CellNetix Pathology and Laboratories has made the strategic decision to repurchase its shares owned by Pathology Associates Medical Laboratories (PAML).
This repurchase allows CellNetix to be one of the largest, independent, pathologist owned groups in the country. PAML has had a minority ownership of CellNetix since 2013.
“I am pleased with the CellNetix Board’s decision to once again be pathologist owned. This repurchase allows us to further strengthen our growing enterprise and control our future as an organization,” said Kathleen Fondren, CEO. “The CellNetix mission of “Excellence in patient care- every diagnosis, every day” inspires our decision. Our pathologist owners, desire to remain strategically relevant and a sound partner to those with whom we do business, and more importantly to the patients we serve”.
“It is an exciting opportunity to restore 100% ownership of CellNetix back to our company,” said David Kiehn, SVP and CFO. “This stock repurchase demonstrates our confidence in CellNetix as well as our commitment to delivering value to our owners, our clients and our patients.”
CellNetix announced in late 2016 a merger with Puget Sound Institute of Pathology. The combined organizations will continue to focus their efforts on providing sub-specialty based care by their nearly 70 pathologists from some of the most prestigious universities in the country.
About CellNetix Pathology & Laboratories
CellNetix Pathology & Laboratories, LLC is a dynamic, rapidly growing private pathology company headquartered in Seattle, Washington, serving hospitals and clinics throughout Washington, Oregon, Idaho and Alaska. Founded in 2008, CellNetix employs 48 community-based pathologists who provide comprehensive sub-specialized anatomic pathology services at its central state-of-the-art laboratory in Seattle and their local laboratories in Spokane, Olympia, Everett and Alaska.
About Pathology Associates Medical Laboratories, LLC
PAML, LLC, a healthcare solutions company with a focus on diagnostics, is headquartered in Spokane, Washington. One of the top reference laboratories in the country, PAML is also considered an industry leader in joint venture partnerships with community-based hospitals because of their expertise in developing cutting-edge laboratory management systems, including state-of-the-art automation, and support services. For more information about PAML, go to their website at www.paml.com.
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