Manhattan Labs Completes $3.7 Million Equity Raise
Funding will be used to expand clinical testing offerings and accelerate business development efforts
NEW YORK, January 22, 2013-- Manhattan Labs, a high service regional clinical laboratory serving the New York tri-state area announced that it has completed a $3.7 million equity capitalization. The funding will be used to expand into new testing areas, develop strategic industry partnerships and further accelerate business development efforts.
The $3.7 million investment was led by existing investor Trevi Health Capital LLC (New York, NY), a specialized healthcare investment firm. Since its founding in 2008, Manhattan Labs has experienced rapid revenue growth of approximately 33% per annum. This funding will allow the Company to further accelerate its growth efforts through additional expansion in Manhattan and expansion into other complementary geographies. "Completion of the capital raise will allow us to build upon our solid core market in Manhattan and also enables us to expand our business in very meaningful ways into new territories," said Manhattan Labs CEO, Ken Cerney. "We are pleased by the confidence shown in our growth plans by our investor partners. Their deep industry knowledge and continued partnership will help us develop and expand the Manhattan Labs brand throughout the New York tri-state area."
Ken Cerney joined the Company as CEO on November 1, 2012 from Strand Diagnostics, where he served as President. Ken stated "I was drawn to Manhattan Labs by the chance to grow a well-respected, high service lab into the preeminent provider of concierge lab services in the New York tri-state area. I believe we can leverage our untapped potential by exploring strategic partnerships with physicians, insurers, hospitals and reference labs."
"We have been impressed with how fast the Company has grown," said Trevi Health Capital Partner, Scott Cragg. "Our research of the market aligns us with Manhattan Labs in the belief that there is a service gap between the national laboratories and the smaller regional labs. Manhattan Labs provides a gold standard of service for high-end physicians and continues to be at the forefront of advances in science and technology. We believe that makes Manhattan Labs an attractive partner for physicians in the tri-state area."
With facilities in Manhattan and New Jersey, Manhattan Labs supplies physicians and their patients with a complete range of concierge-level laboratory services. The added capital will also fund development of a variety of new testing panels and value-added services.
"Lab tests represent three percent of the total healthcare spend while influencing more than 70 percent of medical decisions," added Manhattan Labs Board Member Edgard Zwirn, a founder and former Executive Chairman of Unilabs SA, one of the largest European labs. "Advances in science and technology provide for earlier detection and a more personalized approach to care. We are confident that Manhattan Labs will be at the forefront of helping physicians increase the quality of health care to patients and reduce overall healthcare costs."
For more information about Manhattan Labs, please visit www.ManhattanLabs.com.
About Manhattan Labs
Manhattan Physicians Laboratories, LLC ("Manhattan Labs") was founded in 2008 with the goal of creating the premier service-oriented, high-quality independent clinical laboratory in the New York City metropolitan area. Combining the latest in clinical laboratory technology, personalized service, exceptional turnaround time and easy-to-access results, Manhattan Labs is continuing to elevate the standards and setting a new benchmark of service in the laboratory industry. www.ManhattanLabs.com
About Trevi Health Capital
Trevi Health Capital is a specialized investment firm that provides healthcare-focused alternative asset management through private equity and hedge funds on a global scale. The investment team combines experienced investment professionals and senior-level executives and entrepreneurs with proven track records. Trevi Health's private equity funds provide development and growth capital for private healthcare companies with emphasis on medical devices, biopharmaceuticals and healthcare services. www.TreviHealth.com
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