ProPhase Labs, Inc. (PRPH) is in plans to acquire one or more labs CLIA accredited labs. Announced on Thursday, the diversified medical science and technology company said that it is in quest of acquiring labs accredited by CLIA (Clinical Laboratory Improvement Amendment) where it can perform COVID-19 testing among other.
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The company signed a Consulting Agreement with industry expert Predictive Laboratories, Inc. to get its help in the acquisition process. As per the terms of the agreement, Predictive Labs will provide ProPhase with certain consulting as well as other related services. Those include introducing and identifying the company to testing and medical technology prospective. Help and advise it in acquisition of CLIA accredited labs, or help obtain new business for any such labs. Predictive Labs will also help the company with equipment and staffing as well as operations of such labs. It will also assist the company in processes like validation and certifications of such labs.
ProPhase also entered into an Amended and Restated Promissory Note and Security Agreement with Predictive Labs. The company has provided Predictive Labs with an amount of $3.0 million in loans. The current loan amount also include amount of $1.0 million loan provide by the company July this year to Predictive Labs.
As per the Consulting Agreement, all the compensation to Predictive Labs will be target based and will primarily be used by Predictive Labs in efforts to accelerate or repay all the sums it owed to the company including but not limited to repayment of the New Note.
As there is no surety that ProPhase will succeed in acquiring labs it has been looking for, the company is looking forward to continue working with Predictive Labs. The company is in believe that Predictive Labs’ expertise of advanced level in building and operating CLIA and CAP (College of American Pathologists) accredited laboratories will be helpful for ProPhase as it has been exploring opportunities in the same field.