NEW YORK – MedGenome said last week that it has acquired Indian diagnostics company Prognosis Laboratories for an undisclosed amount.
The acquisition will allow MedGenome to expand its market presence and product portfolio, the company's India CEO Vedam Ramprasad said in a statement. Prognosis Laboratories, based in Delhi, offers a variety of services, including molecular diagnostics, clinical pathology, hematology, microbiology, serology, immunoassays, and histopathology.
"The state-of-the-art facility of Prognosis Laboratory and our expertise in genomics and personalized medicine will help us reach a larger audience and further augment MedGenome's diagnostic portfolio to accelerate the next phase of growth," Ramprasad said.
MedGenome currently has a College of American Pathologists-accredited genetic testing laboratory in India and a high-throughput next-generation sequencing laboratory in Foster City, California. Last August, the company raised $50 million in an investment round to expand its geographic reach and product offerings. In 2021, the company received $16.5 million from International Finance Corporation to increase access to COVID-19 testing in India.
Last month, MedGenome announced that it would distribute ChromaCode's PCR platform in India and the Middle East.