BIOLAB Acquisition Will Create Jobs and Increase Innova’s U.S. COVID-19 Testing Capability
PASADENA, Calif., December 17, 2020 (Newswire.com) – Innova Medical Group, Inc. (IMG), the world’s largest manufacturer of rapid antigen test kits, acquired California-based Biological Laboratory Inc. (BIOLAB), further strengthening IMG’s in-house diagnostic testing and research and development capability in the U.S.
Since 1998, this CLIA-certified clinical laboratory has shown spectacular success in endocrinology, cytology, toxicology, and molecular studies. Most recently BIOLAB played a key role in COVID-19 molecular (RT-PCR) and antibody (IgM/IgG) testing with its 24-hour turnaround on all routine testing and 2-hour STAT results in emergency situations. BIOLAB is recognized by the American Association of Bioanalysts (AAB), the College of American Pathologists (CAP), and ranks as a Biosafety Level 2 High-Complexity Laboratory. BIOLAB’s approximately 130-employee medical team is comprised of medical doctors, clinical laboratory scientists, bioanalysts, pathologists, microbiologists, and analytical chemists. The company has its own in-house logistics and medical billing division, with experience in all commercial and government insurance plans.
Located only 30 miles from downtown Los Angeles, California, BIOLAB has provided on-site testing services for the entertainment industry and has partnered with whole cities to screen essential workers for COVID-19. Only 15 miles from IMG’s newest manufacturing facility in Brea, California, this acquisition enhances IMG’s end-to-end solution as a medical device and services provider. IMG’s California footprint adds to its proven presence as the world’s largest manufacturer of rapid antigen test kits.
“We are thrilled to be part of Innova Medical Group and excited about the significant growth that this acquisition will bring to BIOLAB,” commented Jordan Wang, Managing Director, BIOLAB. “This growth is essential to our ability to help the city of L.A. manage the COVID-19 crisis.”
Daniel Elliott, President and CEO of IMG, Inc. explained, “Today’s acquisition of BIOLAB not only expands our R&D and clinical study management capability in the U.S. but also our ability to supply diagnostic services at large-scale to both corporate and government clients. With BIOLAB, we increase our robust ability to provide diagnostic tests and to manufacture in-house diagnostic services. As Innova continues to grow our portfolio, BIOLAB will also assist to validate our partner products.”
With the unprecedented demand for COVID-19 testing, manufacturers need to fortify supply chains to secure the availability of collection devices, assay reagents, and kits. IMG currently ships greater than 4 million rapid antigen test kits per day and expects to double that volume by year-end. Adding a CLIA laboratory to IMG’s portfolio streamlines testing workflows with accurate and affordable processing. BIOLAB’s decades of acquired experience and applied knowledge complements IMG’s ability to develop solutions for life-threatening diseases.
IMG plans to significantly expand BIOLAB’s testing capability into 2021. BIOLAB will relocate to its new location in Pomona, Calif., in early 2021, adding approximately 100 new jobs to the area.
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About Innova Medical Group, Inc.
Innova Medical Group, Inc. (IMG) is a wholly-owned subsidiary of Pasaca Capital (Pasadena, Calif.) IMG strategically pivoted and leveraged its expertise in healthcare and medical devices to create an ecosystem to respond to the COVID-19 pandemic. The Innova Medical Ecosystem is delivering millions of tests every day to satisfy the diverse, point-of-care requirements of the world’s governments, large corporations, and institutions. IMG offers a global supply chain, including the innovative and respected firms of G.E. Healthcare (USA) and Sartorius (Germany). IMG secured exclusive manufacturing and distribution agreements for its best-in-class portfolio of screening and diagnostic tests. For more information, visit www.innovamedgroup.com.
About Biological Laboratory, Inc.
Biological Laboratory, Inc (BIOLAB) is a clinical laboratory that has been servicing the healthcare community since 1998. BIOLAB is an accredited facility and takes pride in providing the highest quality of laboratory results. The medical team is comprised of medical doctors, clinical laboratory scientists, bioanalysts, pathologists, microbiologists, and analytical chemists. In response to the COVID-19 pandemic, BIOLAB is providing testing throughout the United States. BIOLAB covers the full spectrum of COVID-19 detection with services ranging from antibodies, antigen, and RT-PCR to keep communities safe. For more information, please visit https://biolaboratory.net.
For more information on IMG’s COVID-19 ecosystem or to order COVID-19 rapid diagnostic tests, contact firstname.lastname@example.org.
Source: Innova Medical Group Inc.