LabGenomics Introduces Genolution Equipment to US Subsidiary

"Synergy with Domestic Diagnosticians"

(From left) Jo Jeong-hee, CEO of LabGenomics USA, Kim Ki-ok, CEO of Genolution. / Photo by LabGenomics

LabGenomics announced on the 8th that it will introduce Genolution's nucleic acid extraction equipment to CliaLab QDx Pathology. Along with the supply of nucleic acid extraction equipment, a reagent supply contract was also signed, and significant synergy is expected to occur.

QDx plans to replace the existing equipment in the extraction process with Genolution's equipment and reagents. By adopting highly advanced automated nucleic acid extraction equipment, it is expected to streamline the complex process, reduce costs, and provide faster results.

Since LabGenomics' largest shareholder changed to Luha Private Equity (PE) in January last year, the company has signed memorandums of understanding (MOUs) with leading domestic diagnostic companies and has been realizing various achievements. In particular, the introduction of Genolution's equipment is evaluated as proving domestic technology in the U.S. in vitro diagnostics market and presenting a new paradigm for entry into the U.S. market.

Junghee Cho, CEO of LabGenomics USA, said, "This contract has great significance as the first successful case of entering the U.S. market through collaboration with domestic companies after acquiring CliaLab," adding, "We plan to continue showcasing excellent domestic technology in the U.S. diagnostic market to further strengthen K-diagnostic technology in the global market."

He continued, "We will actively introduce more competitive systems and technologies through cooperation with excellent domestic diagnostic and bio companies to expand our business," and added, "This year, we are continuing discussions with the goal of additional acquisitions of CliaLab located in the western United States."

Jonghoon Lee, CEO of LabGenomics and Luha PE, emphasized, "The core strategy is to actively target the U.S. market based on strategic relationships established with several leading domestic bio companies including Genolution to create a win-win environment," and stated, "We will grow into an excellent platform to showcase K-diagnostics in the U.S."

LabGenomics USA is a 100% subsidiary of LabGenomics and acquired CliaLab QDx located in New Jersey last August. QDx ranks within the top 100 in the U.S. CliaLab market and is a competitive CliaLab with strengths in pathology diagnostics such as molecular analysis services. Currently, it provides analysis services to approximately 1,600 medical institutions across 28 states in the U.S.

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