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NEW YORK, Dec. 12 /PRNewswire-FirstCall/ -- IMPATH Inc. (Nasdaq: IMPH) today announced an exclusive multi-year agreement with GeneMatrix Inc., a South Korean biotechnology company, to provide laboratory services for patients in South Korea. Under the agreement, GeneMatrix will refer patient cases to IMPATH's Los Angeles facility for analysis and will compensate IMPATH on a fee- for-service basis. GeneMatrix is affiliated with the Seoul National University Medical Center, the largest oncology center in Korea. In the first year, IMPATH expects to receive a total of more than 1,000 cases for lymphoma/leukemia analysis and prognostic profiles for colorectal and breast cancers.
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Anu D. Saad, Ph.D., Chairman and Chief Executive Officer of IMPATH said, "We are truly excited at the opportunity to extend the reach of our physician services offerings to an entirely new population of cancer patients. Our agreement with GeneMatrix is the first step in what we hope to be continuing international expansion of our core business, with a goal of ensuring that an ever- increasing number of patients are given access to our technologies and resources."
Wangdon Yoo, Ph.D., Chief Executive Officer and President of GeneMatrix added, "Our choice of IMPATH as...