Healthcare Industry News: Inverness Medical Innovations
News Release - June 18, 2007
Inverness Medical Innovations Acquires Home Coagulation Service Provider, Quality Assured Services, Inc.WALTHAM, Mass., June 18 (HSMN NewsFeed) -- Inverness Medical Innovations, Inc. (Amex: IMA ) a leading manufacturer and marketer of rapid diagnostic products for the consumer and professional markets, today announced that it has acquired Quality Assured Services, Inc. (QAS) a Florida based, privately held provider of diagnostic home tests and services to the US marketplace, for an initial payment of $12.5 million cash and $12.5 million in Inverness stock. The acquisition of QAS, provides Inverness with an established in-home patient service and distribution network, and a leadership position in the prescription self-testing market, especially in coagulation monitoring.
Commenting on the deal, Ron Zwanziger, Chairman and CEO of Inverness Medical Innovations, emphasized that, "We have the products and the pipeline for home and professional testing, and now we have an improved delivery system that allows us to reach patients at home by providing them with self-test prescription diagnostic equipment and services. Inverness is committed to lowering total health costs, improving patient outcomes and providing for an empowered health care consumer."
Michael Visnich, CEO of QAS, said, "Inverness' innovative research capabilities and commitment to health care consumers combined with QAS's extensive and growing line of products and services is an excellent match. We believe that the opportunities are enormous for consumers and health care professionals to decrease health care cost while improving patient outcomes."
Inverness Medical Innovations is a leading developer of advanced diagnostic devices and is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of professional diagnostic and consumer-oriented applications including immuno-diagnostics with a focus on women's health, cardiology and infectious disease. The Company's new product development efforts, as well as its position as a leading supplier of consumer pregnancy and fertility/ovulation tests and rapid point-of-care diagnostics, are supported by the strength of its intellectual property portfolio. Inverness is headquartered in Waltham, Massachusetts.
For additional information on Inverness Medical Inc., please visit our website at http://www.invernessmedical.com.
This press release may contain forward-looking statements within the meaning of the federal securities laws. These statements, which include statements regarding our commitments to lowering health care costs and improving patient outcomes, reflect Inverness' current views with respect to future events and are based on management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, the demand for home testing and services relating coagulation monitoring and the monitoring of other conditions; Inverness' success in integrating the operations and products of QAS into its existing operations; the ability of Inverness to continue to successfully develop and commercialize diagnostic products, and the risks and uncertainties described in Inverness' annual report on Form 10-K for the period ended December 31, 2006, and other factors identified from time to time in its periodic filings with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward-looking statements contained herein.
Source: Inverness Medical Innovations
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