BioReference Laboratories, Inc. Announces Strategic Acquisition of Edge
BioSystems' Service Business
Acquisition Will Provide Added Genetic Sequencing and R&D Capability for
ELMWOOD PARK, N.J., Aug. 21, 2013 (GLOBE NEWSWIRE) -- BioReference
Laboratories, Inc. (Nasdaq:BRLI) announced today that it has entered into a
definitive agreement for the acquisition of Edge BioSystems CLIA laboratory
business and related assets ("Edge BioServ"), primarily a genetic sequencing
service business located in Gaithersburg, MD.
GeneDx, BRLI's wholly-owned clinical diagnostic sequencing laboratory, will
acquire the Edge BioServ genetic sequencing services business, which service
has been offered to a national list of customers.The acquisition will include
sequencing equipment and capabilities that are expected to enhance the ability
of GeneDx to maintain and improve its position as a premier provider of
clinical genetic sequencing services.GeneDx is one of the leading full
service genetic laboratories in the world and the Company believes the
additional capacity and technical expertise that will result from this
acquisition will greatly enhance the opportunity for further growth and
expansion of the GeneDx service offerings.The acquisition will provide GeneDx
with additional equipment on multiple testing platforms operating in a
CLIA-certified environment as well as additional infrastructure for R&D
initiatives.Dean Gaalaas, CEO of EdgeBio, will assume the position of COO at
GeneDx, and will bring with him many of the talented R&D personnel, including
experienced bioinformatics developers.
Marc D. Grodman, MD, CEO, commented: "Our GeneDx genetics laboratory is
growing rapidly in a very sophisticated and complex area of laboratory
medicine and we believe the Edge BioServ acquisition will enable us to have
instant expandability for that growth.We have new lines of specialty work
being developed, including our upcoming inherited cancers and tumor sequencing
programs that we believe will be in great demand.The Edge BioServ acquisition
is expected to enable us to seamlessly meet those demands.We believe this
acquisition will substantially improve our national presence and our
technological leadership.We believe that our existing genetics capabilities
have made GeneDx a superior genetics sequencing laboratory and we expect the
Edge BioServ acquisition will provide depth and capability to further enhance
our premier status."
About BioReference Laboratories, Inc.
BRLI is a clinical testing laboratory offering testing, information and
related services to physician offices, clinics, hospitals, employers and
governmental units.We believe that we are the fourth largest full-service
laboratory in the United States and the largest independent regional
laboratory in the Northeastern market.BRLI offers a comprehensive list of
laboratory testing services utilized by healthcare providers in the detection,
diagnosis, evaluation, monitoring and treatment of diseases.BRLI primarily
focuses on esoteric testing, molecular diagnostics, anatomical pathology,
women's health and correctional health care.
Statements included in this release that are not historical in nature, are
intended to be, and are hereby identified as "forward-looking statements".
Forward-looking statements may be identified by words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or
words of similar meaning and include, but are not limited to, statements about
the expected future business and financial performance of Bio-Reference
Laboratories,Inc. and its subsidiaries. Statements looking forward in time
are included in this release pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak only as of the
date they are made and which reflect management's current estimates,
projections, expectations or beliefs and which involve risks and uncertainties
that could cause actual results and outcomes to be materially different.Risks
and uncertainties that may affect the future results of the company include,
but are not limited to, adverse results from pending or future government
investigations, lawsuits or private actions, the competitive environment,
changes in government regulations, changing relationships with customers,
payers, suppliers and strategic partners, the consummation of the acquisition
described in this release, the ability to enhance the future growth and
expansion of GeneDx and its service and product offerings and other and other
risks and uncertainties detailed from time to time in our filings with the
Securities and Exchange Commission. We undertake no obligation to publicly
update or review any forward-looking information, whether as a result of new
information, future developments or otherwise.
CONTACT: Tara Mackay
Investor Relations Coordinator
(201) 791-1941 (fax)
Press spacebar to pause and continue. Press esc to stop.