SCRA Technology Ventures today announced that portfolio company Selah Genomics was sold to EKF Diagnostics, a publically-traded UK-based diagnostics firm. Selah, a provider of advanced molecular and genomic diagnostic services, completed the deal today, making it the largest of nine exits out of the SC Launch program since 2006. In various forms since 2007, Selah has received four rounds of investments from SCRA's SC Launch and Stage 2 programs. EKF Diagnostics will acquire Selah for an initial $40 million in stock, with an additional deferred consideration of up to $35 million in shares, based upon future performance.
EKF will retain Selah's management team and plans to accelerate Selah's growth. Selah will hire a national sales force to sell PrecisionPath®, a test that helps physicians make treatment decisions for patients with cancer by identifying the molecular growth drivers of their cancers. In addition, Selah will launch a portfolio of cardiovascular disease and obesity management assays recently licensed from Spanish firm Ferrer InCode.
"SCRA Technology Ventures' investment programs have a strong history of making successful placements in South Carolina's technology-based companies, furthering the state's Knowledge Economy," said SCRA CEO Bill Mahoney. "The Selah Genomics acquisition validates SCRA's continued investment and support of the portfolio company and its management team. Throughout the past seven years, we have enjoyed a wonderful relationship with Selah and CEO Michael Bolick, and we congratulate him on this accomplishment. We are delighted that Selah operations will continue and grow in the state and look forward to many future achievements. We are also very pleased that this outcome generates returns not only for SCRA but also with co-investment partners, the Upstate Carolina Angel Network, Nexus Medical Partners and the Greenville Local Development Corporation."
"We are grateful for our long-standing relationship with SCRA Technology Ventures. They have been an investor and supporter of ours from the beginning. SCRA's SC Launch and Stage 2 programs respectively provided early and mid-stage tranches of investment at critical points during our company's life cycle. We are now blessed with an opportunity to make an exciting return on those investments," said Selah Genomics CEO Michael Bolick. This transaction is yet another example of how SCRA's programs and their co-investment partners are successfully working together in South Carolina."