Avalon’s Laboratory Services MSO Acquires California-Based Medical Supply Company and Proprietary FDA-Registered External Male Catheter Device
September 13 2023 - 8:15AM
Avalon GloboCare Corp. (“Avalon” or the “Company”) (NASDAQ:
ALBT), a developer of innovative precision diagnostics and
provider of clinical laboratory services, today announced
Laboratory Services MSO, LLC (“LSM”), has acquired Merlin Medical
Supply (“MMS”), a profitable, well-established Home Medical
Equipment (“HME”) and Durable Medical Equipment (“DME”) company
providing acute and non-acute medical supplies in Ventura County,
California. Additionally, LSM has acquired Leading Edge
Innovations, LLC from the same owner. Leading Edge Innovations owns
the GeeWhiz External Condom Catheter, a patented, FDA-registered,
in-market, male incontinence device. Avalon owns a 40% interest in
LSM.
MMS has contracts with major healthcare payers,
including Medicaid, Medicare, Medi-Cal, Optum-Rx, CCS, Tri-Care,
Blue Cross/Blue Shield, Humana, Aetna, United Health and Gold
Coast.
“MMS has been servicing the community in Ventura
for over 20 years and is an in-network provider for major insurance
companies, including Medicare and Medicaid,” commented David Jin,
M.D., Ph.D., President and Chief Executive Officer of Avalon. “The
medical supply market is expected to grow rapidly with the rising
geriatric population and MMS is well positioned to capitalize on
this market opportunity given its established relationships with
payers and clients. By combining MMS with LSM, we look forward to
supporting their national expansion. Notably, LSM also acquired a
proprietary, FDA-registered, external male catheter device -
GeeWhiz. The GeeWhiz External Condom Catheter is approved for
reimbursement by Medicare and a number of high-profile private
insurance providers. The GeeWhiz catheter device system is designed
to help men with urinary incontinence and bladder control. We
expect LSM to greatly benefit from acquiring these turn-key and
accretive businesses, which provide the opportunity to not only
grow sales, but also improve profit margins by integrating them
into LSM’s existing operations.”
About Avalon GloboCare Corp.
Avalon GloboCare Corp. (NASDAQ: ALBT) is a
commercial stage company dedicated to developing and delivering
innovative, transformative, precision diagnostics and clinical
laboratory services. Avalon is establishing a leading role in the
innovation of diagnostic testing, utilizing proprietary technology
to deliver precise, genetics-driven results. The
Company also provides laboratory services, offering a broad
portfolio of diagnostic tests including drug testing, toxicology,
and a broad array of test services, from general bloodwork to
anatomic pathology, and urine toxicology. For more
information about Avalon GloboCare, please visit
www.avalon-globocare.com.
For the latest updates on Avalon GloboCare’s
developments, please follow our twitter at @avalongc_avco.
Forward-Looking Statements
Certain statements contained in this press
release may constitute “forward-looking statements.”
Forward-looking statements provide current expectations of future
events based on certain assumptions and include any statement that
does not directly relate to any historical or current fact,
including statements regarding LSM. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors as disclosed in our
filings with the Securities and Exchange Commission located at
their website (http://www.sec.gov). In addition to these factors,
actual future performance, outcomes, and results may differ
materially because of more general factors including (without
limitation) general industry and market conditions and growth
rates, economic conditions, and governmental and public policy
changes. The forward-looking statements included in this press
release represent the Company's views as of the date of this press
release and these views could change. However, while the Company
may elect to update these forward-looking statements at some point
in the future, the Company specifically disclaims any obligation to
do so. These forward-looking statements should not be relied upon
as representing the Company's views as of any date subsequent to
the date of the press release.
Contact Information: Avalon GloboCare Corp.4400
Route 9, Suite 3100Freehold, NJ 07728PR@Avalon-GloboCare.com
Investor Relations:Crescendo Communications, LLCTel: (212)
671-1020 Ext. 304albt@crescendo-ir.com
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