Agreement Generates New Diagnostic Opportunities at 120 Hospital-Affiliated
ALISO VIEJO, Calif., May 6 /PRNewswire-FirstCall/ -- Clarient, Inc. (Nasdaq: CLRT), a premier anatomic pathology and molecular testing services resource for pathologists, oncologists and the pharmaceutical industry, today announced that it has signed a one-year agreement with Joint Venture Hospital Laboratories (JVHL) to provide a wide-range of cancer testing to its 120 hospital-affiliated labs. JVHL is located in Allen Park, Michigan and the agreement is renewable after the first year.
"This partnership provides more testing options for the pathologists and hospitals in the JVHL network," said Paul Valenstein, M.D., President of JVHL. "We are encouraged by this new relationship with Clarient and are pleased to provide our doctors with the benefit of Clarient's cancer assays."
"Working with JVHL and its network hospitals enables Clarient to compete directly with other large laboratories in the managed care markets and gives Clarient access to many new physicians and their patients," said Ron Andrews, CEO of Clarient. "Our agreement compliments our goal to work closely with community pathologists, who through this association will be able to enjoy the benefits of collaborating with a first-class cancer laboratory. We look forward to building upon this impactful association with JVHL for years to come."
The 120 hospital-affiliated laboratories comprising the JVHL Network are committed to providing managed care plan members and participating physicians with the highest quality, convenient and efficient laboratory services. Lab testing is one of the most vital diagnostic tools for all segments of health care. Through JVHL, and its success in contracting with managed care plans, hospital affiliated laboratories can provide their testing and consultative services to hospital and community based physicians and their patients. JVHL holds agreements with 19 managed care companies on behalf of its 120 network affiliated hospitals to provide outpatient and outreach laboratory services to more than 2 million managed care members. http://www.jvhl.org
Clarient combines innovative technologies with world class expertise to assess and characterize cancer. Clarient's mission is to provide the services, resources and critical information to improve the quality and reduce the cost of patient care as well as accelerating the drug development process. The Company's principal customers include pathologists, oncologists, hospitals and biopharmaceutical companies. The rise of individualized medicine as the new direction in oncology has created the need for a centralized resource providing leading diagnostic technologies such as flow cytometry and molecular testing. Clarient is that resource, having created a state-of-the-art commercial cancer laboratory providing the most advanced oncology testing and drug development services available both onsite and over the web. Clarient is a Safeguard Scientifics, Inc. partner company. http://www.clarientinc.com
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE: SFE) provides growth capital for entrepreneurial and innovative technology and life sciences companies. Safeguard targets technology companies in Software as a Service (SaaS), Technology-Enabled Services and Internet-based Businesses, and life sciences companies in Molecular and Point-of-Care Diagnostics, Medical Devices and Specialty Pharmaceuticals with capital requirements between $5 and $50 million. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. http://www.safeguard.com
The statements herein regarding Clarient, Inc. contain forward-looking statements that involve risks and uncertainty. Future events and the Company's actual results could differ materially from the results reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to: Clarient's ability to continue to develop and expand its diagnostic services business, Clarient's ability to expand and maintain a successful sales and marketing organization, Clarient's ability to maintain compliance with financial and other covenants under its credit facilities, the continuation of favorable third party payer reimbursement for laboratory tests, unanticipated expenses or liabilities or other adverse events affecting cash flow, uncertainty of success in identifying and developing new diagnostic tests or novel markers, Clarient's ability to compete with other technologies and with emerging competitors in novel cancer diagnostics and dependence on third parties for collaboration in developing new tests, and risks detailed from time to time in the Company's SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Recent experience with respect to laboratory services, revenues and results of operations may not be indicative of future results for the reasons set forth above.
The company does not assume any obligation to update any
forward-looking statements or other information contained in this document.
Allen & Caron, Inc.
|SOURCE Clarient, Inc.|
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