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Savyon Diagnostics to Spin Off Nongenetic Lab Business

By HospiMedica staff writers
Posted on 17 Jan 2003

An agreement to organize a new Israeli company to acquire the clinical laboratory diagnostics business of Savyon Diagnostics, Ltd., a subsidiary of Healthcare Technologies (Ashdod, Israel), for around US$1.9 million has been announced by Healthcare Technologies, Savyon, and Dr. Martin Lee, founder and former CEO of Great Smokies Diagnostic Laboratory (Ashville, NC, USA).

Healthcare and Dr. Lee will each own 50% of the newly organized company, and Dr. Lee will serve as CEO. Dr. Lee has a Ph.D. in biochemistry and microbiology. His career has included senior positions at many prominent US laboratories. Dr. Nir Navot, current CEO of Savyon Diagnostics, will continue to manage Savyon's clinical laboratory genetic diagnostics business, with the aim of developing it as a leading provider of molecular biology-based tools for the diagnosis of genetically inherited disease.

"The opportunity to work together with such a distinguished senior veteran of the medical diagnostics industry as Dr. Lee makes us all very excited about the future of this new company that we are now creating,” noted Daniel Kropf, president of Healthcare Technologies.

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