LabGenomics Signs MOU with Genolution to Strengthen US Market Entry Portfolio

Genome molecular diagnostics specialist LabGenomics announced on the 24th that it has signed a business agreement and strategic partnership with RNA (ribonucleic acid) extraction specialist Genolution.

Through this business agreement, the two companies will establish a strategic collaboration to enter the U.S. genome molecular diagnostics market. The strategy is to maximize synergy effects upon entering the U.S. market by actively leveraging the strengths of both companies.

(From left) Kim Ki-ok, CEO of Genolution, Kim Jung-joo, CEO of LabGenomics. / Photo by LabGenomics

A LabGenomics representative stated, “By introducing nucleic acid extraction equipment for realizing precision medicine, the efficiency of our NGS (next-generation sequencing)-based genetic testing services will improve,” adding, “In the future, through the acquisition of Clia Lab, we will present high value-added diagnostic content such as cancer diagnosis, NGS testing, and liquid biopsy with optimized services in the U.S. genome molecular diagnostics market.”

LabGenomics has continuously built cooperative relationships with other diagnostic companies to enter the U.S. market. Since last year, it has maintained close collaborations with companies such as NgenBio, ABION, and Novomics in areas including ▲liquid biopsy-based cancer diagnostic services ▲next-generation diagnostic laboratory automation system construction ▲cancer prognosis diagnostic kits.

LabGenomics has expanded into Southeast Asia and Europe with its NGS-based genetic testing services, possessing high technological capabilities and know-how in genome molecular diagnostics. By introducing Genolution’s nucleic acid extraction equipment, it plans to apply it to molecular diagnostics requiring nucleic acid extraction to secure cost competitiveness.

Genolution’s nucleic acid extraction equipment and specialized reagents have advantages over competitors in terms of throughput, processing speed, and price competitiveness. Additionally, LabGenomics has already secured a global supply chain to sell nucleic acid extraction equipment in countries such as Saudi Arabia, Vietnam, and Thailand, where it is conducting molecular genetic testing services.

This content was produced with the assistance of AI translation services.