Press Releases
US LABS in the News
US LABS in the News 10/20/2001 12:00:00 AM - US Labs completes $15 million equity funding to support continued rapid growth
Date: October 20, 2001
IRVINE, CA - US LABS, Inc., a leading provider of cancer diagnostic services, announced today that it has completed late-stage venture capital equity financing of $15 million to fund its continued growth. The funds will be used for working capital to support the company's growth plans, including expansion of its cancer genetics business, and construction of an East Coast facility. US Labs provides critical diagnostic information to cancer patients and their doctors.
US LABS raised $15 million in late-stage equity in a financing led by the San Francisco office of ABS Capital Partners (headquartered in Baltimore). Highland Capital Partners of Boston, Massachusetts and Accel Partners of Palo Alto, California participated in the financing round.
According to Michael Danzi, Chairman and CEO of US LABS, "We are pleased to have completed this financing in the current market. The funding was priced at a significant increase in valuation from our previous round earlier this year, because of our rapid growth in revenues and strong profitability." Mr. Danzi added "We are applying the first commercial applications of the Human Genome Project, and we are excited about the advances in genetics and their application to cancer diagnostics. Our company is well positioned in our market and we have the resources to continue to maintain the rapid response service levels our customers need."
Irvine-based US LABS is a national, diversified health care cancer diagnostic services company devoted to comprehensive, high quality, rapid response cancer testing. The company provides national screening, diagnostic and prognostic cancer testing services to hospitals, physician offices, surgery centers, biopharmaceutical companies and research institutions. US LABS serves doctors and patients throughout the United States from its laboratories in Irvine, Los Angeles and San Diego.
For additional information about US LABS, contact Dennis E. Walsh, VP Sales and Marketing at 949-450-0145. E-mail: dwalsh@uslabs.net.
