Selah Genomics Announces Management Buy-out of Lab21

GREENVILLE, S.C.--(BUSINESS WIRE)--Selah Genomics Inc announces the completion of its management buy-out of Lab21 Inc, the US subsidiary of Lab21 Ltd, led by the existing Lab21 Inc management team.

Nexus Medical Partners, SCRA Technology Ventures’ Stage 2 Affiliate, SC Launch and the Greenville Local Development Corporation supported the buyout.

Nexus Medical Partners Co-Founders Ed Snape and John Rousseau will join Michael Bolick on the Selah Genomics board. John Rousseau said: “Selah Genomics performs genetic testing in laboratories regulated by the U.S. Center for Medicare & Medicaid Services under the Clinical Laboratory Improvement Amendments (CLIA). Selah is leveraging the latest in molecular and genomic technologies to develop companion diagnostics, i.e., tests that can tell doctors when a specific patient has a DNA mutation that can be targeted by a drug. We look forward to working with the Selah team in this exciting period for the company as we continue to grow our South Carolina-based portfolio.”

Michael Bolick, CEO of Selah Genomics comments: “Having been President of Lab21 Inc for the last three years, I am genuinely excited by the opportunity to lead Selah as we expand our molecular diagnostic testing services from our main CLIA laboratory in downtown Greenville SC and from our first Clinical Genomics Center, which is physically located within the Greenville Health System’s Institute for Translational Oncology Research (ITOR). 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.”

Bill Mahoney, CEO of SCRA, said: “Selah is a diagnostics company at the forefront of bringing comprehensive genomic analysis to the clinic. This change in the management of patient care through the use of more precise diagnostic tests is an exciting development. Selah’s proven skill in determining the genetic profile of patient samples is vital to today’s clinical trials and the development of companion diagnostics. We are thrilled to see this continued growth for one of our leading SC Launch and now Stage 2 portfolio companies.”

About Nexus Medical Partners

Nexus Medical Partners is a private equity firm, headquartered in Boston, MA, specializing in making private equity investments in and providing strategic assistance to medical technology and selected life science companies.

About SCRA and SCRA Technology Ventures

SCRA Technology Ventures helps innovative companies grow and develop new technologies, creating jobs and advancing the Knowledge Economy throughout South Carolina. This SCRA business sector provides support and mentoring through its flagship SC Launch program to early stage, start-up technology companies. Since 2006, SCRA has deployed over $59 million in funding and infrastructure to support over 280 high -tech, early-stage enterprises, and has directly invested over $13 million in South Carolina start-ups, attracting over $200 million in private investment. SCRA Technology Ventures also supports commercialization and growth by facilitating the transfer of intellectual property and accelerating the transition of inventions to the marketplace. Additionally, SCRA Technology Ventures invests in more established technology companies through its Stage 2 affiliate.

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