Avalon GloboCare has announced that Laboratory Services MSO has signed an exclusive master service agreement with GeneX Laboratory Professional. This news has caused Avalon GloboCare shares to rise by 12% to $1.48.
Avalon GloboCare currently has a 40% interest in Laboratory Services MSO, making this agreement a significant development for the company. This comes at a time when Avalon GloboCare’s stock hit its 52-week low of $1.16, experiencing a decline of 68% over the past year.
GeneX is a highly reputable CLIA-certified laboratory situated in Orange County, California. Previously, GeneX had been inactive and was actively seeking a partner to utilize their license networks. With licenses from major providers such as Aetna California, Anthem BC of California, United Health Care, Cigna, Noridian Medicare, TRICare West, and Medicaid in 21 states, GeneX’s labs are well-equipped to provide a range of essential testing services.
These services include Liquid Chromatography-Mass Spectrometry drug testing, genetic testing, and Covid-19 PCR testing. Previously, access to these tests through in-network insurance providers was limited. However, with the new agreement in place, Laboratory Services MSO will leverage its infrastructure to perform these tests on behalf of GeneX using in-network insurance providers.
This partnership between Laboratory Services MSO and GeneX opens up valuable opportunities for both companies and improves accessibility to crucial testing services for individuals across various states.