mutations. ProPhase will also be offering a saliva based, easy to use Antigen test that provides results within 15 minutes. Testing will begin on Sunday, May 9, 2021 at the Dutchess County Stadium, home of the Hudson Valley Renegades baseball team which is the New York Yankees affiliate. The initial roll out coincides with the reopening of Dutchess Stadium as the Hudson Valley Renegades’ season begins. Fans will be able to enter the stadium for the team’s first home game and will now have the option to be tested as well. For more information on ProPhase Labs, please visit: www.ProPhaseLabs.com. About ProPhase Labs ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company. The Company’s laboratory testing subsidiary, ProPhase Diagnostics, offers SARS-CoV-2 (COVID-19) and COVID-19 viral mutation PCR tests through both saliva and nasal swab methods at its CLIA certified laboratories. ProPhase Diagnostics also provides Respiratory Pathogen Panel (RPP) Molecular tests including Influenza A and B and others. ProPhase Labs researches, develops, manufactures, distributes, markets and sells OTC consumer healthcare products and dietary supplements, including dietary supplements under the TK Supplements® brand. The Company actively pursues strategic investments and acquisition opportunities for other companies, technologies and products. For more information, visit www.ProPhaseLabs.com. Investor ContactChris Tyson Managing Director MZ Group - MZ North America 949-491-8235PRPH@mzgroup.us www.mzgroup.us Media Contact:5W Public Relations212-999-5585prophase@5wpr.com

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  • ProPhase Labs to Provide COVID-19 Testing for Oyster Bay Township in New York

    ProPhase Labs Will Offer State-Of-The-Art Testing to Aid Oyster Bay Community in Reopening GARDEN CITY, NY, April 22, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (Nasdaq: PRPH), a diversified medical science and technology company, today announced that it has been awarded and signed a contract with The Town of Oyster Bay, New York, to provide reliable COVID-19 testing. The contract was awarded after a competitive process where ProPhase Labs demonstrated its COVID-19 testing capabilities, including its accurate and reliable test offerings and fast turnaround times. The Oyster Bay Township, located in Nassau County, encompasses 36 villages and hamlets and nearly 300,000 residents. This partnership will help bring COVID-19 testing to thousands of Oyster Bay residents, ensuring a safe and controlled reopening for the township. The Town of Oyster Bay will offer ProPhase Labs’ saliva-based, viral RT-PCR multiplex-testing, a type of test proven to quickly detect and identify COVID-19 and any of its 17+ current viral mutations. With labs in both Garden City, New York and Old Bridge, New Jersey, ProPhase Labs has the capacity to provide test results to individuals within 24 hours from the time when one of its labs receives and accepts a specimen. “We are incredibly happy to partner with The Town of Oyster Bay in their tremendous efforts to combat this virus and get residents back to ‘normal life’,” said Ted Karkus CEO of ProPhase Labs. “The Town of Oyster Bay joins the growing list of healthcare providers, organizations and municipalities that have selected ProPhase Labs for their COVID-19 testing needs. Our fast turnaround times and dependable testing solutions continue to be reasons why ProPhase Labs is selected as a testing partner.” The roll out will begin with a focus on testing for school students and faculty. ProPhase Labs will also provide testing for major school events this year, such as graduations, proms, and homecomings. Additionally, testing will be offered to municipal employees and the general public in the weeks ahead. Oyster Bay Town Supervisor Joseph Saladino stated, “The Oyster Bay Town Board recently retained the services of ProPhase Labs with the goal of helping our residents get back to the things they enjoy most in life. From graduation ceremonies to classroom activities and athletic fields, the Town of Oyster Bay is first committed to helping students get back to normal as quickly as possible. In the coming weeks, we will expand eligibility to all residents so that families and seniors looking to attend a concert, dance at a wedding or simply get on a flight, can do so easily by accessing non-invasive COVID testing and obtain quick results.” About ProPhase Labs ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company. The Company’s laboratory testing subsidiary, ProPhase Diagnostics, offers SARS-CoV-2 (COVID-19) and COVID-19 viral mutation PCR tests through both saliva and nasal swab methods at its CLIA certified laboratories. ProPhase Diagnostics also provides Respiratory Pathogen Panel (RPP) Molecular tests including Influenza A and B and others. ProPhase Labs researches, develops, manufactures, distributes, markets and sells OTC consumer healthcare products and dietary supplements, including dietary supplements under the TK Supplements® brand. The Company actively pursues strategic investments and acquisition opportunities for other companies, technologies and products. For more information, visit www.ProPhaseLabs.com. Investor Contact Chris Tyson Managing Director MZ Group - MZ North America 949-491-8235PRPH@mzgroup.us www.mzgroup.us Media Contact:5W Public Relations212-999-5585prophase@5wpr.com

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  • ProPhase Labs to Host First Quarter 2021 Financial Results Conference Call on Thursday, May 13, 2021 at 4:30 p.m. Eastern Time

    GARDEN CITY, NY, April 15, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, will hold a conference call on Thursday, May 13, 2021 at 4:30 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2021. A press release detailing these results will be issued prior to the call. ProPhase Labs’ CEO and Chairman of the Board of Directors, Ted Karkus, will host the conference call, followed by a question-and-answer period. To access the call, please use the following information: Date:Thursday, May 13, 2021Time:4:30 p.m. Eastern time, 1:30 p.m. Pacific timeToll-free dial-in number:1-877-407-0784International dial-in number:1-201-689-8560Conference ID:13718976 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235. The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=144511 and via the investor relations section of the Company's website at www.ProPhaseLabs.com. A replay of the conference call will be available after 7:30 p.m. Eastern time through May 27, 2021. Toll-free replay number:1-844-512-2921International replay number:1-412-317-6671Replay ID:13718976 About ProPhase Labs ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company. The Company’s laboratory testing subsidiary, ProPhase Diagnostics, offers SARS-CoV-2 (COVID-19) and COVID-19 viral mutation PCR tests through both saliva and nasal swab methods at its CLIA certified laboratories. ProPhase Diagnostics also provides Respiratory Pathogen Panel (RPP) Molecular tests including Influenza A and B and others. Prophase Labs researches, develops, manufactures, distributes, markets and sells OTC consumer healthcare products and dietary supplements, including dietary supplements under the TK Supplements® brand. The Company actively pursues strategic investments and acquisition opportunities for other companies, technologies and products. For more information, visit www.ProPhaseLabs.com. Investor Contact Chris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.us www.mzgroup.us

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  • ProPhase Labs, Inc. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / March 31, 2021 / ProPhase Labs, Inc. (NASDAQ:PRPH) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on March 31, 2021 at 4:30 PM Eastern Time.

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  • ProPhase Labs Reports Fourth Quarter and Full Year 2020 Financial Results

    Recent Acquisition of Digital COVID-19 Vaccination and Testing “Passport” Transforms the Company’s Portal Into a Universal Digital Certificate Solution and Uniquely Positions Company for Re-Opening Phase of Pandemic Management to Host Conference Call Today at 4:30 p.m. ET GARDEN CITY, NY, March 31, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2020. Key Fourth Quarter 2021 and Subsequent Operational Highlights Acquired the “VaccTrack” suite of digital solutions that provide secure and reliable certification of a user’s vaccination and Covid-19 testing results. New reporting app simplifies documentation of user vaccination and Covid-19 testing status and enables clear and easy access to: Air travel;Rail/bus travel; andConcert and sporting events. Began new saliva-based, viral RT-PCR multiplex-testing as a laboratory developed test (LDT) classification. Emergency use authorization (EUA) applications were filed and confirmed by the U.S. Food and Drug administration (FDA) for its two new testing methodologies. Testing integrates the Spectrum Solutions saliva self-collection system with a new, advanced multiplex qPCR platform for the simultaneous RNA detection of not only SARS-CoV-2 (COVID-19) but also COVID-19 viral mutations, as well as Influenza A, B, and more.Surpassed its initial testing goals and successfully ramped up its COVID-19 testing business as planned.In addition to its first CLIA lab in Old Bridge, NJ, the Company’s new 25,000 square foot facility in Garden City, New York is now open and fully operational and accepting orders. The new lab features state-of-the-art technology and offers a wide range of laboratory testing services for diagnosis, screening and evaluation of diseases, including COVID-19 and Respiratory Pathogen Panel Molecular tests. The two labs combined have the equipment and infrastructure necessary to provide capacity of up to 60,000 tests per day.By December 31, 2020 the Company surpassed all previously announced short term goals, processing 1,500 COVID-19 tests per day based on an average 5-day work week.Achieved approximately 2,500 tests per day in January 2021. February 2021 testing activity was muted primarily due to extreme weather-conditions, which shut down one of the Company’s largest partner’s key testing centers throughout the Southwest. Total testing in first quarter 2021 still averaged just under 2,000 tests per day as new customer accounts continue to build weekly.Recent activity and customer requests for future testing are robust. Indications suggest a significant uptick in April testing and going forward. Key prospects include: Company’s three largest customers have all indicated a significant anticipated increase in testing by mid-April. This includes the anticipated re-opening of key testing centers in the Southwest.Company is already testing in more than 75 schools. Given recent government initiatives, significant opportunities are being presented regularly to continue to grow the education vertical – Elementary, Middle and High Schools.The ongoing re-opening phase with respect to air travel, entertainment and sporting events, weddings, etc. In January 2021, closed a public offering of common stock for gross proceeds of $37.5 million and a registered direct offering of common stock and warrants for gross proceeds of $5.5 million. Full Year 2020 Operational Highlights Completed the acquisition of Confucius Plaza Medical Laboratory Corp., a Clinical Laboratory Improvement Amendments (CLIA) accredited laboratory headquartered in Old Bridge, New Jersey. The approximately 4,000 square feet lab provides a wide range of testing for diagnosis, screening and evaluation of diseases, including COVID-19 and Respiratory Pathogen Panel (RPP) Molecular tests. The lab is owned by the Company’s subsidiary, ProPhase Diagnostics, Inc., which was formed to aggregate medical testing business opportunities and expand the lab’s capabilities and capacity.Engaged an industry expert to advise on possible acquisition of CLIA accredited labs certified for COVID-19 and other testing.Engaged international investor relations specialists MZ Group to lead a comprehensive strategic investor relations and financial communications program across all key markets. Management Commentary “2020 was a truly transformative year for our company with the launch of our highly successful diagnostics services business, ProPhase Diagnostics,” said Ted Karkus, CEO of ProPhase Labs. “Combined with our contract manufacturing and dietary supplement businesses, 2020 provided record revenues and exceeded our goals to scale and expand our business.” “During the fourth quarter of 2020 we expanded distribution of our lead dietary supplement, Legendz XL®, into Walmart and CVS, in addition to Walgreens, Rite-Aid and other FDM (Food, Drug and Mass) retailers. We achieved a critical mass of distribution and intend to accelerate our television, radio and social media advertising to further grow our brands. Given this significant additional distribution, we are projecting a positive outlook for our dietary supplement business in 2020.” “In the fourth quarter of 2020 we also transitioned our focus to the pandemic and the testing market opportunities arising from it, engaging an industry expert to advise us on acquiring one or more CLIA accredited laboratories suitable for COVID-19 and other testing. We created a wholly-owned subsidiary, ProPhase Diagnostics, Inc. to aggregate the medical testing business we identified.” “We subsequently completed the acquisition of a CLIA lab headquartered in Old Bridge, New Jersey which provides a wide range of laboratory testing for diagnosis, screening and evaluation of diseases, including COVID-19 and Respiratory Pathogen Panel RPP Molecular tests. On this success, we opened a second 25,000 square foot facility in Garden City, New York. This lab is also validated for the widely distributed Spectrum Solutions saliva collection COVID-19 test kit. Our Garden City, New York lab is fully operational and accepting orders. The two labs combined have the equipment and infrastructure necessary to provide capacity of up to 60,000 tests per day, exceeding our initial ramp up goals. Our two lab facilities experienced a run-rate of 2,500 tests per day in January, had a temporary decline in February primarily due to poor weather conditions, which shutdown several of our largest customer’s key testing centers. With our efficient processing, highly competitive pricing and ability to report test results, in most cases within 24 hours, we continue to see significant demand for our testing services. Current indications from our three largest customers as well as from numerous additional customers suggest a significant increase in testing in the second quarter of 2021.” “Our financial position continued to improve in 2020. Working capital increased to $9.2 million as of December 31, 2020 from $9.0 million as of December 31, 2019. In January 2021, we closed a public offering of common stock for gross proceeds of $37.5 million and a registered direct offering of common stock and warrants for gross proceeds of $5.5 million. We believe that we have ample working capital for all of our current and projected needs related to the build out of our CLIA lab testing services.” “Looking ahead into 2021, our goal is to grow our testing revenues quarter to quarter,” said Mr. Karkus. “Because there are such favorable dynamics in this industry, and significant interest in lab testing services, we are also pursuing additional CLIA labs that will diversify our testing services, either by acquisition or by building an additional facility, or both. We look forward to sharing our ongoing milestones with our shareholders,” concluded Karkus.” Fourth Quarter and Full Year 2020 Financial Results Revenue for the year ended December 31, 2020 totaled $14.5 million of which $5.2 million, or 36% was earned in the fourth quarter. This compares to revenues of $9.9 million for the year ended December 31, 2019, of which $3.1 million was earned in the fourth quarter. The increase in sales was primarily driven by an increase in contract manufacturing net sales as a result of increased third party customer orders and the new revenue from our lab diagnostic services business. Gross profit for the year ended December 31, 2020 was $4.6 million, of which the fourth quarter contributed $1.9 million, compared to gross profit for the year ended December 31, 2019 of $2.6 million, of which the fourth quarter contributed $1.0 million. For fiscal year 2020, gross margin was 31.8% as compared to 26.5% for fiscal year 2019. Total operating expenses for the year ended December 31, 2020 were $8.6 million, of which $4.5 million were incurred in the fourth quarter. Total operating expenses for the year ended December 31, 2019 totaled $5.9 million. The increase was due primarily to additional marketing expenses associated with our consumer products business and the new lab diagnostic services business, professional and legal fees and product research expenses. Cash used in operating activities for the year ended December 31, 2020 totaled $2.6 million, compared to $0.8 million used in the year ended December 31, 2019. Cash used in operating activities totaled $2.0 million for the fourth quarter of 2020, as compared to $0.4 million in the fourth quarter of 2019. The Company incurred a net loss for the year ended December 31, 2020 of $2.1 million, or ($0.18) per share, compared to a net loss of $3.1 million, or ($0.27) per share, for the full year 2019. For the fiscal year 2020, the Company also recognized income from discontinued operations of $0.2 million, or $0.02 per share. Cash totaled $6.8 million at December 31, 2020, as compared to $10.9 million at September 30, 2020 and $0.4 million at December 31, 2019. In January 2021, the Company completed a public offering of shares of common stock for gross proceeds of $37.5 million and a registered direct offering of common stock and warrants for gross proceeds of $5.5 million. Fourth Quarter and Full Year 2020 Results Conference Call ProPhase Labs’ CEO and Chairman of the Board of Directors, Ted Karkus, will host the conference call, followed by a question and answer period. To access the call, please use the following information: Date:Wednesday, March 31, 2021Time:4:30 p.m. Eastern time, 1:30 p.m. Pacific timeToll-free dial-in number:1-877-407-0784International dial-in number:1-201-689-8560Conference ID:13717366 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235. The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=143875 and via the investor relations section of the Company's website at www.ProPhaseLabs.com. A replay of the conference call will be available after 7:30 p.m. Eastern time through April 14, 2021. Toll-free replay number:1-844-512-2921International replay number:1-412-317-6671Replay ID:13717366 About ProPhase LabsProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company. The Company’s laboratory testing subsidiary, ProPhase Diagnostics, offers SARS-CoV-2 (COVID-19) and COVID-19 viral mutation PCR tests through both saliva and nasal swab methods at its CLIA certified laboratories. Critical to Covid testing, results are typically provided in under 24 hours. ProPhase Diagnostics also provides Respiratory Pathogen Panel (RPP) Molecular tests including Influenza A and B and others. Prophase Labs researches, develops, manufactures, distributes, markets and sells OTC consumer healthcare products and dietary supplements, including dietary supplements under the TK Supplements® brand. The Company actively pursues strategic investments and acquisition opportunities for other companies, technologies and products. For more information, visit www.ProPhaseLabs.com. Forward Looking Statements Except for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated growth of our dietary supplements business in 2021, our COVID-19 testing projections for the remainder of 2021, our ability to grow testing revenues, our plans to pursue additional labs, the continued interest in lab testing services generally, and our ability to satisfy near-term working capital needs. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to the scale, scope and duration of the COVID-19 pandemic, consumer demand for our lab processing services, the competitive environment, challenges relating to entering into new business lines, the failure to obtain and maintain certain regulatory approvals, our ability to continue to ramp up our labs’ testing capacity and execute on our business plan, and the risk factors listed from time to time in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and any other SEC filings. Investor ContactChris Tyson Managing Director MZ Group - MZ North America 949-491-8235PRPH@mzgroup.uswww.mzgroup.us PROPHASE LABS, INC AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts) December 31, December 31, 2020 2019 ASSETS Current assets Cash and cash equivalents $6,816 $434 Marketable debt securities, available for sale 1,639 926 Escrow receivable - 4,812 Accounts receivable, net 3,155 2,010 Inventory, net 3,039 1,459 Prepaid expenses and other current assets 1,238 304 Total current assets 15,887 9,945 Property, plant and equipment, net of accumulated depreciation of $5,021 and $6,252, respectively 3,578 2,329 Secured promissory note receivable, net 2,750 - Prepaid expenses, net of current portion 2,084 - Right-of-use asset, net 4,731 - Intangible asset, net of accumulated amortization of $73 1,234 - Goodwill 901 - Other assets 240 - TOTAL ASSETS $31,405 $12,274 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $3,771 $432 Accrued advertising and other allowances 463 92 Lease liabilities 329 - Other current liabilities 1,731 409 Total current liabilities 6,294 933 Non-current liabilities: Deferred revenue, net of current portion 162 110 Unsecured convertible promissory notes, net 9,991 - Lease liabilities, net of current portion 4,402 - Total non-current liabilities 14,555 110 Total liabilities 20,849 1,043 COMMITMENTS AND CONTINGENCIES Stockholders’ equity Preferred stock authorized 1,000,000, $.0005 par value, no shares issued - - Common stock authorized 50,000,000, $.0005 par value, issued 28,256,275 and 28,225,615 shares, respectively 14 14 Additional paid-in capital 61,674 60,215 Accumulated deficit (3,631) (1,506)Treasury stock, at cost, 16,652,022 and 16,652,022 shares, respectively (47,490) (47,490)Accumulated comprehensive loss (11) (2)Total stockholders’ equity 10,556 11,231 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $31,405 $12,274 PROPHASE LABS, INC & SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS ANDOTHER COMPREHENSIVE INCOME (LOSS)(in thousands, except per share amounts) For the Years Ended December 31, 2020 December 31, 2019 Net sales $14,514 $9,876 Cost of sales 9,908 7,261 Gross profit 4,606 2,615 Operating expenses: Sales and marketing 1,287 1,042 General and administration 6,671 4,480 Research and development 633 332 Total operating expenses 8,591 5,854 Gain on sale of real estate 1,892 - Loss from operations (2,093) (3,239) Interest income, net 62 133 Interest expense (295) - Loss from continuing operations (2,326) (3,106) Discontinued Operations: Income (loss) from discontinued operations 201 (40) Income (loss) from discontinued operations 201 (40) Net loss $(2,125) $(3,146) Other comprehensive loss: Unrealized gain (loss) on marketable debt securities (9) 22 Total comprehensive loss $(2,134) $(3,124) Basic and diluted earnings (loss) per share: Loss from continuing operations $(0.20) $(0.27) Income (loss) from discontinued operations 0.02 (0.00) Net loss per share $(0.18) $(0.27) Weighted average common shares outstanding: Basic and diluted 11,595 11,564 PROPHASE LABS, INC & SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) For the Years Ended December 31, 2020 December 31, 2019 Cash flows from operating activities Net loss $(2,125) $(3,146) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Realized (gain) loss on marketable debt securities (2) 12 (Gain) loss on discontinued operations, net of taxes (201) 40 Depreciation and amortization 449 398 Amortization of debt discount 1 - Amortization on right-of-use assets 9 - Lower of cost or net realizable value inventory adjustment 68 - Consulting expense paid through reduction of secured promissory note receivable 250 Stock-based compensation expense 1,459 744 Gain on sale of real estate (1,892) - Changes in operating assets and liabilities: Accounts receivable (1,039) 936 Inventory (1,468) 444 Prepaid and other assets (3,005) (8) Other assets (240) - Accounts payable and accrued expenses 3,339 (14) Lease liabilities (9) - Other liabilities 1,814 (247) Net cash provided by (used in) operating activities (2,592) (841) Cash flows from investing activities Issuance of secured promissory note receivable (3,000) - Purchase of marketable securities (4,560) (3,137) Proceeds from sale of marketable debt securities 3,840 8,908 Escrow receivable 4,812 - Capital expenditures (1,689) (228) Acquisition of Confucius Labs (2,500) - Proceeds from sale of building, net 2,081 - Net cash (used in) provided by investing activities (1,016) 5,543 Cash flows from financing activities Payment of dividends - (5,822) Issuance costs on unsecured convertible promissory notes (10) - Proceeds from unsecured convertible promissory notes 10,000 - Net cash provided by (used in) financing activities 9,990 (5,822) Increase (decrease) in cash and cash equivalents 6,382 (1,120) Cash and cash equivalents, at the beginning of the year 434 1,554 Cash and cash equivalents, at the end of the year $6,816 $434 Supplemental disclosures: Cash paid for income taxes $- $103 Interest payment on the promissory ntoes $250 $- Supplemental disclosure of non-cash investing and financing activities: Right-of-use assets and lease liability recorded upon adoption of ASC 842 $4,740 - Net unrealized (loss) gain, investments in marketable debt securities $(9) $22

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  • ProPhase Labs Acquires Digital Covid Vaccination and Testing “Passport” Solution

    New Reporting App Simplifies Documentation of User Vaccination and Covid Testing Statue – Easily Enables Clear Access to Air/Rail/Bus Travel, Concert & Sporting Events GARDEN CITY, NY, March 30, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, announced today that it has acquired the “VaccTrack” suite of digital solutions that can provide secure and reliable certification of a user’s vaccination and Covid testing results. A digital vaccination certificate, or “passport” is based on a mobile app that confirms that a user has been vaccinated against Covid-19, or, if the user has been tested for Covid-19, can confirm the test results. Reliably demonstrating that a user has been vaccinated or has tested negative for the virus is expected to be widely adopted as a measure that will allow entertainment and sporting venues to safely admit spectators and allow airlines and hotels to safely accept travelers. The VaccTrack solution is intended to be accessible on a mobile phone as an app or via a digital wallet. The VaccTrack four-in-one solution can be easily integrated into the Company’s current Covid testing operations, and will offer VaccTrack for vaccine certificates, VaccTest for screening test certificates, VaccCheck, to authenticate VaccTrack and VaccTest certificates and VaccWatch to report vaccination side effects. Click here or paste to your browser (https://www.youtube.com/watch?v=Yk2_UjbNApI) to view VaccTrack’s information video – ‘A Universal Digital Certificate Company’. VaccTrack provides certification for test results and vaccination dashboard in the form of a digitally signed PDF. After vaccination, app users have their medical provider confirm the vaccination or test results and receive a trusted universal for travel, business, and more. VaccTrack certificates can be quickly verified by scanning the certificate QR code with any smartphone at sporting events, concerts, and social functions. Vacctrack provides a highly secure and accurate authenticity confirmation directly from its own facilities and maintains all data within a single data stream. VaccTrack also allows users to set up alerts and reminders about upcoming tests and vaccinations. An additional benefit to the VaccTrack suite of IP includes, “VaccWatch”, which supports self-reporting adverse reactions to the vaccine along with any voluntarily information provided, such as gender, age group, and ethnic background. VaccWatch aids the community and scientists by enabling such data to be compiled and anonymized in order to help scientific research and development. The acquisition is an all cash transaction and financial details were not disclosed by both parties. “VaccTrack provides a digital solution in the important vaccine management technology space. It is important to our target audience that they be able to quickly and securely demonstrate immunization or test status to third parties,” said Ted Karkus, CEO of ProPhase Labs. Mr. Karkus added: “The VaccTrack application will be integrated into the ProPhase Link patient portal, which provides instant notification for lab results via several methods of communication including text and email. We will now be able to provide insight, authenticity, tracking and testing results for lab diagnostics and immunization records.“ “Acquiring the VaccTrack suite of IP is in line with our focus on creating shareholder value by rapidly growing our ProPhase Diagnostics subsidiary. We see increasing opportunity for this division as it evolves into a comprehensive end-to-end management system for medical testing and vaccination tracking. We are looking forward to working with VaccTrack’s highly skilled software development team to bring its application into our ecosystem,” concluded Karkus. Bedis Zormati, who developed VaccTrack, added, “We are honored that ProPhase Labs can now add increased value and functionality to their testing and diagnostic services by offering VaccTrack. Our software accelerates when users can take their vaccine certificates as well as Covid and other testing results out into the real-world and return to their normal lives and social events. We look forward to working with the ProPhase team.” About ProPhase LabsProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company. The Company’s laboratory testing subsidiary, ProPhase Diagnostics, offers SARS-CoV-2 (COVID-19) and COVID-19 viral mutation PCR tests through both saliva and nasal swab methods at its CLIA certified laboratories. Critical to COVID-19 testing, results are typically provided in under 24 hours. ProPhase Diagnostics also provides Respiratory Pathogen Panel (RPP) Molecular tests including Influenza A and B and others. ProPhase Labs researches, develops, manufactures, distributes, markets, and sells OTC consumer healthcare products and dietary supplements, including dietary supplements under the TK Supplements® brand. The Company actively pursues strategic investments and acquisition opportunities for other companies, technologies, and products. For more information, visit www.ProPhaseLabs.com. Investor ContactChris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.uswww.mzgroup.us

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  • ProPhase Labs to Host Fourth Quarter and Full Year 2020 Financial Results Conference Call on Wednesday, March 31, 2021 at 4:30 p.m. Eastern Time

    GARDEN CITY, NY, March 15, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, will hold a conference call on Wednesday, March 31, 2021 at 4:30 p.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2020. A press release detailing these results will be issued prior to the call. ProPhase Labs CEO and Chairman of the Board of Directors Ted Karkus will host the conference call, followed by a question and answer period. To access the call, please use the following information: Date:Wednesday, March 31, 2021 Time:4:30 p.m. Eastern time, 1:30 p.m. Pacific time Toll-free dial-in number:1-877-407-0784 International dial-in number:1-201-689-8560 Conference ID:13717366 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235. The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=143875 and via the investor relations section of the Company's website at www.ProPhaseLabs.com. A replay of the conference call will be available after 7:30 p.m. Eastern time through April 14, 2021. Toll-free replay number:1-844-512-2921 International replay number:1-412-317-6671 Replay ID:13717366 About ProPhase Labs ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company. The Company’s laboratory testing subsidiary, ProPhase Diagnostics, offers SARS-CoV-2 (COVID-19) and COVID-19 viral mutation PCR tests through both saliva and nasal swab methods at its CLIA certified laboratories. Critical to Covid testing, results are typically provided in under 24 hours. ProPhase Diagnostics also provides Respiratory Pathogen Panel (RPP) Molecular tests including Influenza A and B and others. ProPhase Labs researches, develops, manufactures, distributes, markets and sells OTC consumer healthcare products and dietary supplements, including dietary supplements under the TK Supplements® brand. The Company actively pursues strategic investments and acquisition opportunities for other companies, technologies and products. For more information, visit www.ProPhaseLabs.com. Investor Contact Chris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.uswww.mzgroup.us

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  • Analysts Expect ProPhase Labs, Inc. (NASDAQ:PRPH) To Breakeven Soon

    We feel now is a pretty good time to analyse ProPhase Labs, Inc.'s ( NASDAQ:PRPH ) business as it appears the company...

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  • ProPhase Labs Begins Advanced, Saliva-based Viral PCR Multiplex-Testing for COVID-19, Influenza A & B, and Other Viruses After FDA Confirmation of Two Emergency Use Authorizations

    Company Integrates Spectrum Solutions™ SDNA-1000 Saliva Collection System for Advanced, Simultaneous Multi-Viral Detection of Infections and Viral Mutations GARDEN CITY, NY, Feb. 09, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, has begun new saliva-based, viral RT-PCR multiplex-testing as a laboratory developed test (LDT) classification. Emergency use authorization (EUA) applications have been filed and confirmed by the U.S. Food and Drug administration (FDA) for its two new testing methodologies. Testing integrates the Spectrum Solutions saliva self-collection system with a new, advanced multiplex qPCR platform for the simultaneous RNA detection of not only SARS-CoV-2 (COVID-19) but also COVID-19 viral mutations, as well as Influenza A, B, and more. This new SDNA Viral™ saliva-based testing combo features pain-free self-collection, 100% in-device viral neutralization, removes the need for cold-chain storage of samples, and provides critical sample consistency for optimal accuracy. It additionally offers patients the most intuitive and safest sample collection process while delivering the most robust testing biomaterial for the detection of multiple viral infections or mutations in a single test. Spectrum Solutions, innovative medical device manufacturer and industry leader in bio-sample collection devices, helped secure the FDA’s very first saliva-based testing EUA and continues to lead the charge in saliva-based molecular diagnostic solutions and research. This new, efficient, and cost-effective multi-viral testing product has been engineered to increase testing accuracy and overcome the challenges of limited samples and costly analysis. This testing provides patients an immediate diagnostic advantage using a single saliva test to quickly detect and identify COVID-19, any of its 17+ current viral mutations, including those first reported in the United Kingdom and now found throughout the United States as well as Influenza A and B. With test processing already underway at both ProPhase New York and New Jersey CLIA certified lab locations, this new, innovative technology ensures optimal assay reliability, offers numerous diagnostic advantages over other testing applications, and delivers the capacity to process more than 60,000 tests per day. “We are privileged to be working with Spectrum Solutions, one of the leading life-science companies in the world on innovative testing solutions for detecting dangerous viruses including COVID-19,” said Ted Karkus, CEO of ProPhase Labs. Mr. Karkus added: “This collection device and multiplex testing methodology deliver significant value to testing that other platforms have missed. Not only does our methodology identify the original COVID-19 virus, our assay also has the multiplex capability of identifying Covid-19 viral mutations. With the FDA deciding to limit its review of EUA submissions for COVID-19 laboratory developed tests, receiving confirmation of a formal review from the FDA device division is a great win for all of us. Our new state-of-the-art molecular diagnostic testing equipment from Thermo Fisher not only streamlines testing results but prepares us for additional testing capabilities moving forward.” “Testing is the purposeful pursuit of understanding a disease and a window into each individual’s personalized response,” said Bill Phillips, Chief Operating Officer at Spectrum Solutions. Mr. Phillips added: "Without testing, patients and medical professionals would not be able to make informed decisions on the proper treatment path. We could not be more excited to partner with industry front-runner ProPhase Labs on the new Spectrum SDNA Viral testing solution. The industry needs more innovative testing collaborations like this, delivering real actionable insights, to help move us all forward." This collaboration coupled with other technologies and innovations will continue to provide a wide range of laboratory testing services for the diagnosis, screening, and evaluation of additional diseases. For more information on the RT-PCR multiplex testing, competitive pricing and some of the industry’s fastest testing turnaround times, please contact us at 866-7LAB TEST (866-752-2837) or info@prophasedx.com ABOUT SPECTRUM SOLUTIONS™, SPECTRUM DNA™ Headquartered in Salt Lake City, Utah, Spectrum Solutions and its medical device division, SpectrumDNA, focus their industry expertise on engineering innovative end-to-end solutions for clinical diagnostic projects and commercial product plans. A single-source solution provider for medical device development, manufacturing, custom packaging, kitting, and direct-to-consumer fulfillment. Their bio-sample collection devices, patented technologies, and dedicated client services deliver measurable process optimization, unprecedented efficiency, and unmatched global scalability. For more information, please visit spectrumsolution.com/SDNA. About ProPhase Labs ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company’s subsidiary, ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”), offers COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies, and products. For more information visit us at www.ProPhaseLabs.com. Forward Looking Statements Except for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our testing capacity goals. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to the scale, scope and duration of the COVID-19 pandemic, our ability to attract and retain customer accounts, consumer demand for our lab processing services, the competitive environment, attracting and retaining qualified staff, challenges relating to entering into new business lines, our failure to obtain certain regulatory approvals, our ability to ramp up our lab’s testing capacity and execute on our business plan, our ability to obtain necessary equipment and raw materials, our ability to execute our business plan in a cost–effective manner, and the risk factors listed from time to time in our Annual Report on Form 10-K and other SEC filings. Investor Contact Chris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.uswww.mzgroup.us

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  • ProPhase Labs Exceeding Initial Goals as Covid-19 Lab Testing Business Ramps up

    Company to Host Business Update Shareholder’s Conference Call on February 10, 2021 at 11:00 a.m. Eastern Time GARDEN CITY, NY, Feb. 01, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, announced today that it has surpassed its initial testing goals and is successfully ramping up its COVID-19 testing business as planned. The Company’s Old Bridge, New Jersey lab is currently processing tests at a rate in excess of 2,500 COVID-19 tests per day based on a 5-day per week average. To date, the pre-tax net profit is significantly greater than $30 per test. The Company’s Garden City, New York lab is now open and fully operational and beginning to accept orders. The two labs combined have the equipment and infrastructure necessary to provide capacity of up to 60,000 tests per day. ProPhase Labs purchased its first CLIA lab in Old Bridge, New Jersey, in October 2020. The Company initially set a goal of processing 1,000 COVID-19 tests per day by December 31, 2020. In early December, the Company increased this goal to 1,500 COVID-19 tests per day with a pre-tax net profit of at least $30 per test processed. “I am pleased to announce that we have surpassed all of our initial testing goals, including our profit margin targets,” said Ted Karkus, CEO of ProPhase Labs. Mr. Karkus added: “Our capital investments, coupled with the hiring of a terrific team, has led to two highly efficient labs with the latest state-of-the-art high-complexity molecular laboratory testing equipment. This has enabled us to offer highly competitive pricing to our customers, and some of the fastest turnaround reporting times in the industry, while still generating over $30 net profit per test processed. Our goal is to grow our testing revenues quarter to quarter during 2021. If we are able to average 2,500 tests processed per five-day work week in Q1, and then grow that volume to an average of 5,000 tests per five-day work week for the rest of 2021, it would be feasible to realize approximately $100 million in testing gross revenues and approximately $35 million in pre-tax net income, based on $30 net profit per test. And this does not include the Company’s legacy manufacturing and dietary supplement businesses, which also are growing.” Mr. Karkus further explained: “At present, our margins appear to be generating significantly greater than $30 net profit per test. However, until we have more experience with reimbursement rates, it will be difficult to estimate how much higher the actual profit per test might be.” The Company emphasized that the future testing revenues and margins discussed herein cannot be assured and are subject to numerous factors and risks outside of the Company’s control. ProPhase will host a shareholder conference call on February 10, 2021 to review the performance of its laboratory processing business, short- and long-term prospects for future growth, and strategic direction. ProPhase Labs Shareholder Conference Call Date:Wednesday, February 10, 2021Time:11:00 a.m. Eastern time (8:00 a.m. Pacific time)Dial-in:1-877-407-0784International Dial-in:1-201-689-8560Passcode:13716077Webcast:http://public.viavid.com/index.php?id=143390 A telephone replay will be available approximately two hours after the call and will run through March 10, 2021 by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13716077. The webcast will be available for replay for 60 days at http://public.viavid.com/index.php?id=143390 and on the investor relations section of the Company's website at www.ProPhaseLabs.com. About ProPhase Labs ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company’s subsidiary, ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”), offers COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies and products. For more information visit us at www.ProPhaseLabs.com. Forward Looking Statements Except for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our testing goals, and future testing revenue and margins. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to the scale, scope and duration of the COVID-19 pandemic, our ability to attract and retain customer accounts, consumer demand for our lab processing services, the competitive environment, attracting and retaining qualified staff, challenges relating to entering into new business lines, our failure to obtain certain regulatory approvals, our ability to ramp up our lab’s testing capacity and execute on our business plan, our ability to obtain necessary equipment and raw materials, our ability to execute our business plan in a cost–effective manner, and the risk factors listed from time to time in our Annual Report on Form 10-K and other SEC filings. Investor ContactChris TysonManaging DirectorMZ Group - MZ North America949-491-8235PRPH@mzgroup.uswww.mzgroup.us

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  • ProPhase Labs Announces Opening of Large CLIA Lab Covid Testing Facility in Garden City, New York

    - Total Company Processing Capacity On Track to Reach 60,000 Tests Per Day – GARDEN CITY, NY, Jan. 29, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, announced today the opening of its 25,000 square foot facility in Garden City, New York. The new lab features state-of-the-art technology and offers a wide range of laboratory testing services for diagnosis, screening and evaluation of diseases, including COVID-19 and Respiratory Pathogen Panel Molecular tests. The lab features the latest Thermo Fisher Scientific lab equipment and employs approximately 75 technical staff. The Company will add additional technical staff to meet client needs as the lab continues to ramp-up. The lab is already processing COVID-19 tests, and the Company plans to expand lab capacity to be able to process up to 50,000 COVID-19 tests per day by the end of the current fiscal quarter. The technology embedded in the new lab will enable the Company to offer highly competitive pricing to customers and to deliver test results, in most cases, within 24 hours. The lab also will be operating and processing tests seven days a week. “We are exceptionally proud of our team’s rapid buildout of the new lab and successful onboarding of a world-class technical staff for the new facility. Our strategic rollout of CLIA Labs is proceeding exactly as planned,” said Ted Karkus, CEO of ProPhase Labs. “Our two labs, Garden City, New York and Old Bridge, New Jersey, working in tandem, are expected to enable us to process 60,000 tests per day. In addition to COVID-19 testing, we are looking to diversify into other areas of high margin diagnostic molecular testing,” explained Karkus. ProPhase Diagnostics Update ProPhase Diagnostics, Inc., a wholly-owned subsidiary of the Company, which was formed to aggregate medical testing business opportunities for the Company, continues to expand its lab capabilities and testing capacity by expanding its physical presence to include the new Garden City, New York location and adding several key new hires to its team. Steve Kamalic, Chief Operating Officer - ProPhase Diagnostics Steve Kamalic is a veteran operations executive with decades of experience building and growing lab processing units. At ProPhase Diagnostics, Steve will be responsible for ensuring the company meets its stated goal of 60,000 tests per day between its Garden City, New York lab and Old Bridge, New Jersey lab. Prior to joining ProPhase Diagnostics, Steve served as Chief Operating Officer and Sales Director at a substantial regional lab. He oversaw a laboratory business that significantly grew its annual revenues. He has worked at several startups and has a vision for growth and expansion. Steve holds an AAS in medical technology and a BS in Health Administration. Sergio Miralles, Chief Information Officer - ProPhase Diagnostics Sergio Miralles is an experienced IT Leader, with over 12 years of experience in enterprise level Cybersecurity, Infrastructure, and Architecture. At ProPhase Diagnostics, Sergio will be responsible for ensuring a complete end-to-end technology solution that links its lab customers’ patient data via interface to efficiently process and report results. Previously, Miralles founded and led a successful IT consulting firm overseeing 18 IT consultants. For the last 5 years, his primary focus has been on the medical, lab, and diagnostics business. Sergio holds several certifications from Cisco, ISC2, and CompTIA. Carlos D. Brewster, Head of Molecular Lab Testing - ProPhase Diagnostics Carlos Brewster has over 18 years of experience in the Molecular Biology field, which started with an internship with the Federal Government in Washington DC. Carlos’ current responsibilities encompass assay design, validation, implementation and training. Prior to joining ProPhase Diagnostics, he served as a Research and Development Specialist. Since the onset of the pandemic he has received several FDA Emergency Use Authorizations for the COVID-19 Assay, which is now being utilized within the industry by numerous laboratories and has generated millions of dollars in revenue. Carlos holds a Bachelor of Science in Biology. He also holds a New York State License as a Clinical Laboratory Technologist. Karkus added: “We are privileged to welcome these three experts in their respective fields to the ProPhase team. Steve has decades of experience building out lab processing, and his knowledge will be of great value as we continue our expansion efforts. Sergio will help us to bridge the gap between lab processing and the more difficult challenge of linking to customers via an interface to efficiently upload patient data and report results in a timely and efficient manner. Carlos was instrumental in the purchase, acquisition and installation of the latest Thermo Fisher equipment for our New Jersey lab and our new New York facility. Carlos’ focus will now be on helping us to expand our overall testing capacity and achieve our goal of hitting 60,000 tests per day. Together, the leadership team at ProPhase Diagnostics is coming together, and I have never been more confident in their ability to position us as a leading testing provider.” About ProPhase Labs ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company’s subsidiary, ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”), offers COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies and products. For more information visit us at www.ProPhaseLabs.com. Forward Looking Statements Except for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our ability to ramp up lab testing capacity, our ability to provide competitive pricing and timely test results, our ability to attract customers for our testing services, and our staffing plans for the New York laboratory. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to the scale, scope and duration of the COVID-19 pandemic, our ability to attract and retain customer accounts, consumer demand for our lab processing services, the competitive environment, attracting and retaining qualified staff, challenges relating to entering into new business lines, our failure to obtain certain regulatory approvals, our ability to ramp up our lab’s testing capacity and execute on our business plan, our ability to obtain necessary equipment and raw materials, and the risk factors listed from time to time in our Annual Report on Form 10-K and other SEC filings. Investor ContactChris TysonManaging DirectorMZ Group - MZ North America949-491-8235PRPH@mzgroup.uswww.mzgroup.us

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  • ProPhase Labs, Inc. Announces Closing of Public Offering

    Garden City, NY, Jan. 21, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, today announced the closing of its previously announced public offering of 3,000,000 shares of its common stock at a public offering price of $12.50 per share, for gross proceeds of $37,500,000, before deducting underwriting discounts and commissions and offering expenses. In addition, ProPhase Labs, Inc. has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any, at the public offering price, less underwriting discounts and commissions. The Company intends to use the proceeds from the offering for working capital and other general corporate purposes. ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering. Dawson James Securities, Inc. acted as co-manager for the offering. Reed Smith LLP, New York, New York, represented the Company in connection with the offering, and Schiff Hardin LLP, Washington, DC, represented the underwriters. The offering is being made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). The final prospectus supplement relating to the offering was filed with the SEC on January 20, 2021. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at prospectus@think-equity.com and Dawson James Securities, 101 N Federal Highway Suite 600 Boca Raton, Florida, 33432, Attention: Prospectus Department or by telephone at 1(866) 928-0928 or email at syndicate@dawsonjames.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. About ProPhase Labs, Inc. ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company is also developing ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”) to offer COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies and products. For more information visit us at www.ProPhaseLabs.com. Forward-Looking Statements This press release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms and similar expressions intended to identify forward-looking statements. These statements include statements related to the intended use of proceeds. ProPhase cautions readers that forward-looking statements are based on management’s expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks related to the impact of general economic, industry or political conditions in the United States. Forward-looking statements reflect its analysis only on their stated date, and ProPhase undertakes no obligation to update or revise these statements except as may be required by law. Investor ContactChris Tyson Managing Director MZ Group - MZ North America 949-491-8235PRPH@mzgroup.uswww.mzgroup.us

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  • ProPhase Labs Announces Pricing of Public Offering of Common Stock

    GARDEN CITY, NY, Jan. 18, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, announced today the pricing of an underwritten public offering of 3,000,000 shares of common stock at an offering price of $12.50 per share, for gross proceeds of $37,500,000. In addition, ProPhase has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares to cover over-allotments, if any. All of the shares are being offered by ProPhase. The offering is expected to close on January 21, 2021, subject to the satisfaction of customary closing conditions. ProPhase intends to use the net proceeds from the offering for working capital and other general corporate purposes. ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the Offering. Dawson James Securities, Inc. is acting as co-manager for the offering. The offering is being made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov and on ProPhase’s website. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website. Copies of the final prospectus supplement (when available) and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., Prospectus Department, 17 State Street, 22nd Floor, New York, New York 10004, telephone at (877) 436-3673 or e-mail at prospectus@think-equity.com and Dawson James Securities, 101 N Federal Highway Suite 600 Boca Raton, Florida, 33432, Attention: Prospectus Department or by telephone at 1(866) 928-0928 or email at syndicate@dawsonjames.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement. About ProPhase Labs ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company is also developing ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”) to offer COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies and products. For more information visit us at www.ProPhaseLabs.com. Forward-Looking Statements This press release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms and similar expressions intended to identify forward-looking statements. These statements include statements related to the expected completion of the offering described herein and the intended use of proceeds. ProPhase cautions readers that forward-looking statements are based on management’s expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks related to prevailing market conditions, the impact of general economic, industry or political conditions in the United States, and ProPhase’s ability to satisfy customary closing conditions associated with the offering. Forward-looking statements reflect its analysis only on their stated date, and ProPhase undertakes no obligation to update or revise these statements except as may be required by law. Investor Contact Chris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.uswww.mzgroup.us

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  • ProPhase Labs Announces Proposed Public Offering of Common Stock

    GARDEN CITY, NY, Jan. 15, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, announced today that it has commenced a proposed underwritten public offering of its common stock. ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the Offering. Dawson James Securities, Inc. is acting as co-manager for the offering. ProPhase intends to grant the underwriters a 30-day option to purchase up to 15% of the shares sold to the public in the offering at the public offering price, to cover over-allotments, if any. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Proceeds from the offering will be used for working capital and general corporate purposes. The offering is being made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement related to the offering of has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov and on ProPhase’s website. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., Prospectus Department, 17 State Street, 22nd Floor, New York, New York 10004, telephone at (877) 436-3673 or e-mail at prospectus@think-equity.com and Dawson James Securities, 101 N Federal Highway Suite 600 Boca Raton, Florida, 33432, Attention: Prospectus Department or by telephone at 1(866) 928-0928 or email at syndicate@dawsonjames.com. This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended. About ProPhase Labs ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company is also developing ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”) to offer COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies and products. For more information visit us at www.ProPhaseLabs.com. Forward-Looking Statements This press release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms and similar expressions intended to identify forward-looking statements. ProPhase cautions readers that forward-looking statements are based on management’s expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks related to whether the Company will offer the common stock or consummate the offering of common stock on the expected terms, or at all; the anticipated use of the net proceeds of the offering; and the fact that the Company’s management will have broad discretion in the use of the proceeds from any sale of common stock. Forward-looking statements reflect its analysis only on their stated date, and ProPhase undertakes no obligation to update or revise these statements except as may be required by law. Investor Contact Chris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.us www.mzgroup.us

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  • ProPhase Labs to Present at the NobleCon17 Annual Small & Microcap Investor Conference on Tuesday, January 19, 2021 at 12:45 p.m. Eastern Time

    Company Exceeding Near Term Goals & Expands 2021 Testing Capacity Surpasses Targeted $30 Net Profit Margin Per COVID-19 TestGARDEN CITY, NY, Jan. 11, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH) (“ProPhase Labs”), a diversified medical science and technology company, today announced that management will present at the NobleCon17 Annual Small & Microcap Investor Conference taking place January 19th \- 20th, 2021.ProPhase Labs CEO Ted Karkus is scheduled to host a virtual presentation during the conference and will also participate in one-on-one meetings throughout the day. Management will highlight its newly formed subsidiary, ProPhase Diagnostics, which operates a Clinical Laboratory Improvement Amendments (“CLIA”) accredited laboratory in Old Bridge, New Jersey, and recently entered into a lease for a new 25,000 square foot COVID-19 testing facility in Garden City, New York.Ted Karkus, CEO of ProPhase Labs, stated: “I am excited to report new testing metrics at NobleCon17 with our anticipated launch of additional COVID-19 testing services from our newly acquired lab in Garden City, New York later this month. Interest and demand for our lab processing services has been high, motivating us to build our second lab with capacity to be able to process up to 50,000 COVID-19 tests per day by next month. This capacity is in addition to our successful ramp up of our first lab in New Jersey. We look forward to sharing more on our developing story during our formal presentation and with new investors throughout the conference,” concluded Karkus.NobleCon17 Annual Small & Microcap Investor ConferenceDate:Tuesday, January 19, 2021 Time:12:45 p.m. EST, 9:45 a.m. PST Webcast:https://www.nobleconference.com/register/investor-guest \- Track 1 Replay:https://noble.mediasite.com/Mediasite/Play/0ea17b2d55f043578d885999a363abf21d \- Track 1 Location:Virtual A replay of the webcast will be available at the replay link above approximately 24 hours following the live presentation and will also be available in the company’s new investor relations section here.For more information or to schedule a one-on-one meeting with ProPhase Labs management, please contact your conference representative or you may also email your request to PRPH@mzgroup.us or call Chris Tyson at (949) 491-8235.About Noble Capital Markets, Inc.Noble Capital Markets (“Noble”) is a research driven boutique investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed and registered broker-dealer Noble provides institutional-quality equity research, merchant and investment banking, wealth management and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade+. In 2018 Noble launched www.channelchek.com – an investment community dedicated exclusively to small and micro-cap companies and their industries. Channelchek is tailored to meet the needs of self-directed investors and financial professionals and is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 emerging growth companies are listed on the site, with growing content including webcasts, industry sector reports, advanced market data and balanced news.About ProPhase LabsProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. Its dietary supplement line of products, TK Supplements, has extensive distribution in major FDM (Food, Drug and Mass) retailers including Walmart, Walgreens, CVS and RITE-AID. The Company’s recently formed wholly-owned subsidiary, ProPhase Diagnostics, Inc., is a rapidly developing CLIA laboratory business that offers COVID-19 and other Respiratory Pathogen Panel (RPP) testing services. ProPhase Labs is dedicated to creating sustainable value for shareholders over the long-term through growth of its existing businesses. It is also continuing to explore strategic investments and additional acquisition opportunities. For more information visit us at www.ProPhaselabs.com.Investor Contact: Chris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.us www.mzgroup.us

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  • ProPhase Labs Announces $5.5 Million Registered Direct Offering of Common Stock and Warrants

    GARDEN CITY, NY, Jan. 05, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, today announced that it has entered into a definitive securities purchase agreement with certain institutional and accredited investors to purchase, in a registered direct offering, 550,000 shares of ProPhase common stock, at a purchase price of $10.00 per share, together with warrants to purchase 275,000 shares of ProPhase common stock at a purchase price of $11.00 per share. Subject to customary closing conditions, the transaction is expected to close on Thursday, January 7, 2021. ProPhase anticipates that the net proceeds from this offering, after deducting offering expenses, will be used for working capital and general corporate purposes. No placement agent or broker dealer was used or participated in the offering.The shares of common stock are being offered pursuant to a “shelf” registration statement on Form S-3 (File No. 333‑225875), which was declared effective by the Securities and Exchange Commission (the “SEC”) on July 5, 2018. A prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained, when available, at the SEC’s website at http://www.sec.gov.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.About ProPhase LabsProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company is also developing ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”) to offer COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies and products. For more information visit us at www.ProPhaseLabs.com.Forward Looking StatementsExcept for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated closing of the offering and the anticipated use of proceeds. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to administrative and other delays related to the COVID-19 pandemic, and the risk factors listed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any subsequent SEC filings.Investor ContactChris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.us www.mzgroup.us

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  • ProPhase Labs Expands COVID-19 Testing Capacity with New 25,000 Square Feet Testing Facility in Garden City, New York

    Company Expands to Meet Anticipated Demand for Increased Molecular Testing From New Business Opportunities – Aiming For Capacity to Process 50,000 Tests per Day Doylestown, PA, Dec. 08, 2020 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, today announced that it has continued its CLIA Lab rollout with the execution of a lease for a 25,000 square foot facility in Garden City, New York. This new lab, like the Company’s first lab in Old Bridge, New Jersey, will provide a wide range of laboratory testing services for diagnosis, screening and evaluation of diseases, including COVID-19 and Respiratory Pathogen Panel (“RPP”) Molecular tests.The Company reported that the equipment needed to outfit the Garden City lab has already been ordered and the Company is in the process of recruiting and hiring the necessary technical staff to operate the new lab. When fully ramped up, the new facility could bring as many as 100 new jobs to Garden City, New York.Ted Karkus, CEO of ProPhase Labs, stated: “We expect to be able to start processing COVID-19 tests in our new lab by mid-January and are seeking to build capacity to process up to 50,000 COVID-19 tests per day by the end of Q1 2021. We are also ahead of schedule with the development of our first CLIA lab in New Jersey. Our original goal was to have capacity there to process 8,000 to 10,000 tests per day in Q1 2021. We will achieve this goal well before year-end. Future goals include diversification into other areas of high margin diagnostic molecular testing.”New Business“I am also pleased to report that several new accounts have commenced processing tests at our New Jersey facility this week,” stated Mr. Karkus. “These new accounts present a significant growth opportunity for us. In addition, our pipeline of new customer prospects is robust. Based on this momentum, it is feasible that demand in Q1 2021 could surpass our near-term New Jersey lab capacity. That is part of the reason for investing in a high capacity Garden City facility.” Mr. Karkus cautioned that there can be no assurance that the Company will be able to attract sufficient business to utilize the anticipated capacity of the Company’s labs.Mr. Karkus added: “Our goal is to provide highly competitive pricing to our customers and to be able to report test results, in most cases, within 24 hours, and to process tests seven days per week. In fact, customers using courier services may be able to receive same day tests results. These stated goals already are generating significant interest in our testing services. Our newest customers include a well-known East Coast group of Urgent Care Centers, film production studios and testing services for a large mid-western municipality. Spectrum Solutions is a major producer of high-quality test kits. Because we are qualified to process their test kits, there is increased interest in our labs from Spectrum Solutions customers as a source for reliable processing, competitive pricing and quick turn-around.”Mr. Karkus noted that if the Company is able to execute on these opportunities – and he is optimistic the Company is in fact able to do so - there would be a significant favorable impact on revenues. He observed that in this industry, pre-tax operating income in the range of $30 per test kit processed are not uncommon, and that the Company’s next goal is to acquire sufficient new business to process up to 10,000 tests per day, seven days a week, before the end of Q1 2021.Nationwide Demand for Testing CapacityAccording to a recent article in USA Today on November 27, 2020 titled “The demand for COVID-19 testing is up, stressing labs and delaying results,” turnaround times for coronavirus tests are on the rise again. Amid a record demand for testing ahead of the Thanksgiving weekend, Quest Diagnostics said this week that it's taking up to three days to complete a test after receiving a sample. LabCorp, another large private lab company, said higher testing demand means it now takes up to two days to complete a test. These turnarounds do not include the additional time it takes a person to schedule and get a test at a doctor’s office, urgent care facility or other sites. Several sites across the nation this week had long lines of people waiting to get tested.About ProPhase LabsProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company is also developing ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”) to offer COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies and products. For more information visit us at www.ProPhaseLabs.com.Forward Looking StatementsExcept for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our staffing plans for the new New York lab, our ability to ramp up lab testing capacity our ability to provide competitive pricing and and timely test results, our ability to attract customers for our testing services, our expectations regarding growth in revenue and earnings and net margin goals. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to the scale, scope and duration of the COVID-19 pandemic, the ability of the Company to attract and retain customer accounts, consumer demand for our lab processing services, the competitive environment, the ability to achieve anticipated margins, attracting and retaining qualified staff, challenges relating to entering into new business lines, the failure to obtain certain regulatory approvals, our ability to ramp up our lab’s testing capacity and execute on our business plan, our ability to obtain necessary equipment and raw materials, and the risk factors listed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any subsequent SEC filings. Investor ContactChris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.us www.mzgroup.us

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  • ProPhase Labs Reports Financial Results for the Three and Nine Months Ended September 30, 2020

    DOYLESTOWN, Pennsylvania, Nov. 16, 2020 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, today announced net sales of $3.8 million for the three months ended September 30, 2020, compared to net sales of $2.8 million for the three months ended September 30, 2019. The Company incurred a net loss from continued operations for the three months ended September 30, 2020 of $569,000, or ($0.05) per share, compared to a net loss from continued operations of $428,000, or ($0.04) per share, for the three months ended September 30, 2019. For the three months ended September 30, 2020, the Company also recognized income from discontinued operations of $161,000, or $0.01 per share. The Company incurred a net loss for the three months ended September 30, 2020 of $408,000, or ($0.04) per share, compared to a net loss of $428,000, or ($0.04) per share, for the three months ended September 30, 2019. Results for the third quarter of 2020 compared to the third quarter of 2019 principally reflect the net effect of (i) an increase in net sales of $1.0 million due to an increase in third party customer orders, (ii) a decrease in sales and marketing expenses of $49,000 resulting from a reduction in marketing expenditures, offset by (iii) an increase in administrative costs of $363,000 due principally to an increase in professional fees.The Company generated net sales for the nine months ended September 30, 2020 of $9.4 million, as compared to $6.7 million for the nine months ended September 30, 2019. The Company incurred a net loss from continued operations for the nine months ended September 30, 2020 of $1.3 million, or ($0.11) per share, compared to a net loss from continued operations of $2.7 million, or ($0.23) per share, for the nine months ended September 30, 2019. For the nine months ended September 30, 2020, the Company also recognized income from discontinued operations of $161,000, or $0.01 per share. The Company incurred a net loss for the nine months ended September 30, 2020 of $1.1 million, or (0.10) per share, as compared to a net loss of $2.7 million, or (0.23) per share, for the nine months ended September 30, 2019.Results for the nine months ended September 30, 2020 as compared to the nine months ended September 30, 2019 principally reflect the net effect of (i) an increase in net sales of $2.6 million due to an increase in third party customer orders, (ii) a decrease in sales and marketing expenses of $362,000 resulting from a reduction in marketing expenditures and (iii) a decrease in research and development expenditures of $65,000; offset by (iv) an increase in administrative costs of $95,000 due principally to an increase in professional fees.Ted Karkus, CEO of ProPhase Labs, stated: “Our manufacturing and dietary supplement businesses are strong and growing. We recently expanded distribution of our lead dietary supplement, Legendz XL®, into Walmart and CVS, in addition to Walgreens, Rite-Aid and other FDM (Food, Drug and Mass) retailers. We are pleased to have achieved a critical mass of distribution and intend to accelerate our television, radio and social media advertising to grow our brands. We also recently announced that we completed the acquisition of a Clinical Laboratory Improvement Amendments (“CLIA”) accredited laboratory headquartered in Old Bridge, New Jersey which can provide a wide range of laboratory testing for diagnosis, screening and evaluation of diseases, including COVID-19 and Respiratory Pathogen Panel (“RPP”) Molecular tests. The lab is owned by the Company’s new, wholly-owned subsidiary, ProPhase Diagnostics, Inc., which was formed to aggregate medical testing business opportunities and expand the lab’s capabilities and capacity. In addition to being validated for swabs, our new lab is also validated for the widely distributed Spectrum Solutions saliva collection COVID-19 test kit. Demand for the Spectrum test kit is high and we look forward to working with and providing these important services to users of Spectrum’s test kits.”Mr. Karkus continued, “Given our efficient processing, our goal is to provide highly competitive pricing to our customers and to be able to report test results, in most cases, within 24 hours. We believe that these dynamics will lead to significant demand for our testing services.”Mr. Karkus added, “If ProPhase Labs is able to generate a net margin of just $30 per COVID-19 test (which we believe is conservative based on current industry dynamics), for each 1,000 tests processed per day, our lab could generate approximately $30,000 in net operating income. If these levels can be attained and sustained, just on the basis of processing 1,000 units a day, five days per week, we would project approximately $7.5 million in annualized pre-tax operating income. However, we expect our lab to have capacity to process many more test kits than just 1,000 per day. Our current goal is to have a run rate of at least 4,000 units processed per day, on average, by the end of the first quarter of 2021. We also anticipate processing up to seven days per week.”Mr. Karkus continued, “We are planning to significantly ramp up our lab’s capacity with the acquisition and installation of highly efficient equipment. We believe that our capacity will be greater than 5,000 tests per day before year-end 2020, and we hope to reach capacity to process 10,000 tests per day by early 2021. Because there are such favorable dynamics in this industry, and significant interest in lab testing services, we are also pursuing adding greater CLIA lab capacities, either by acquisition or by building an additional facility, or both.”Mr. Karkus cautioned that “The success of the Company’s new diagnostic testing labs business will depend on both the Company attracting sufficient customers who will choose to use the Company’s lab to process their test kits, and the Company’s ability to successfully operate this new business line.”“We are also pleased to announce that we closed on the sale of our headquarters in Doylestown, Pennsylvania for $2.2 million. These funds are in addition to the approximately $15 million of available working capital as of September 30, 2020. We believe that we have ample working capital for all of our current and projected needs related to the build out of our CLIA lab testing services. We are also aggressively pursuing other strategic investments and acquisitions and hope to have more to share in the near future,” concluded Mr. Karkus.About ProPhase LabsProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company is also developing ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”) to offer COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies and products inside and outside the consumer products industry. For more information visit us at www.ProPhaseLabs.com.Forward Looking StatementsExcept for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our plans to accelerate our media advertising for Legendz XL, our ability to ramp up lab testing capacity and attract users of any labs we might own or acquire, projected net operating profits and pre-tax operating income, demand for our testing services, our plans to acquire or build out additional CLIA labs, demand for our testing services, and our ability to satisfy near-term working capital needs. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to the scale, scope and duration of the COVID-19 pandemic, consumer demand for our lab processing services, the competitive environment, challenges relating to entering into new business lines, the failure to obtain certain regulatory approvals, our ability to ramp up our lab’s testing capacity and execute on our business plan, our ability to obtain necessary equipment and raw materials, and the risk factors listed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any subsequent SEC filings. Investor ContactChris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.us www.mzgroup.usProPhase Labs, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)  For the Three Months Ended  For the Nine Months Ended    September 30, 2020  September 30, 2019  September 30, 2020  September 30, 2019  Net sales $3,840  $2,766  $9,351  $6,735  Cost of sales  2,798   1,932   6,615   5,120  Gross profit  1,042   834   2,736   1,615                    Operating expenses:                 Sales and marketing  253   302   548   910  Administration  1,299   936   3,327   3,232  Research and development  57   57   181   246  Total operating expenses  1,609   1,295   4,056   4,388  Loss from operations  (567)  (461)  (1,320)  (2,773)                   Interest income, net  39   33   53   94  Other expenses  (41)  -   (41)  -  Loss from continuing operations  (569)  (428)  (1,308)  (2,679)                   Discontinued Operations:                 Income from discontinued operations  161   -   161   -  Income from discontinued operations  161   -   161   -  Net loss $(408) $(428) $(1,147) $(2,679)                   Other comprehensive loss:                 Unrealized gain (loss) on marketable debt securities  (8)  (5)  (2)  18  Total comprehensive loss $(416) $(433) $(1,149) $(2,661)                   Basic and diluted earnings (loss) per share:                 loss from continuing operations $(0.05) $(0.04) $(0.11) $(0.23) Income from discontinued operations  0.01   -   0.01   -  Net loss per share $(0.04) $(0.04) $(0.10) $(0.23)                   Weighted average common shares outstanding:                 Basic and diluted  11,604   11,565   11,593   11,561  ProPhase Labs, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) (unaudited)  September 30,  December 31,    2020  2019       (audited)          Cash and cash equivalents $10,860  $434  Marketable debt securities, available for sale $1,403  $926  Accounts receivable, net $2,999  $2,010  Inventory $2,138  $1,459  Total current assets $17,910  $9,945  Total assets $23,033  $12,274            Total current liabilities $2,145  $933  Total non-current liabilities $10,127  $110  Total stockholders' equity $10,761  $11,231

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  • ProPhase Labs to Present at the Virtual Fall Investor Summit on Monday, November 16, 2020 at 2:30 p.m. Eastern Time

    DOYLESTOWN, PA , Nov. 10, 2020 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH) (“ProPhase Labs”), a diversified medical science and technology company, today announced that management will present at the Virtual Fall Investor Summit taking place November 16th – 18th, 2020. ProPhase Labs CEO Ted Karkus is scheduled to host a virtual presentation during the conference and will also participate in one-on-one meetings throughout the day. Management will highlight its recent formation of ProPhase Diagnostics, which just completed the acquisition of a Clinical Laboratory Improvement Amendments (“CLIA”) accredited laboratory in Old Bridge, New Jersey, and introduce Steven Kamalic, who was recently appointed COO of ProPhase Diagnostics. Steven is an 18-year industry veteran who recently oversaw a prominent east coast CLIA accredited laboratory and achieved record annual revenue growth to $160 million during his ten-year tenure.Virtual Fall Investor SummitDate:Monday, November 16, 2020 Time:2:30 p.m. EST, 11:30 a.m. PST Webcast:https://www.webcaster4.com/Webcast/Page/2038/38517 Location:Virtual For more information or to schedule a one-on-one meeting with ProPhase Labs management, please contact your conference representative or you may also email your request to PRPH@mzgroup.us or call Chris Tyson at (949) 491-8235.About ProPhase LabsProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. It’s dietary supplement line of products, TK Supplements, has extensive distribution in major FDM (Food, Drug and Mass) retailers including Walmart, Walgreens, CVS and RITE-AID. The Company’s recently formed wholly-owned subsidiary, ProPhase Diagnostics, Inc., is a rapidly developing CLIA laboratory business that offers COVID-19 and other Respiratory Pathogen Panel (RPP) testing services. ProPhase Labs is dedicated to creating sustainable value for shareholders over the long-term through growth of its existing businesses. It is also continuing to explore strategic investments and additional acquisition opportunities. For more information visit us at www.ProPhaselabs.com.Investor Contact: Chris Tyson Managing Director MZ Group - MZ North America 949-491-8235 PRPH@mzgroup.us www.mzgroup.us

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  • ProPhase Labs Completes Acquisition of CLIA Accredited Lab and Provides Corporate Update

    DOYLESTOWN, Pennsylvania, Nov. 02, 2020 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, announced today that it has completed the acquisition of Confucius Plaza Medical Laboratory Corp. (“Confucius Labs”), a Clinical Laboratory Improvement Amendments (CLIA) accredited laboratory headquartered in Old Bridge, New Jersey. The approximately 4,000 square feet lab will provide a wide range of testing for diagnosis, screening and evaluation of diseases, including COVID-19 and Respiratory Pathogen Panel (RPP) Molecular tests. The lab is owned by the Company’s new subsidiary, ProPhase Diagnostics, Inc., which was formed to aggregate medical testing business opportunities and expand the lab’s capabilities and capacity.ProPhase Diagnostics, as a consequence of its acquisition of Confucius Labs, is validated for COVID-19 testing for both swabs and saliva. Additionally, the Company is taking steps to validate ProPhase Diagnostics for the widely used Spectrum Solutions saliva collection COVID-19 test kit.Ted Karkus, CEO of ProPhase Labs stated: “Confucius Labs is an ideal entry opportunity for ProPhase into the medical testing business. We are working to significantly ramp up the lab’s capacity. To accomplish this, we intend to install additional state of the art equipment, which has been identified and largely ordered.”When asked what attracted ProPhase Labs to this segment of the laboratory testing industry, Mr. Karkus commented that “industry publications report that the global COVID-19 detection kits and consumables market is expected to reach $5.2 billion by the end of 2020 and reach $6.1 billion by 2021 at a compound annual growth rate (CAGR) of 17.3%. Medicare currently pays approximately $100 for each high-throughput COVID-19 test. The Centers for Medicare and Medicaid Services recently announced that starting in January 2021, Medicare will only pay $75 for tests that take longer than two days to process.” Mr. Karkus added, “ProPhase Labs has long been focused on respiratory health. If we can help increase diagnostic testing, which is crucial to controlling the spread of COVID-19, it will benefit the country in terms of both health and wealth.”Mr. Karkus added that “Quest Labs, a large nationwide provider, has reported that they have made about $42 per test, and that their average cost was $29 per test. Even with the extra intricacies of testing for Coronavirus, Quest estimated that their Coronavirus test margins would be one-third higher than from regular activities.”“Our goal is to meet or, if possible, exceed those industry norms, and to grow testing capacity and volumes,” said Mr. Karkus. Mr. Karkus added, “If ProPhase Labs is able to generate a net margin of just $30 per COVID-19 test, for each 1,000 tests processed per day, our lab could generate approximately $30,000 in net operating income. If these levels can be attained and sustained, just on the basis of processing 1,000 units a day, we would project approximately $7.5 million in annualized pre-tax operating income. However, we expect our lab to have capacity to process many more test kits than just 1,000 per day. Our current goal is to have the capability to process as many as 7,000 – 8,000 tests per day in the first quarter of 2021 and to have a run rate of approximately 4,000 units processed per day, on average, by the end of the first quarter.”ProPhase Labs will also seek to increase utilization of the new lab through its ability to process tests for a variety of influenza, respiratory viruses, pneumonia-causing bacteria and other infectious diseases. “As demand for our diagnostics services increase, we plan to further expand our lab capacity,” said Mr. Karkus. Mr. Karkus cautioned that the success of the Company’s new diagnostic testing labs business will depend on both the Company attracting sufficient customers who will choose to use the Company’s lab to process their test kits, and the Company’s ability to operate this new business line.In our core legacy businesses, our flagship dietary supplement product, Legendz XL, continues to perform well at Walgreens and Rite-Aid retail stores. Given its performance, Walmart, CVS and other FDM (Food, Drug and Mass) retailers are now carrying Legendz XL as of the fourth quarter of this year. “We have achieved a critical mass of nationwide distribution and will therefore be increasing media advertising on television and radio going forward. Our full-service contract manufacturer, Pharmaloz Manufacturing, also continues to experience strong demand year over year. We look forward to continued operational execution and success on that front,” said Mr. Karkus.Mr. Karkus concluded: “With our fortified balance sheet and cash reserves, we have sufficient working capital to satisfy any near-term needs for our current business. As always, I am wholly dedicated to continuing to create sustainable value for our shareholders over the long-term. We continue to aggressively explore strategic investments as well as additional acquisition opportunities.”About ProPhase LabsProPhase Labs (NASDAQ: PRPH) is a manufacturing and marketing company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company is also developing ProPhase Diagnostics, Inc. to offer COVID-19 and other Respiratory Pathogen Panel (RPP) testing services. For more information visit us at www.prophaselabs.com.Forward-Looking StatementsExcept for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the range of testing services to be offered by our lab, our ability to ramp up testing capacity, test processing capabilities, the market for global COVID-19 detection kits and consumables, projected net operating profits and pre-tax operating income, demand for our testing services, plans to increase media advertising for Legendz XL, and our ability to satisfy near-term working capital needs. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to the scale, scope and duration of the COVID-19 pandemic, consumer demand for our lab processing services, the competitive environment, challenges relating to entering into new business lines, the failure to obtain certain regulatory approvals, our ability to ramp up our lab’s testing capacity and execute on our business plan, our ability to obtain necessary equipment and raw materials, and the risk factors listed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any subsequent SEC filings.Investor Relations Chris Tyson Executive Vice President MZ Group – MZ North America (949) 491-8235 PRPH@mzgroup.us www.mzgroup.us

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