Precision Acquires ProMedDx and GLAS to Strengthen Biomarker Technology Platform Ahead of IPO

On August 2, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that the biotechnology company Precision for Medicine (Precision) announced the acquisition of biological sample suppliers ProMedDx and GLAS to build a more comprehensive biomarker technology platform. No financial terms of the acquisition were disclosed.

Headquartered in Massachusetts, USA, ProMedDx is a leading biobanking research company. Led by biotechnology experts Jim Boushell and Jim Sperzel, the company specializes in the study of biofluid specimens. Additionally, as a life sciences contract research organization (CRO), ProMedDx provides services to pharmaceutical companies, healthcare institutions, and medical device R&D enterprises, supporting advancements in both basic and clinical medical research.

ProMedDx’s clinical biospecimen and medical research-related services include prospective specimen collection, biospecimen procurement, bio-processing, biostorage, patient recruitment, and clinical study monitoring. The company remains committed to delivering high-quality, efficient services to support the development of healthcare enterprises and institutions in pharmaceuticals, biotechnology, in vitro diagnostics, and clinical research.

GLAS is headquartered in North Carolina, USA, and was founded by pathologist Dr. Cullen Taylor. The company primarily provides and conducts research on biological tissue samples. Dr. Taylor stated, “The development of the life sciences industry relies heavily on researchers’ insights in medicine and science. However, research progress is often constrained by a lack of biological samples. We established GLAS to integrate biological samples with medical expertise and leverage advanced biological laboratories for related research, marking a significant advancement in the life sciences industry.”

Precision, a biotechnology company founded in 2013 and headquartered in Maryland, USA, primarily develops novel biomarker technologies to facilitate personalized treatment for patients. As a subsidiary of the life sciences conglomerate Precision Medicine Group, the company employs nearly 2,000 people and operates across 34 locations in the United States, Canada, and Europe. Its research focus areas include genomics, immune response profiling, global specimen logistics, biomarker analysis, and companion diagnostics.

Precision acquired the artificial intelligence technology developer SimplictyBio in early 2019 and the biomarker analysis and identification firm ApoCell in late 2018. As a pioneer in biomarker technology development, Precision is committed to leveraging advanced scientific technologies to apply innovative biomarker methodologies to clinical research.

ProMedDx and GLAS will assist Precision in building a biomarker technology platform and developing novel biomarkers. These biomarkers can help researchers investigate pathogenesis at the molecular level, enable early disease warning, and assist physicians in clinical diagnosis.

Chad Clark, President of Precision for Medicine, stated, “We believe that biomarkers will empower physicians and patients to discover innovative therapies. Precision for Medicine will continue to provide leading biotechnology solutions to healthcare companies and institutions worldwide. We welcome ProMedDx and GLAS to our team; this acquisition will expand Precision for Medicine’s biotechnology market presence in Massachusetts and North Carolina.”

Jim Boushell, co-founder of ProMedDx, stated, “Precision is an expert in the field of biomarker technology, widely recognized for its biotechnology expertise and R&D capabilities. We are delighted to partner with Precision to jointly promote the development of the life sciences industry.”

(Compiled by Xu Xiaoxue)