LabGenomics Signs Partnership with GenCurix for Joint Entry into US Diagnostic Market

On the 27th, LabGenomics and GenCurix announced that they have signed a business agreement and are promoting the launch of molecular diagnostic services in the United States. The two companies have begun developing a business model to provide various molecular diagnostic testing services for patients in the U.S.

LabGenomics has completed the acquisition of the U.S. CLIA LAB it had been pursuing, and the core of the agreement is that the two companies will cooperate to secure the testing content owned by GenCurix and its subsidiaries and introduce it to the CLIA LAB.

The CLIA LAB is a laboratory certified by U.S. laboratory standards, capable of quickly launching new diagnostic services through its own development and validation processes.

GenCurix and LabGenomics plan to provide various molecular diagnostic and cancer diagnostic services in the U.S. through the CLIA LAB.

Jungjoo Kim, CEO of LabGenomics, stated, “LabGenomics’ vision is to become a company leading the globalization of Korean diagnostic products and services through Open R&D and Open Innovation,” adding, “After completing the acquisition of management rights, we have completed company-wide organizational restructuring and established our vision and mission.”

Since the second half of last year, LabGenomics has been selecting and sourcing excellent Korean diagnostic content to enter the U.S. market together. Various high-value diagnostic content companies wishing to enter the U.S., such as Novomics, Abion, RockOne Foundation, and NgenBio, have already signed multiple business agreements with LabGenomics since last year.

Sangrae Cho, CEO of GenCurix, emphasized, “We are exploring various ways to enter the U.S., the world’s largest molecular diagnostic testing market,” and added, “Through this business agreement, we will continue strategic cooperation with LabGenomics to accelerate the service sales of molecular diagnostic technologies owned by GenCurix.”