Phoenix, Ariz. (November 1, 2022) – CashLabs LLC, a Tucson Arizona based national laboratory platform, announced the acquisition of Beacon Biomedical, a Phoenix Arizona based CLIA accredited medical laboratory focused on the development and commercialization of early detection cancer screening tests.
Jason McGrath, CEO of CashLabs stated, “The acquisition of Beacon enhances our mission to provide consumers with easy, accurate and affordable healthcare tests that improve awareness and outcomes. Expanding into cancer screening is a logical extension of our test offerings. As I am a colorectal cancer (CRC) survivor myself, CashLabs is passionate about saving lives through the early detection of this devastating disease.”
Beacon’s lead test, BeScreened™–CRC, is a simple, blood-based CLIA laboratory developed test (LDT) for colorectal cancer screening that has demonstrated a 94% accuracy in a clinical case-control study at determining if there is an elevated risk to the presence of CRC. Beacon believes the availability of a blood test presents the potential to dramatically increase screening compliance for CRC among individuals who are unwilling or unable to participate in screening with current recommended fecal-based tests or invasive imaging procedures, such as colonoscopies.
“We are truly excited to be part of the CashLabs family” says Don Weber, CEO of Beacon. “The companies’ shared vision of increasing access to CRC screening makes for a perfect fit. CashLabs’ expertise and resources will accelerate our plans to positively impact lives.”
Weber will remain as CEO of Beacon Biomedical. CashLabs will support Beacon’s in-clinic expansion beyond the state of Arizona while also accelerating the Be-Screened direct-to-consumer test offering.
About CashLabs, LLC
CashLabs is a national laboratory platform and wellness community that offers a robust menu of at-home and in-clinic healthcare tests. The company offers direct-to-consumer testing kits including food sensitivity, testosterone, and Vitamin D, among others. CashLabs provides consumers the convenience of testing in the comfort of their home or with their physician. The CashLabs community seeks to empower and connect people in better understanding and improving their personal health and quality of life. For more information, visit www.cashlabs.com.
About Beacon Biomedical Inc.
Beacon Biomedical Inc. is a CLIA accredited proteomic diagnostics laboratory focused on developing and commercializing laboratory developed tests and point-of-care CLIA waived tests for earlier cancer detection. The company’s lead product, BeScreened™-CRC, is a blood-based test for the early detection of colorectal cancer. Beacon’s product development pipeline includes early detection assays for breast, lung, and prostate cancers. For more information, visit www.beaconbiomedical.com.