Bio-Reference Labs Re-Enters Oncology Market; BRLI To Expand GenPath Oncology Cancer Laboratory.Business/Health Editors ELMWOOD PARK Elmwood Park, village (1990 pop. 23,206), Cook co., NE Ill., a suburb of Chicago; inc. 1914. It is chiefly residential. , N.J.--(BUSINESS WIRE)--Aug. 24, 2000 Bio-Reference Laboratories, Inc (Nasdaq Small Cap-"BRLI BRLI Bio Rad Laboratories Inc "), has announced that its GenPath business unit will resume full service oncology testing to physicians and institutions. While GenPath has been offering limited oncology testing services since it was formed after the sale of the GenCare Laboratory to Impath in 1997, Bio-Reference has announced that through GenPath, it will once again offer full service hematology/oncology and some genomic testing to its customers. Bio-Reference is assembling a scientific staff and a marketing sales force in order to duplicate the success that GenCare had in this market. Marc Grodman, M.D., Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BRLI, stated, "The recent advances in molecular oncology have created renewed interest in the oncology market. Changes in the re-imbursement rates for oncology testing, particularly by Medicare, the primary payer for such testing, have significantly increased the value of this specialized market niche. Bio-Reference hopes to assemble an outstanding oncology team and once again combine oncology specialty testing with the routine clinical testing should enable Bio-Reference to promptly re-capture market share and substantially increase value for its laboratory operations." Dr. Grodman continued, "Our return to the oncology business will once again demonstrate our commitment to our core laboratory business. Bio-Reference is dedicated to providing 'Better Healthcare through Better Information' and the re-vitalization of our oncology division will clearly help us to achieve that goal. Technology advances in this specialty area have created increased demand for the information that we will be able to provide through GenPath. We are assembling a terrific staff with technical expertise and marketing savvy and we expect to have immediate penetration in the marketplace." Dr. Grodman further stated, "Not only will the oncology business provide greater depth and vitality to our laboratory operations, but we expect that it will have tremendous impact on the shareholder value of the Company. Payers have recently begun to recognize the importance and value of oncology testing. The medical value of early testing and intervention in cancer treatment has been reflected in increased reimbursement rates. Our experience and expertise in this specialty, together with our total laboratory capabilities should allow us to capture substantial market share in the oncology business. This is a great value proposition for Bio-Reference." For additional information about BRLI, please visit www.bioreference.com, www.doctorny.com, www.drugscreenlab.com, www.drugabusekit.com, www.bioincubator.com, and www.rightbodyfoods.com. BRLI is a multi-faceted Health Services health services Managed care The benefits covered under a health contract and Information Company as well as the largest regional clinical laboratory in the North East United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . It has major market positions in physician offices, nursing homes and correctional institutions. Its toxicology toxicology, study of poisons, or toxins, from the standpoint of detection, isolation, identification, and determination of their effects on the human body. Toxicology may be considered the branch of pharmacology devoted to the study of the poisonous effects of drugs. division performs employee drug testing for major corporations nationwide, as well as for drug treatment centers and psychiatric hospitals psychiatric hospital n. A hospital for the care and treatment of patients affected with acute or chronic mental illness. Also called mental hospital. . CareEvolve.com, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BRLI, is a Physician based health portal that seeks to enhance physician-patient and physician-payer electronic communications on a secured basis, including communicating laboratory results, e-mail, prescriptions, payer verification and eligibility, as well as offering other Internet based services to its physician members. These services will be provided through an Internet connectivity backbone. The Company's common stock is traded on the Nasdaq Small Cap system under the symbol "BRLI." Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". Statements looking forward in time are included in this Annual Report pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from any future performance suggested herein. |
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