70.1 F
Los Angeles
Friday, Sep 22, 2023

Covid Test Maker Innova Acquires Pomona Lab

Pasadena-based Innova Medical Group Inc., which makes rapid antigen test kits, announced Dec. 17 that it has acquired Pomona-based Biological Laboratory Inc. for an undisclosed sum.

Innova Medical, which is a subsidiary of Pasadena-based private equity firm Pasaca Capital Inc., is a health care and medical device company that during the Covid-19 pandemic has pivoted to making rapid antigen test kits. 

The company has shipped up to 4 million test kits from its facilities in Brea, Philadelphia, Hong Kong, Shanghai and Ljubljana, Slovenia.

Biological Laboratory, or BIOLAB, was certified in 1998 as a clinical laboratory focusing on endocrinology, cytology, toxicology and molecular studies. During the Covid pandemic, the company has deployed molecular and antibody testing services for the coronavirus, with 24-hour routine turnaround and two-hour turnaround in emergency situations. 

A major customer base has been the entertainment industry and its requirements for repeated testing for all personnel on production sites. The Pomona lab facility has roughly 130 employees.

By acquiring Biological Laboratory, Innova Medical can now offer its test kit clients testing analysis services, essentially turning it into a one-stop Covid testing shop.

“Today’s acquisition of BIOLAB not only expands our R&D and clinical study management capability in the U.S. but also our ability to supply diagnostic services at large-scale to both corporate and government clients,” Innova Medical Chief Executive Daniel Elliott said in a statement. “With BIOLAB, we increase our robust ability to provide diagnostic tests and to manufacture in-house diagnostic services.”

According to the announcement, Innova Medical Group plans to significantly expand Biological Laboratory’s testing capability in the next several months. Biological Laboratory is also expected to relocate to a larger facility in Pomona during the first quarter of 2021, allowing it to add roughly 100 new jobs.

Howard Fine
Howard Fine
Howard Fine is a 23-year veteran of the Los Angeles Business Journal. He covers stories pertaining to healthcare, biomedicine, energy, engineering, construction, and infrastructure. He has won several awards, including Best Body of Work for a single reporter from the Alliance of Area Business Publishers and Distinguished Journalist of the Year from the Society of Professional Journalists.

Featured Articles

Related Articles