18.12.09
Lab21 acquires US nanotechnology company and establishes Lab21 Inc. in South Carolina

Cambridge, UK – 18th December 2009: Lab21, the healthcare diagnostics company, is pleased to announce the acquisition in the US of Selah Technologies LLC, a South Carolina based company with exciting, proprietary nanotechnologies for use in in-vitro and in-vivo diagnostic products. Lab21 is also pleased to announce the formation of Lab21 Inc., which will be headquartered in Greenville, South Carolina.

Lab21 Inc. will comprise a state-of-the-art diagnostics service laboratory and product distribution operations in addition to Selah Technologies.

Lab21 Inc. has been established in Greenville with the significant support of the South Carolina Department of Commerce and other public and private organizations committed to promoting South Carolina as a centre of the knowledge economy.

The new diagnostic service laboratory, which will conform to US CLIA regulatory requirements, will have a particular focus on oncology and is expected to open early next year. It will be sited close to the Greenville Hospital System, one of the biggest healthcare providers in the South East of the USA.

Selah Technologies, founded in 2006, is an advanced materials manufacturer commercialising proprietary nano-materials based on carbon nano-particles (Selah Dots™) and single-walled carbon nano-tubes SWNTs (Selah Tubes™). These materials have the potential to be used in a wide range of industries in addition to diagnostics, where their capabilities can provide rapid, low-cost and sensitive analysis.

Lab21 expects to develop new diagnostic products based on the specific carbon-based, non-toxic, enhanced fluorescent nano-particle technology. Initial clinical trials using this technology with breast cancer tissue are already underway.

Selah’s senior management team will join Lab21 Inc., including founder and CEO Michael Bolick, who will be President of Lab21 Inc.

Graham Mullis, CEO of Lab21, commented: “The acquisition of Selah Technologies is a key step in the development of Lab21’s strategy as we look to expand our technology platforms as well as our global commercial operations. The formation of Lab21 Inc. is a significant investment and a major step forward in Lab21’s planned international expansion. The US market is expected to be an exciting opportunity for Lab21 as we expand our market-leading products and services in the world’s largest diagnostic market.”

Maddy Kennedy, CFO of Lab21, added: “We are delighted by the financial and operational support that the State of South Carolina has made available to Lab21 through the Department of Commerce in helping us to create Lab21 Inc.’s headquarters and operations in the area of Greenville, South Carolina.”

“South Carolina has recently seen strong growth in the biotechnology and healthcare industries and the Lab21 Inc. announcement brings another such company to our state. The company’s decision reflects well not only on our business-friendly climate and skilled workforce, but on the strength of our three major research universities. We appreciate Lab21’s decision to invest in South Carolina and look forward to a long and mutually beneficial relationship with them,” said Joe Taylor, Secretary of Commerce.

Michael Bolick, the President and CEO of Selah Technologies, said: “I have been looking for a partner in the diagnostic industry for some time in order to drive the development and commercialization process for the Selah technology. Lab21 will I am sure prove to be a great fit to achieve our objectives, but I and my management team are also excited to be part of such a fast growing and dynamic diagnostic company.”

Financial details of the acquisition of Selah Technologies and of the investments made in establishing Lab21 Inc. have not been disclosed.

Lab21 Inc.’s headquarters in Greenville will include a product distribution centre to expand Lab21’s existing diagnostic products business in the US.

 

For further information:
Lab21
Graham Mullis, CEO
Maddy Kennedy, CFO
Dr Berwyn Clarke, CSDO
t: +44 (0)1223 395461
e: graham.mullis@lab-21.com
maddy.kennedy@lab21.com
berwyn.clarke@lab21.com

 

For media and investor enquiries:
Buchanan Communications
Mark Court / Katharine Sutton
t: +44 (0) 20 7466 5000
e: markc@buchanan.uk.com

 

About Lab21

Lab21 is a global provider of state-of-the-art diagnostic products and services, supporting blood bank screening, medical diagnostics and drug discovery. Its customers include international healthcare providers, pharmaceutical and biotechnology companies.

The product division of the Company manufactures immunodiagnostic kits and reagents that are distributed into 110 international countries and is focused on infectious diseases for the blood-banking market.

The service division has a growing test portfolio providing companion diagnostics and high technology molecular assays for the growing integration of personalised medicine into healthcare. These services are currently in infectious diseases, oncology, virology and pharmacogenetics areas with emerging interests in cardiovascular and metabolic disease.

Lab21 has 5 sites in the UK with two highly accredited reference laboratories and 3 immunodiagnostic manufacturing sites. The Company also has two sites in the State of South Carolina for its US operations.

Website:  www.lab21.com