TMCnet News
SC Launch Portfolio Company Announces AcquisitionGREENVILLE, S.C. --(Business Wire)-- SCRA Technology Ventures today announced that portfolio company Selah Genomics was sold to EKF Diagnostics, a publically-traded UK-based diagnostics firm. Selah, a provider of advanced molecular and genomic diagnostic services, completed the deal today, making it the largest of nine exits out of the SC Launch program since 2006. In various forms since 2007, Selah has received four rounds of investments from SCRA's SC Launch and Stage 2 programs. EKF Diagnostics will acquire Selah for an initial $40 million in stock, with an additional deferred consideration of up to $35 million in shares, based upon future performance. EKF will retain Selah's management team and plans to accelerate Selah's growth. Selah will hire a national sales force to sell PrecisionPath®, a test that helps physicians make treatment decisions for patients with cancer by identifying the molecular growth drivers of their cancers. In addition, Selah will launch a portfolio of cardiovascular disease and obesity management assays recently licensed from Spanish firm Ferrer InCode. "SCRA Technology Ventures' investment programs have a strong history of making successful placements in South Carolina's technology-based companies, furthering the state's Knowledge Economy," said SCRA CEO Bill Mahoney. "The Selah Genomics acquisition validates SCRA's continued investment and support of the portfolio company and its management team. Throughout the past seven years, we have enjoyed a wonderful relationship with Selah and CEO Michael Bolick, and we congratuate him on this accomplishment. We are delighted that Selah operations will continue and grow in the state and look forward to many future achievements. We are also very pleased that this outcome generates returns not only for SCRA but also with co-investment partners, the Upstate Carolina Angel Network, Nexus Medical Partners and the Greenville Local Development Corporation." "We are grateful for our long-standing relationship with SCRA Technology Ventures. They have been an investor and supporter of ours from the beginning. SCRA's SC Launch and Stage 2 programs respectively provided early and mid-stage tranches of investment at critical points during our company's life cycle. We are now blessed with an opportunity to make an exciting return on those investments," said Selah Genomics CEO Michael Bolick. This transaction is yet another example of how SCRA's programs and their co-investment partners are successfully working together in South Carolina." About SCRA 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 program to early stage, start-up technology companies through its flagship SC Launch. Since 2006, SCRA has deployed over $79 million in funding and infrastructure to support over 280 high-tech, early-stage enterprises and has directly invested nearly $18 million in South Carolina start-ups, attracting over $260 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. Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $15.3 billion, and that the company has helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $77,000. About Selah Genomics Selah Genomics is a clinical diagnostic specialist supporting healthcare providers and the pharmaceutical industry with advanced molecular and genomic diagnostic services. Selah's services add value to early stage drug development, clinical trials and regulatory processes in the pharmaceutical industry and helps clinicians and healthcare providers treat and monitor patients, thereby improving patient outcomes. With the Power of Precision, Selah Genomics provides the best in molecular diagnostic testing, assay validation and genomic profiling that all leads to one common goal: to provide better outcomes for patients.
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