Fifty 1 Labs Secures Genetic Networks Acquisition for $10 Million, Eyes DoD Contracts
Deal News | Mar 20, 2025 | Globenewswire
Fifty 1 Labs, Inc., a Nevada-based company operating in the health, wellness, and biotech sectors, has acquired Genetic Networks LLC for $10 million, paid entirely in common shares. Genetic Networks, based in Miami, Florida, brings its GeneScape platform to Fifty 1 Labs' offerings, enhancing the company's capabilities in the biotech field through genetics, AI, and machine learning technologies. Founder Dr. Gennaro D'Urso has been appointed as CEO and Chairman, while Brandon Spikes continues as President and Director. Genetic Networks is in active negotiations to secure multi-million dollar contracts with the U.S. Department of Defense. The acquisition marks a strategic move for Fifty 1 Labs to strengthen its presence in personalized medicine, biodefense, and wellness markets. Following the acquisition, Fifty 1 Labs plans to expand operations by opening new R&D hubs and integrating Genetic Networks' technologies into its product lines. The company's market positioning is further bolstered by the broader growth of the biotechnology, personalized medicine, and sports nutrition markets.
Sectors
- Biotechnology
- Defense
- Healthcare
- Wellness
Geography
- United States – Fifty 1 Labs is based in Nevada, with Genetic Networks headquartered in Miami, Florida. The company is engaging with the U.S. Department of Defense, indicating a focus on U.S. markets.
Industry
- Biotechnology – The acquisition of Genetic Networks positions Fifty 1 Labs in the biotechnology sector, particularly focusing on genetics, AI, and machine learning applications for drug discovery.
- Defense – Genetic Networks is negotiating multi-million dollar contracts with the U.S. Department of Defense, indicating involvement in defense-related biotech applications.
- Healthcare – Fifty 1 Labs is operating within the healthcare sector by integrating wellness and personalized medicine solutions through its biotech innovations.
- Wellness – The acquisition enhances Fifty 1 Labs' wellness product lines, including sports supplements, by incorporating advanced biotechnology features.
Financials
- $10 million – The purchase price for the acquisition of Genetic Networks by Fifty 1 Labs, paid in shares.
- 10,000,000 FITY common shares – The method of payment for the acquisition at a valuation of $1.00 per share.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fifty 1 Labs, Inc. | Bidding Company | Company | A Nevada-based holding company specializing in health, wellness, and biotech sectors. |
| Genetic Networks LLC | Target Company | Company | A Delaware-based biotech firm focused on drug discovery tools, employing the GeneScape platform. |
| Dr. Gennaro D'Urso | CEO and Chairman | Person | Founder of Genetic Networks and appointed CEO and Chairman of Fifty 1 Labs post-acquisition. |
| Brandon Spikes | President and Director | Person | Continues his role, focusing on the integration of GeneScape into FITY's wellness offerings. |
| John Pirro | Chief Clinical Operations Officer | Person | Has 18+ years in pharmaceuticals, responsible for clinical operations excellence. |
| U.S. Department of Defense | Potential Contract Partner | Government | In negotiations with Genetic Networks for multi-million dollar contracts related to biodefense. |