|Acquisition Will Provide Added Genetic Sequencing and R&D Capability for GeneDx
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.
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