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June 27, 2011

Mayo Clinic signs deal with Chinese labs

This is kind of an interesting deal that could be the start of something really significant for Mayo Clinic.
The lab testing is already a growing and profitable enterprise. If becomes a major international player, it could really explode into an economic engine.
Here's some from the release that came out this morning:
MML_color Mayo Clinic today announced that it has entered into a multiyear agreement with Wuhan Kindstar Globalgene Technology, Inc. to provide specialized laboratory support based on provision of knowledge from Mayo Clinic''s Department of Laboratory Medicine and Pathology and its reference laboratory, Mayo Medical Laboratories.

The collaboration supports Mayo''s efforts to improve patient care worldwide and expand Mayo Medical Laboratories' international activities with shared goals for providing high-quality patient care by helping physicians order the right tests at the right time. This collaboration will allow Kindstar to accelerate the introduction Quality-biospecimens-technician and acceptance of new tests by physicians in China.


Currently, Kindstar offers 750 tests in specialties including hematology, oncology, genetics, infectious diseases, and cardiovascular disease. Through the collaboration with Mayo Clinic, Kindstar will expand its test menu offerings, promoting high-quality diagnostic and therapeutic care for the people of China by providing patients and physicians the broadest access to advanced esoteric testing services.

Established in Wuhan, Hubei Province, in 2003, Kindstar is the leading esoteric diagnostic testing business in China, providing laboratory testing services to more than 2,000 Chinese hospitals, including 660 tertiary hospitals. Kindstar''s diagnostic services help physicians properly diagnose diseases and allow them to develop treatment plans for patients suffering from hematologic malignancies, solid tumors, and genetic diseases.

DNAmagnifiedPhoto Mayo Clinic will provide advice on tests, laboratory quality, and accreditation standards, as well as test information, including standard operating procedures (SOPs) and methodologies, to help Kindstar accelerate its development and launch of high-quality esoteric tests in China. Mayo Clinic clinicians will also be available to provide knowledge regarding the medical and technical benefits of tests.

As part of the collaboration agreement, Mayo Clinic will receive equity in Kindstar. In addition, Mayo Clinic participated in Kindstar''s Series B financing.


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