FREEHOLD, N.J., Sept. 13, 2023 (GLOBE NEWSWIRE) — Avalon GloboCare Corp. (NASDAQ: ALBT), a developer of innovative precision diagnostics and provider of clinical laboratory services, today announced Laboratory Services MSO, LLC, has acquired Merlin Medical Supply, a profitable, well-established Home Medical Equipment and Durable Medical Equipment 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.
