Despite the continuing cutbacks in reimbursement for lab testing, some professional investors still see opportunity in this market sector. On November 13, Genova Diagnostics, Inc., of Asheville, North Carolina, was acquired by Levine Leichtman Capital Partners and “members of management.” The sellers were Nautic Partners and Ferrer Freeman & Company, LLC. Genova’s CEO is Ted Hull, who has been at the company since 2000. The sales price was not disclosed.
ADD TO: Investors
Investors also supported three different initial public offerings (IPOs) by emerging lab test companies. As reported on pages 6-7 of this issue, Foundation Medicine. Veracyte, Inc., and Oxford Immunotec each completed their IPO. They raised $106 million, $58 million, and $64 million, respectively.
MAGNAMOTION INKS DEAL WITH SIEMENS
MagnaMotion, Inc., of Devens, Massachusetts, has entered into a strategic partnership with Siemens Healthcare Solutions. Siemens gains an “exclusive license for the use of MagneMotion’s advanced linear synchronous motor (LSM) products and technologies in the field of in vitro diagnostics (IVD).”
MagneMotion’s LSM technology uses a system based on magnets to propel things, including lab specimens, down an automated line without the noise associated with other types of automated lines. MagneMotion has exhibited in recent years at the American Association for Clinical Chemistry’s annual meeting.
- Pierre G. Cassigneul was appointed President and CEO of NMS Labs in Willow Grove, Pennsylvania. He previously served at Predictive Biosciences, XDx, Inc., Becton Dickinson, Bayer, Ortho-Clinical Diagnostics, and Abbott Diagnostics.
- Robert Thompson was named as CEO of Emerge Diagnostics, a company in Tulsa, Oklahoma, focusing on products for the diagnosis and treatment of soft tissue injuries. Thompson was formerly the CEO at eScreen, Inc., and Orasure Technologies. He also held executive positions at LabOne.
- Pathway Genomics Corporation of San Diego, California, appointed Robert C. Verfurth as its new Vice President of Sales. Verfurth has held positions at lab industry companies that include Becton Dickinson, Prometheus Laboratories, and Dianon Systems.
Dark Daily Update
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…how Pixie Scientific has designed a line of disposable diapers for babies and adults that can automatically test for urinary tract infections. Testing of the diapers and their diagnostic sensors is about to commence at two academic childrens’ hospitals.
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