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Orchid Buys GeneScreen, Diagnostic Testing Co.

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RINCETON, NJ--Orchid Biocomputer has acquired GeneScreen, a genetic diversity analysis company based in Dallas. GeneScreen performs more than 1.5 million analyses of DNA per year, including analysis of SNPs, for a variety of applications and markets. The company intends to retain all of GeneScreen’s businesses and facilities in Dallas, Dayton, Ohio, and Sacramento, Calif., and to continue operations as a business unit of Orchid.

Dale Pfost, Orchid’s president and CEO, said that the growing genetic diversity market is now over $1 billion and is being accelerated by the success of the human genome sequencing program. "We are driven to serve the drug companies and lead the way to raising the standard of healthcare through pharmacogenetics," he said.

Separately, Orchid has completed a $72 million self-managed private placement offering of its equity securities, which does not include the consideration for the acquisition of GeneScreen. Orchid also has been awarded a patent that enhances its intellectual property rights protecting its ownership of the single-base primer extension method of genotyping technology for SNP and pharmacogenetic analysis.

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