17.11.2008 13:00:00
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Sequenom Completes Acquisition of CLIA-Certified Laboratory
Sequenom (NASDAQ: SQNM) today announced that it has completed the previously announced acquisition of Grand Rapids, Michigan-based Center for Molecular Medicine, a Clinical Laboratory Improvement Act (CLIA) certified clinical diagnostics laboratory. As part of the acquisition, Sequenom has formalized certain collaborative agreements with Spectrum Health and the Van Andel Research Institute, which were joint venture partners in the CLIA laboratory. The CLIA laboratory has been renamed to the Sequenom Center for Molecular Medicine (SCMM).
SCMM is an advanced molecular pathology laboratory created specifically to support cutting-edge diagnostics, translational research and clinical trials. SCMM provides access to robotic DNA and RNA extraction, DNA microarrays, multiplex protein detection, gene expression profiling and other diagnostic services. SCMM combines the clinical resources of Spectrum Health, one of Michigan’s largest not-for-profit health systems, which annually serves hundreds of thousands of patients at more than 140 service sites including facilitating approximately 8,000 births. The Van Andel Research Institute offers translational research and bioinformatics expertise with the latest in genomics and proteomics technology and is focused primarily on technology development, women’s health and oncology.
"This acquisition is a major step in our SEQureDx strategy as it provides us with control over all aspects of commercialization. In addition to a CLIA-certified facility, we gain the expertise from Spectrum Health in marketing and in developing critical sales and third-party payer reimbursement contracting strategies,” stated Harry Stylli, Ph.D., President and Chief Executive Officer of Sequenom. "We are delighted to welcome Dan Farkas to our management team. We will look to leverage his nearly 20 years in molecular diagnostics, including the establishment of three hospital-based molecular diagnostics laboratories, to develop and support the commercialization of a portfolio of SEQureDx-based tests.”
About Sequenom
Sequenom is committed to providing the best genetic analysis products that translate the results of genomic science into solutions for noninvasive prenatal diagnostics, biomedical research, translational research and molecular medicine applications, and for research conducted in the agro (agricultural and livestock) industry. The Company's proprietary MassARRAY® system is a high-performance (in speed, accuracy and cost efficiency) nucleic acid analysis platform that quantitatively and precisely measures genetic target material and variations. The Company has exclusively licensed intellectual property rights for the development and commercialization of non-invasive prenatal genetic tests for use with the MassARRAY system and other platforms.
About Spectrum Health
Spectrum Health is a not-for-profit health system in West Michigan that offers a full continuum of care through its seven hospitals, more than 140 service sites and Priority Health, a health plan with nearly 500,000 members. Spectrum Health's 14,000 employees, 1,500 medical staff members and 2,000 volunteers are committed to delivering the highest quality care to those in medical need. The organization provided $111.1 million in community benefit during its 2008 fiscal year. As a system, Spectrum Health has earned more than 100 awards during the past 10 years.
About Van Andel Research Institute
Founded in 1996 by Jay and Betty Van Andel, and located in Grand Rapids, Michigan, Van Andel Institute is committed to improving the health and enhancing the lives of current and future generations through biomedical research and science education. This commitment is carried out by two complementary institutes: Van Andel Research Institute (VARI) and Van Andel Education Institute (VAEI). VARI is an independent medical research facility dedicated to basic and translational research into the genetic and molecular origins of cancer, Parkinson’s disease, and other diseases. VARI’s laboratories and core facilities work to translate discoveries into therapies with the potential to conquer illness and enhance lives. VAEI is nurturing the scientists of tomorrow. From groundbreaking elementary educational programs to a graduate school training professionals in cell and molecular biology, VAEI is building on curiosity and problem-solving skills with real, hands-on experiences, working to strengthen science education and preparing and motivating individuals to pursue careers in science.
Sequenom®, MassARRAY® and SEQureDx™ are trademarks of SEQUENOM, Inc.
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding SEQureDx test commercialization and initiating a Down Syndrome LDT validation study, are forward-looking statements within the meaning of the "safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with demand for and market acceptance of Sequenom’s products, services, and technologies, new technology and product development and commercialization, reliance upon the collaborative efforts of other parties, competition, intellectual property protection, government regulation, obtaining or maintaining regulatory approvals, and other risks detailed from time to time in the Company’s SEC reports, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 and subsequent periodic reports and other SEC filings. These forward-looking statements are based on current information that is likely to change and speak only as of the date hereof. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Sequenom undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
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