Hull McGuire Represents Neo Gen Screening, Inc. In Sale Of Largest
Newborn Metabolic Screening Lab
Pittsburgh/New York, 6/25/2003 - Pittsburgh-based
Hull McGuire PC, together with Neo Gen Screening, Inc.’s (“Neo Gen”)
long-time general counsel, McKay & Associates, P.C., represented Neo
Gen in the May 13 sale of that company to Pediatrix Medical Group, Inc.
Pediatrix (NYSE:PDX) is the nation’s largest provider of
physician services for maternal-fetal and newborn intensive care. It
paid a total of $34 million to acquire Neo Gen, and expects the
acquisition to immediately increase Pediatrix’s 2003 earnings per share.
Based in suburban Pittsburgh, Neo Gen is the nation’s
largest independent laboratory specializing in newborn metabolic
screening. It was founded and owned by Dr. Edwin Naylor in 1994
to provide metabolic screening services for newborns throughout the
country. Neo Gen will operate as a wholly-owned subsidiary of
Pediatrix is headquartered in New York. With its
affiliated professional corporations, Pediatrix employs more than 625
physicians in over 200 hospital-based neonatal intensive care units (NICUs)
in the United States and Puerto Rico. Neo Gen, by utilizing
mass spectrometry and other patented state-of-the-art practices, created a
cost-effective newborn metabolic screen procedure that tests for the
presence of over 50 genetic conditions that are potentially manageable if
detected early. The benefits of the metabolic screen are
enormous. Failure to detect some genetic conditions may result
in mental retardation and even death.
In the transaction, Hull McGuire assisted McKay &
Associates, a Pittsburgh intellectual property and litigation firm led by
Kenneth P. McKay, which had served Neo Gen on a day-to-day basis as
general counsel for several years. Ralph Minto, a Hull McGuire
lawyer, led the Neo Gen attorneys in the Neo Gen-Pediatrix transaction.