Bio-Reference Sells Its GenCare Division For Up To $6.0 Million.ELMWOOD PARK, N.J.--(BUSINESS WIRE)--Sept. 30, 1997--Bio-Reference Laboratories, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BRLI BRLI Bio Rad Laboratories Inc ), one of the largest independent clinical laboratories in the northeastern United States, announced today that it has completed and closed the sale of certain assets of its GenCare Division ("GenCare") to IMPATH INC. ("IMPATH"). GenCare provides oncology and hematology laboratory testing services to hospitals, hematologists and oncologists in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. and Florida. The purchase price included a $4.6 million cash payment at closing with an additional $700,000 to $1.4 million payable over a two-year period subject to certain conditions. GenCare was purchased by BRLI in January 1995 for an aggregate 473,145 shares of BRLI common stock and approximately $235,000 of BRLI Debentures. Marc D. Grodman, M.D., BRLI's president commented that after the sale, BRLI will continue to market tumor pathology testing services under the name "GenPath" to urology, gastroenterology and obstetric and gynecology physician clients. He pointed out that the GenCare business sold by BRLI accounted for less than 8% of BRLI's annual net revenues for its most recent fiscal year. Dr. Grodman continued, "By selling these assets we hope to realize approximately $.85 per share in cash on shares outstanding if all contingencies are met. This transaction affords us the liquidity to explore our options in the health care marketplace." Bio-Reference Laboratories, Inc. is a highly automated computer-driven clinical laboratory serving markets in the New York/Tri-State metropolitan area and providing specialty services throughout the United States. 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: Bio-Reference Laboratories, Inc. Marc Grodman/Sam Singer 201/791-2600 |
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