Healthcare Industry News: Inverness Medical Innovations
News Release - November 7, 2007
Inverness Medical Innovations Acquires HemoSense, Inc.WALTHAM, Mass., Nov. 7 (HSMN NewsFeed) -- Inverness Medical Innovations, Inc. (Amex: IMA ) today announced that it completed the acquisition of HemoSense, Inc., a developer and marketer of point of care testing products for therapeutic drug monitoring. The transaction was structured as a stock for stock deal, with HemoSense shareholders receiving 0.274192 shares of Inverness common stock for each HemoSense share, or a total of approximately 3,691,387 shares of Inverness common stock. Inverness also agreed to assume options and warrants to issue approximately 665,242 additional Inverness shares.
HemoSense, headquartered in San Jose, California, develops, manufactures, and sells handheld blood coagulation monitoring systems used by patients and healthcare professionals in the management of warfarin medication. The HemoSense product, the INRatio System, measures the patient's blood clotting time to ensure that patients with a propensity to form clots are maintained within the therapeutic range with the proper dosage of oral anticoagulant therapy.
Commenting on the transaction, Ron Zwanziger, Chairman and CEO of Inverness, commented, "We are pleased to complete the acquisition of HemoSense. As a leading player in the rapidly growing warfarin management monitoring market, HemoSense is an excellent fit for our newly created Physician Diagnostics Group and our strategy to put health management in hands of consumers. In addition to our recent acquisitions of Biosite, QAS and Cholestech, HemoSense provides another important tool to help clinicians and patients diagnose and monitor cardiovascular health."
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 www.invernessmedical.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the proposed business combination and potential market growth. These statements reflect Inverness' current views with respect to future events and are based on Inverness' management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, risks associated with market and economic conditions; competition; Inverness' ability to integrate this and other acquisitions and to realize expected benefits; Inverness' ability to continue to successfully develop and manufacture diagnostic testing products and to commercialize products; and the risks and uncertainties described in Inverness' annual report on Form 10-K, as amended, for the year 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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