Avalon GloboCare Corp (NASDAQ:ALBT) shares rose after it told investors that Laboratory Services MSO (LSM) is opening a new laboratory — Veritas Laboratories — in Scottsdale, Arizona.
The company owns a 40% interest in LSM.
Avalon noted that Veritas is a CLIA-certified and COLA-accredited laboratory that offers a wide range of high-quality testing, including drug testing, genetic testing, urinary testing and COVID-19 PCR testing.
Additionally, it said LSM has engaged former Congressman Barry M. Goldwater to expand coverage with in-network providers and grow its laboratory footprint in Arizona.
“LSM continues to grow its testing footprint nationwide by expanding to new states and territories,” Avalon president and CEO Dr David Jin said in a statement.
“We are very excited to engage former Congressman Barry M. Goldwater Jr. His expertise and relationships with insurance providers will be invaluable as we look to expand coverage with in-network providers locally in Arizona and nationwide. We look forward to working closely with Barry as we launch propriety lab tests later this year.”
Avalon noted that Goldwater, Jr served in Congress at the same time as his father, 1964 Republican presidential nominee Senator Barry M. Goldwater, Sr. The Goldwater family, whose presence in Arizona dates back to 1850, is well-known for promoting business, politics, and other interests for the great state of Arizona both domestically and abroad.
“We welcome LSM to Arizona as they open a new facility in Scottsdale,” commented Goldwater, Jr.
“Their new lab, Veritas, will provide much-needed state-of-the-art drug, toxicology, genetics, and other proprietary testing. I look forward to working with LSM for the betterment of our community and state.”
Avalon's shares traded 4.3% higher at $1.20 shortly after midday in New York.
~ updated to include share price reaction ~
Contact the author at stephen.gunnion@proactiveinvestors.com