CellNetix Pathology and Laboratories and Puget Sound Institute of Pathology to Merge
CellNetix to become one of the largest and most comprehensive privately held pathologist-owned groups in the United States
CellNetix Pathology and Laboratories (CellNetix) Boards and Partners and Puget Sound Institute of Pathology (PSIP) Partners met separately on February 27 for final approval of the merger between the two companies. The merger is expected to be completed by the end of March, 2017.
The groups announced an intent to merge in the fall of 2016.
“CellNetix and PSIP are excited about this great opportunity. We have worked separately within the Puget Sound region for decades and believe that together we will be able to have a more positive impact within the community we serve.” said Kathleen Fondren, CEO of CellNetix Pathology and Laboratories. “Our shared desire to deliver the highest quality pathology services will only be strengthened as we merge into a single entity. While we continue to deliver on our mission of delivering Excellence in patient care – every diagnosis, every day, we believe that we have the unique opportunity to achieve mutually beneficial synergies between our two organizations in what is an ever changing healthcare landscape.”
Stewart Adelman, CEO of PSIP, commented that “PSIP has prided ourselves on providing unmatched service levels to the hospitals and patients we serve every day. As the oldest pathology practice in the Puget Sound, we believe that this merger will further support our mission of service, while allowing us to provide exciting technological advances to support our communities well into the future.”
With the completion of this merger CellNetix will have created one of the largest and most comprehensive privately held pathologist-owned anatomic pathology groups in the United States. CellNetix and PSIP, as combined organizations, will have an opportunity to better meet the challenges of providing cost effective healthcare in a rapidly changing market.
Financial terms of the agreement have not been disclosed.
About CellNetix
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. CellNetix employs over 50 community-based pathologists and provides comprehensive sub-specialized anatomic pathology services at its central state-of-the-art laboratory in Seattle, with local laboratories in Spokane, Olympia, Everett and Alaska. Additionally CellNetix provides comprehensive anatomic pathology services, offering a full service menu which includes Molecular pathology and a 68 gene panel Next Generation Sequencing assay for cancer. CellNetix performs diagnostics on over 130,000 surgical cases and more than 150,000 PAP smears annually.
About PSIP
PSIP has provided diagnostic pathology services for over 50 years with a strong presence in the northwest serving 11 hospitals and health systems throughout the Washington market. Every employee at PSIP is committed to delivering high quality pathology services to their patients in a time sensitive manner. PSIP employs 17 community-based pathologists who provide specialized anatomic pathology services, medical directorship, and diagnostic services on approximately 70,000 surgical cases and more than 50,000 PAP and HPV cases annually.