NEW YORK (GenomeWeb) – GeneNews announced today that it signed an agreement with reference lab AIM Laboratories under which each company will make its tests available to the other's customer base.
Specific terms of the deal were not disclosed.
GeneNews offers a line of tests for early cancer risk stratification and diagnosis through its Innovative Diagnostic Laboratory subsidiary — headquartered in Richmond, Virginia — including the blood-based test ColonSentry for colorectal cancer. St. Louis-based AIM provides a range of lab services such as routine blood testing and therapeutic drug monitoring to healthcare and corporate organizations.
"Combining forces and capitalizing on each company's geographic strengths will help both parties expand rapidly throughout the US," GeneNews Chairman and CEO James Howard-Tripp said in a statement. "In addition, this collaboration will give both companies the opportunity to expand their test menus in order to provide additional benefits to new and existing practices and healthcare systems."
Earlier this week, GeneNews reported its first quarter financial results, posting a sharp drop in revenues due to changes in its billing process.