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BioReference Laboratories, Inc. Announces Strategic Acquisition Of Edge BioSystems' Service Business

Stocks in this article: BRLI

ELMWOOD PARK, N.J., Aug. 21, 2013 (GLOBE NEWSWIRE) -- BioReference Laboratories, Inc. (Nasdaq:BRLI) announced today that it has entered into a definitive agreement for the acquisition of Edge BioSystems CLIA laboratory business and related assets ("Edge BioServ"), primarily a genetic sequencing service business located in Gaithersburg, MD.

GeneDx, BRLI's wholly-owned clinical diagnostic sequencing laboratory, will acquire the Edge BioServ genetic sequencing services business, which service has been offered to a national list of customers. The acquisition will include sequencing equipment and capabilities that are expected to enhance the ability of GeneDx to maintain and improve its position as a premier provider of clinical genetic sequencing services. GeneDx is one of the leading full service genetic laboratories in the world and the Company believes the additional capacity and technical expertise that will result from this acquisition will greatly enhance the opportunity for further growth and expansion of the GeneDx service offerings. The acquisition will provide GeneDx with additional equipment on multiple testing platforms operating in a CLIA-certified environment as well as additional infrastructure for R&D initiatives. Dean Gaalaas, CEO of EdgeBio, will assume the position of COO at GeneDx, and will bring with him many of the talented R&D personnel, including experienced bioinformatics developers.

Marc D. Grodman, MD, CEO, commented: "Our GeneDx genetics laboratory is growing rapidly in a very sophisticated and complex area of laboratory medicine and we believe the Edge BioServ acquisition will enable us to have instant expandability for that growth. We have new lines of specialty work being developed, including our upcoming inherited cancers and tumor sequencing programs that we believe will be in great demand. The Edge BioServ acquisition is expected to enable us to seamlessly meet those demands. We believe this acquisition will substantially improve our national presence and our technological leadership. We believe that our existing genetics capabilities have made GeneDx a superior genetics sequencing laboratory and we expect the Edge BioServ acquisition will provide depth and capability to further enhance our premier status."

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