[Asia Economy Reporter Jang Hyowon] Molecular diagnostics specialist LabGenomics has appointed executives from its new largest shareholder, Luha Private Equity (hereinafter Luha PE), as the new management team and plans to officially appoint them through an extraordinary general meeting of shareholders on March 10.
On the 1st, LabGenomics announced that at the extraordinary general meeting on March 10, resolutions will be made regarding the addition of business purposes and changes in the number of directors. The business purposes to be added include the U.S. CLIA Lab business, O2O service industry, leasing and sales of intangible assets for research and development, and pet diagnostics.
Additionally, LabGenomics has nominated Kim Jungjoo, Vice President of Thermo Fisher Scientific Korea, and Lee Jonghoon, CEO of Luha PE, as new co-CEOs. Kim Jungjoo has over 25 years of experience in the diagnostics industry, having worked at Roche Diagnostics and Thermo Fisher Scientific. Thermo Fisher Scientific is the global number one diagnostics specialist company, operating in diagnostic instruments, reagents, and laboratory equipment, and Kim led Thermo Fisher Scientific’s expansion into East Asia.
Lee Jonghoon, nominated as CEO, graduated from Chung-Ang University College of Pharmacy and worked as a pharmaceutical and bio analyst at Mirae Asset Securities. He later served as a specialized reviewer in the bio healthcare sector at SV Investment, where he formed multiple specialized funds and invested in diagnostic companies. Lee has invested in and served as an outside director for PeopleBio, Bridge Biotherapeutics, and Biodine, and currently serves as an outside director at Boryung.
LabGenomics has also focused on internal organizational restructuring, recruiting personnel with experience at Samsung Electronics, KPMG, and Seegene as Vice President overseeing overseas business, and appointed accountant Oh Sejin, who worked as an operator at Luha PE, as CFO. Oh previously worked at Samil Accounting Corporation and Yulchon LLC and has led numerous M&A deals as CFO of KOSPI and KOSDAQ listed companies. Furthermore, outside directors and auditors nominated include Jang Jaehyung, Deputy Representative of Yulchon LLC, Professor Kim Yuchan of Sungkyunkwan University College of Biotechnology, and Kim Kyuyeong, CEO of Diomedical.
A LabGenomics official stated, "This new personnel recruitment aligns with Luha PE’s strategy to enter the U.S. market, especially bringing in experts specialized in value-up capabilities for invested companies, so we expect corporate value improvement in the future." He added, "Except for founder CEO Jin Seunghyun, the existing executives will remain in the company to support new business initiatives."
After completing the appointment of the new management team through the extraordinary general meeting, LabGenomics plans to actively pursue the acquisition of the U.S. CLIA Lab. It also intends to solidify its position in the domestic genetic diagnostics market and focus on showcasing its technological capabilities in the U.S. market.
Lee Jonghoon, the nominated CEO, said, "Through the acquisition of the U.S. CLIA Lab, we will create opportunities for LabGenomics as well as Korean biotech and diagnostic companies to enter the market."
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