Aqueous Health announced a majority investment in Principle Diagnostics, a leading diagnostic laboratory based in Bethlehem, PA. Principle was founded in 2015 and provides toxicology, molecular and genetic testing services to a broad base of consumers, patients, providers and other laboratories. Dan Eckert has been named Chairman and CEO of Aqueous Health and is joined by an experienced and proven team of healthcare diagnostics leaders. Eckert has been in healthcare for over 40 years in a combination of senior leadership roles with premier private and publicly traded companies and has extensive experience in building platform companies into industry leaders. Gina Mattes, currently CEO of Principle Labs, will continue in that role. Dr. Allan Zyller, owner of Principle, will be a significant investor and stay on as a Board member and strategic advisor to Eckert.
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“We are very pleased to join forces with Dr. Zyller and the Principle team to deliver predictive diagnostic testing and services to the broader population,” said Eckert. “We believe Aqueous Health is uniquely positioned to capitalize on the decentralized diagnostic testing market opportunity that was accelerated by the COVID 19 pandemic. Our combined team is confident that we will build an industry leader in diagnostics services and solutions.”
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Eckert added, “early detection is critical for health and wellness management. The problem is that many of us either don’t have easy access to testing, have fears around testing/sampling, or simply struggle to find the time to go get the tests done. Aqueous Health is focused on bringing innovative diagnostic testing and health & wellness management solutions to consumers, patients, healthcare providers, employers and insurers. We will offer rapid point of care tests; over-the-counter or in-home tests; and home collected sampling for testing to be performed in our laboratory. By providing such comprehensive and innovative solutions to enable testing wherever the consumer/patient is, Diagnostics Anywhere, we will foster improved access, easier adoption, and increased effectiveness when it comes to proactive health management.”
Gina Mattes said, “for over a decade, the Principle Diagnostics team has delivered high quality diagnostic testing services to patients, consumers, healthcare providers and other laboratories. With the backing of Aqueous and their commercialization experience and industry relationships, we are excited to enhance our current services and solutions to deliver added value to our customers and partners.” Dr. Allan Zyller added, “this is a major milestone for Principle and a great outcome for all stakeholders. I am excited to help Dan and the team grow Aqueous into a market leader in the space.”
Aqueous Health is headquartered in Phoenix, AZ and will operate Principle Diagnostics as a wholly-owned subsidiary out of existing facilities in Bethlehem, PA. Aqueous Health intends to pursue additional strategic investments in the diagnostics and health and wellness space, while adding additional central operations in Phoenix, AZ to support growth.
Lou Grecco, a Managing Director and Co-Head of Healthcare at Berkery Noyes, and his team served as exclusive financial advisor for Principle Diagnostics, and Gordon Feinblatt LLC served as legal Counsel.
Robert Sarfatis, a shareholder at Polsinelli, and his team served as Aqueous’ legal counsel for the transaction and will serve the Company as its outside general counsel going forward.
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Source – PR Newswire
