LabGenomics USA Completes Acquisition of IMD CLIA Labs
11-16-2024
https://apnews.com/press-release/business-wire/maryland-medical-research-b2d845b38ebe4a9aa0a0c5a25474f10c
Published 9:02 AM EST, October 25, 2024
LabGenomics USA has successfully acquired Integrated Molecular Diagnostics (IMD) CLIA labs, bringing the total number of its CLIA-certified labs in the U.S. to four. This acquisition strengthens LabGenomics’ strategic development and expands its diagnostic services nationwide, particularly in molecular technology.
In August 2023, LabGenomics acquired QDx, a pathology-specialized lab on the East Coast, which became the company’s first CLIA-certified lab and marked its entry into the U.S. With the addition of IMD, LabGenomics now operates facilities in Berkeley, Sacramento, and Aurora, broadening its geographic reach and service offerings. IMD’s services focus on respiratory diseases, molecular diagnostics, and oncology, with a particular specialization in hematologic cancers and solid tumors. IMD also collaborates with Cedars-Sinai Molecular Lab on an NGS cancer panel for solid tumors, with plans to finalize its clinical validation and launch it as a Laboratory Developed Test (LDT). The IMD labs are fully equipped with CPT and Z codes for streamlined reimbursement, positioning LabGenomics for further service expansion.
LabGenomics USA CEO, JungHee Cho, Ph.D., emphasized the synergy between the four CLIA labs on both coasts, highlighting complementary roles between QDx and IMD. Dr. Cho stated, “We are committed to pioneering the U.S. diagnostic market, aiming to introduce Korean diagnostics technologies. By launching LDT services, we expect revenue growth and cost savings.”
IMD CEO Israel Villasenor added, “IMD’s molecular diagnostics program serves oncology needs in community-based hospitals. With LabGenomics USA’s financial and strategic backing, we can expand our services and reach more patients across the U.S.”
View source version on businesswire.com:https://www.businesswire.com/news/home/20241025511507/en/
Published 9:02 AM EST, October 25, 2024
LabGenomics USA has successfully acquired Integrated Molecular Diagnostics (IMD) CLIA labs, bringing the total number of its CLIA-certified labs in the U.S. to four. This acquisition strengthens LabGenomics’ strategic development and expands its diagnostic services nationwide, particularly in molecular technology.
In August 2023, LabGenomics acquired QDx, a pathology-specialized lab on the East Coast, which became the company’s first CLIA-certified lab and marked its entry into the U.S. With the addition of IMD, LabGenomics now operates facilities in Berkeley, Sacramento, and Aurora, broadening its geographic reach and service offerings. IMD’s services focus on respiratory diseases, molecular diagnostics, and oncology, with a particular specialization in hematologic cancers and solid tumors. IMD also collaborates with Cedars-Sinai Molecular Lab on an NGS cancer panel for solid tumors, with plans to finalize its clinical validation and launch it as a Laboratory Developed Test (LDT). The IMD labs are fully equipped with CPT and Z codes for streamlined reimbursement, positioning LabGenomics for further service expansion.
LabGenomics USA CEO, JungHee Cho, Ph.D., emphasized the synergy between the four CLIA labs on both coasts, highlighting complementary roles between QDx and IMD. Dr. Cho stated, “We are committed to pioneering the U.S. diagnostic market, aiming to introduce Korean diagnostics technologies. By launching LDT services, we expect revenue growth and cost savings.”
IMD CEO Israel Villasenor added, “IMD’s molecular diagnostics program serves oncology needs in community-based hospitals. With LabGenomics USA’s financial and strategic backing, we can expand our services and reach more patients across the U.S.”
View source version on businesswire.com:https://www.businesswire.com/news/home/20241025511507/en/
