Bio-Reference Laboratories Acquires GenCare Biomedical Research.ELMWOOD PARK, N.J.--(BUSINESS WIRE)--January 5, 1995-- Bio-Reference Laboratories Inc. (Nasdaq: BRLI BRLI Bio Rad Laboratories Inc ), the largest independent clinical laboratory in the New York Tri-State area, announced today that it has completed its acquisition of the privately held Mountainside, N.J.-based GenCare Biomedical Research Corp., a cancer reference laboratory offering state-of-the-art DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. gene probe technology, flow cytometry and tumor markers used in the diagnosis and evaluation of cancer patients. The terms included an exchange of stock and assumption of liabilities which is valued at approximately $4 million. The Company believes GenCare's extensive and growing repertory of cancer detection tests will dramatically expand the Company's testing technologies and the services it provides to oncologists and hospital pathologists. The acquisition will also expand markets geographically for Bio-Reference since GenCare is providing its services in New York, New Jersey, Pennsylvania, Virginia, Maryland and Florida. During its last fiscal year, GenCare had revenues of approximately $2.6 million. GenCare offers a broad range of tests focusing on early evaluation and responsiveness of tumors, including cellular abnormalities such as monoclonality, arrested cell differentiation and genomic changes in malignancies. Bio-Reference believes that GenCare is one of the first cancer reference laboratories to use highly sensitive DNA gene probe tests in the clinical environment. GenCare offers panels of tests for different cancers, including gene probes, flow cytometry for surface marker and ploidy ploidy Number of sets of chromosomes in the nucleus of a cell. In normal human body cells, chromosomes exist in pairs, a condition called diploidy. During meiosis the cell produces sex cells (gametes), each containing half the normal number of chromosomes, a condition called analyses, cancer cytogenetics cytogenetics /cy·to·ge·net·ics/ (-je-net´iks) the branch of genetics devoted to cellular constituents concerned in heredity, i.e. chromosomes. , monoclinal antibody and receptor assays. Bio-Reference Laboratories Inc. is a highly automated computer-driven clinical laboratory serving niche markets in the New York/Tri-State metropolitan area. The Company performs highly sophisticated testing procedures in addition to high-volume routine testing in clinical chemistry, special chemistry, endocrinology, serology Serology The division of biological science concerned with antigen-antibody reactions in serum. It properly encompasses any of these reactions, but is often used in a limited sense to denote laboratory diagnostic tests, especially for syphilis. , diagnostic immunology, microbiology, rheumatology rheumatology /rheu·ma·tol·o·gy/ (-tol´ah-je) the branch of medicine dealing with rheumatic disorders, their causes, pathology, diagnosis, treatment, etc. rheu·ma·tol·o·gy n. parasitology Parasitology The scientific study of parasites and of parasitism. Parasitism is a subdivision of symbiosis and is defined as an intimate association between an organism (parasite) and another, larger species of organism (host) upon which the parasite is , cellular immunology, radioimmunoassay, hematology, immunohematology, cytology cytology (sītŏl`əjē), in biology, the study of the structure of all normal and abnormal components of cells and the changes, movements, and transformations of such components. , anatomic pathology and urinalysis. The Company's common stock is traded on the Nasdaq Small Cap system under the symbol "BRLI"; its Class A Warrants are traded under the symbol "BRLIW" and its Class B Warrants are traded under the symbol "BRLIZ." CONTACT: Dr. Marc Grodman Sam Singer 201/791-2600 |
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