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February 07, 2016 9:46 PM ET

Healthcare Providers and Services

Company Overview of Bio-Reference Laboratories Inc.

Company Overview

Bio-Reference Laboratories, Inc. provides clinical laboratory testing services for the detection, diagnosis, evaluation, monitoring, and treatment of diseases in the United States. The company focuses on esoteric testing, molecular diagnostics, anatomical pathology, genetics, women’s health, and correctional health care services. It offers chemical diagnostic tests, such as blood and urine analysis; blood chemistry; hematology services; serology; radio-immuno analysis; toxicology, including drug screening; pap smears; tissue pathology comprising biopsies; and other tissue analysis, as well as cancer cytogenetic testing, genetic testing, and cytology testing services. The company also operate...

481 Edward H. Ross Drive

Elmwood Park, NJ 07407

United States

Founded in 1981

3,406 Employees

Phone:

201-791-2600

Key Executives for Bio-Reference Laboratories Inc.

Founder, Chairman, Chief Executive Officer, President and Managing Director
Age: 63
Chief Financial Officer
Age: 56
Chief Operating Officer, Executive Vice President and Director
Age: 63
President of Careevolve and Chief Operating Officer of Careevolve
Chief Medical Officer and Managing Director
Age: 59
Compensation as of Fiscal Year 2015.

Bio-Reference Laboratories Inc. Key Developments

Bio-Reference Laboratories Inc. Announces New Credit Agreement

Bio-Reference Laboratories and certain of its subsidiaries entered into a new credit agreement with JPMorgan Chase Bank, N.A. (CB), as lender and administrative agent (the New Credit Agreement), which replaces BRLI's existing loan agreement with PNC Bank, National Association (the Existing Loan Agreement). The New Credit Agreement provides for a $175.0 million secured revolving credit facility and includes a $20.0 million sub-facility for swingline loans and a $20.0 million sub-facility for the issuance of letters of credit. BRLI may increase the credit facility to up to $275.0 million on a secured basis, subject to the satisfaction of specified conditions. The new credit facility matures on November 5, 2020 and is guaranteed by all of BRLI's domestic subsidiaries. The new credit facility is also secured by substantially all assets of BRLI and its domestic subsidiaries, as well as a non-recourse pledge by the Company of its equity interest in BRLI. Availability under the New Credit Agreement is based on a borrowing base comprised of eligible accounts receivables of BRLI and certain of its subsidiaries, as specified therein. The proceeds of the new credit facility will be used to refinance existing indebtedness, including amounts outstanding under the Existing Loan Agreement which has been terminated in accordance with its terms, to finance working capital needs and for general corporate purposes of BRLI and its subsidiaries. At BRLI's option, borrowings under the New Credit Agreement (other than swingline loans) will bear interest at the CB floating rate (defined as the higher of (a) the prime rate and (b) the LIBOR rate (adjusted for statutory reserve requirements for eurocurrency liabilities) for an interest period of one month plus 2.50%) plus an applicable margin of 0.35% for the first 12 months and 0.50% thereafter or (ii) the LIBOR rate (adjusted for statutory reserve requirements for eurocurrency liabilities) plus an applicable margin of 1.35% for the first 12 months and 1.50% thereafter. Swingline loans will bear interest at the CB floating rate plus the applicable margin. The New Credit Agreement also calls for other customary fees and charges, including an unused commitment fee of 0.25% of the lending commitments.

BioReference Laboratories and Vanderbilt University Medical Center Collaborate on Genomics

OPKO Health Inc. announced a collaboration among its subsidiary, BioReference Laboratories Inc. the Department of Pathology, Microbiology, and Immunology and the Vanderbilt-Ingram Cancer Center (VICC) at Vanderbilt University Medical Center (VUMC) to leverage large scale genomics testing for optimal cancer care. Each of the organizations has committed to providing its complementary expertise with the goal of introducing genomic testing that is cost effective and increases patient accessibility to the newest cancer therapies. VUMC is recognized nationally for clinical and management excellence by such organizations as U.S. News and World Report, Leapfrog, and Truven Top 100 Hospitals. VICC, a NCI-designated Comprehensive Cancer Center, is a recognized leader in precision medicine with active clinical trials involving biomarker assessment. BioReference Laboratories, through its business units, GenPath Oncology and GeneDx, has extensive experience in next generation sequencing (NGS) in oncology. The first initiative in this multi-year collaboration is a 300+ gene NGS panel for solid tumors and hematologic malignancies that will be available in early 2016 for clinical care. The panel design was jointly developed by VICC/VUMC pathologists, oncologists, and cancer researchers and scientists at BioReference Laboratories. This NGS assay will target single nucleotide variants, insertions and deletions, copy number variants, and gene fusions specifically in genomic areas that are druggable. Through this collaboration, scientists are working on several other diagnostic assays to equip clinicians with the genetic knowledge they need to treat patients.

Bio-Reference Laboratories Inc.(NasdaqGS:BRLI) dropped from S&P 1000 Index

Bio-Reference Laboratories Inc.(NasdaqGS:BRLI) dropped from S&P 1000 Index

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