PASADENA, Calif., Dec. 17, 2020 /PRNewswire-PRWeb/ -- Innova Medical Group, Inc., the world's largest manufacturer of rapid antigen test kits, acquired California-based Biological Laboratory, Inc. (BIOLAB), further strengthening Innova's in-house diagnostic testing as well as research and development capability in the United States.
Since 1998, this CLIA-certified clinical laboratory has shown spectacular success in endocrinology, cytology, toxicology, and molecular studies. Most recently BIOLAB played a key role in COVID-19 molecular (RT-PCR) and antibody (IgM/IgG) testing with its 24-hour turnaround on all routine testing and two-hour STAT results in emergency situations. BIOLAB is recognized by the American Association of Bioanalysts (AAB), the College of American Pathologists (CAP), and ranks as a Biosafety Level 2 High-Complexity Laboratory. BIOLAB currently employs approximately 130 people, including medical doctors, and has its own in-house logistics and medical billing division, with experience in all commercial and government insurance plans.
With its location only 30 miles from downtown Los Angeles, California, BIOLAB has provided on-site testing services for the entertainment industry as well as partnered with cities to screen essential workers for COVID-19. Only 15 miles from Innova Medical Group's newest manufacturing facility in Brea, California, this acquisition enhances Innova's end-to-end solution as a medical device and services provider. Innova's California footprint adds to its proven presence as the world's largest manufacturer of rapid antigen test kits.
"We are thrilled to be part of Innova Medical Group and excited about the significant growth that this acquisition will bring to BIOLAB," commented Jordan Wang, Managing Director, BIOLAB. "This growth is essential to our ability to help the city of Los Angeles manage the COVID-19 crisis."
Daniel Elliott, President, and CEO of Innova Medical Group, Inc. explained, "Today's acquisition of BIOLAB not only expands our R&D and clinical study management capability in the U.S. but also our ability to supply diagnostic services at large-scale to both corporate and government clients. With BIOLAB, we increase our robust ability to provide diagnostic tests and to manufacture in-house diagnostic services. As Innova continues to grow our portfolio, BIOLAB will also assist to validate our partner products."
With the unprecedented demand for COVID-19 testing, manufacturers need to fortify supply chains to secure the availability of collection devices, assay reagents, and kits. Innova currently ships greater than four million rapid antigen test kits per day and expects to double that volume by year-end. Adding a CLIA laboratory to Innova's portfolio streamlines testing workflows with accurate and affordable processing. BIOLAB's decades of acquired experience and applied knowledge complements Innova's ability to develop solutions for life-threatening diseases.
Innova Medical Group plans to significantly expand BIOLAB's testing capability in the next several months. BIOLAB will relocate to its new location in Pomona, California in early 2021 and the expansion will add approximately 100 new jobs for the area.
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About Innova Medical Group, Inc.
Innova Medical Group, Inc. (IMG) is a wholly-owned subsidiary of Pasaca Capital (Pasadena, Calif.) IMG strategically pivoted and leveraged its expertise in healthcare and medical devices to create an ecosystem to respond to the COVID-19 pandemic. The Innova Medical Ecosystem is delivering millions of tests every day to satisfy the diverse, point-of-care requirements of the world's governments, large corporations, and institutions. IMG offers a global supply chain, including the innovative and respected firms of G.E. Healthcare (USA) and Sartorius (Germany). IMG secured exclusive manufacturing and distribution agreements for its best-in-class portfolio of screening and diagnostic tests. For more information, visit http://www.innovamedgroup.com.
About Biological Laboratory, Inc.
Biological Laboratory, Inc (BIOLAB) is a clinical laboratory that has been servicing the healthcare community since 1998. BIOLAB is an accredited facility and takes pride in providing the highest quality of laboratory results. The medical team is comprised of medical doctors, clinical laboratory scientists, bioanalysts, pathologists, microbiologists, and analytical chemists. In response to the COVID-19 pandemic, BIOLAB is providing testing throughout the United States. BIOLAB covers the full spectrum of COVID-19 detection with services ranging from antibodies, antigen, and RT-PCR to keep communities safe. For more information, please visit https://biolaboratory.net.
For more information on Innova Medical Group's COVID-19 ecosystem or to order COVID-19 rapid diagnostic tests, contact [email protected].
Media Contact
Julie Manley, Innova Medical Group, Inc., (646) 981-3342, [email protected]
SOURCE Innova Medical Group, Inc.
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