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Lab21 Sells SC Labs, Assets Acquired by Selah Genomics

NEW YORK (GenomeWeb News) – The Cambridge, UK-based personalized diagnostics company Lab 21 said today that it has sold its lab operations in South Carolina to a new entity formed by existing local Lab21 executives who will launch a new company called Selah Genomics.

The sale of the clinical service lab operations in Greenville and Columbia, which Lab21 has run for three years, will remove a loss-making business from the company's books, but will not impact the company's core strategies in the US market.

The purchase of the US subsidiary by Lab21 management was supported by Boston-based Nexus Medical Partners, SCRA Technology Ventures' Stage 2 Affiliate, SC Launch, and the Greenville Local Development Corporation, Selah Genomics said today.

Financial terms of the deal were not disclosed.

Selah Genomics will focus on offering diagnostic testing services based on molecular diagnostics, oncology, pathology, and gene sequencing analysis for use in medical research and clinical trials.

The new company will be led by CEO Michael Bolick, former president of the US subsidiary of Lab21, and Nexus Medical Partners co-founders Ed Snape and John Rousseau will serve with Bolick on its board.

Bolick said that Selah has plans to expand its molecular diagnostic testing services beyond its CLIA lab in downtown Greenville and from its Clinical Genomics Center, which is located in the Greenville Health System's Institute for Translational Oncology Research.

"Our team is uniquely suited to help advance the genomics revolution into research labs and clinical trials where drugs are being designed and developed to home in on the specific molecular drivers of disease. We have a number of exciting developments under way and look forward to a strong 2013," Bolick said in a statement.

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