Healthcare Industry News: ESTECH
News Release - September 12, 2007
Inverness Completes Acquisition of CholestechWALTHAM, Mass., Sept. 12 (HSMN NewsFeed) -- Inverness Medical Innovations, Inc. (Amex: IMA ), a leading manufacturer and marketer of rapid diagnostic products for the consumer and professional markets, announced today the successful completion of its acquisition of CholESTECH Corporation (Nasdaq: CTEC ). Inverness completed the acquisition through the merger of a wholly owned subsidiary with and into CholESTECH, after CholESTECH's shareholders approved the deal at a shareholder's meeting today. CholESTECH is a leading provider of diagnostic tools and information for immediate risk assessment and therapeutic monitoring of heart disease and inflammatory disorders.
"The acquisition of CholESTECH together with our recent and pending acquisitions, provides Inverness with the unique ability to assess cardiac risk, diagnose cardiac conditions and potentially monitor the condition and response to therapy of cardiac patients. The CholESTECH LDX System is one of the most established and respected monitoring platforms available to physicians and patients and we believe that this added access to physicians' office laboratories will provide broad benefits for many Inverness and Biosite products," stated Ron Zwanziger, Chairman, President and Chief Executive Officer of Inverness. "We welcome CholESTECH and its associates to the Inverness Medical family."
As a result of the merger, CholESTECH stockholders received .43642 shares of Inverness common stock for each CholESTECH share, resulting in an aggregate issuance of approximately 6,801,946 shares of Inverness common stock. Additionally, each option to purchase shares of CholESTECH common stock outstanding prior to the completion of the acquisition has been converted into a right to acquire Inverness shares, at the same exchange ratio of .43642. CholESTECH shares will cease trading at the close of business on September 12, 2007 and will be delisted from the Nasdaq.
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness' products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts.
For additional information on Inverness Medical Innovations, please visit our website at www.invernessmedical.com.
This press release may contain forward-looking statements within the meaning of the federal securities laws. These statements 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 CholESTECH's products, Inverness' ability to integrate CholESTECH's business with its existing businesses and to recognize the anticipated benefits of the acquisition, including synergies and accretion, of the transaction; the risks and uncertainties described in Inverness' annual report on Form 10-K/A 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
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.