HealthEdge Completes Investment in Medical Neurogenetics, Appoints Interim CEO
TAMPA, FLORIDA – April 28, 2015 – HealthEdge Investment Partners announced today that it has completed an investment in Medical Neurogenetics, LLC, an Atlanta, Georgia‐based esoteric lab that represents the fifth portfolio company in HealthEdge Investment Fund II. HealthEdge is also pleased to announce the appointment of Kevin Hunter as the Company’s Interim Chief Executive Officer.
Medical Neurogenetics (the “Company”) is a leading provider of molecular and metabolic genetic testing services for various inherited disorders affecting children and adults. The Company focuses on testing for neurological disorders such as epilepsy, muscular dystrophy, and mitochondrial disorders such as cellular energetics defects. The Company has developed a proprietary tissue bank and relational database of clinical, metabolic, biochemical, and genetic data with significant test development and drug discovery implications. This database offers clinical, business, and research partners a customized, highly contextualized resource for translational research, drug discovery, and new test development. Medical Neurogenetics’ tests, results, and interpretations are utilized by neurologists, cardiologists, and medical geneticists in the evaluation, diagnosis, and treatment planning of patients with rare genetic conditions.
This investment enhances Medical Neurogenetics’ opportunities to drive continued growth. According to Dr. John Shoffner, former majority owner of Medical Neurogenetics, “It was important to our ownership group and leadership team that we partner with a strategic financial partner that can assist us with leveraging the Company’s cutting‐edge scientific value to grow revenue, professionalize our operations, and continue to enhance our service offerings.”
As part of this transition, Dr. Shoffner will move to the role of Chief Medical Officer and Board Chairman and will continue to help guide MNG’s strategic development by working closely with Mr. Hunter and his team. Dr. Shoffner will also continue to represent MNG and its commitment to advanced diagnostic testing through his many industry leadership efforts.
With his extensive experience in operations improvement efforts and sales at some of the leading laboratory companies in the world, Mr. Hunter is equipped to drive MNG’s new chapter of growth. Prior to joining MNG, Mr. Hunter successfully implemented multimillion‐dollar laboratories for numerous hospital systems, physician practice management companies, and large physician groups. He has also provided interim leadership and service in coaching and mentoring roles for several large labs across the country. Mr. Hunter will work to develop and promote the strategic vision of MNG and will work with the executive team to execute the company’s ongoing transformation and growth plans.
All current Medical Neurogenetics owners continue to have a meaningful ownership stake in the Company.
HealthEdge Managing Partner Phil Dingle said, “We are excited to partner with the entire MNG team, who are leaders in the field of molecular and genetic testing, and Kevin Hunter is the right guy to lead this business and implement our operational and growth initiatives. His industry and leadership skills will add huge value to this business and serve the Company’s customers and associates.”
HealthEdge Principal Scott Lee said, “Medical Neurogenetics has built a strong reputation and market position in a rapidly growing market, due primarily to the team’s extensive scientific and medical expertise. The laboratory operations are well‐run by expert lab professionals and strong technical leaders, and the Company’s success is a testament to its service offering, highly unique tissue‐bank, and the hard work and leadership of its people.”
About Medical Neurogenetics
Medical Neurogenetics, LLC is a leading provider of molecular and metabolic genetic testing and consultation for various inherited disorders affecting children and adults. Medical Neurogenetics provides sophisticated neurological and mitochondrial disorders laboratory testing, focusing on testing for epilepsy, muscular dystrophy, and cellular energetics defects. For more information on Medical Neurogenetics, please visit www.medicalneurogenetics.com.
HealthEdge Investment Partners, LLC is an operating‐oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit www.healthedgepartners.com.
For more information, please contact Phil Dingle at HealthEdge Investment Partners at (813) 490‐7100.