Healthcare Industry News:  LifeScan 

Devices Distribution

 News Release - March 17, 2008

NIR Diagnostics signs regional agreement with European medical device distributor for HemoNIR(TM)

Additional North American companies in negotiations for HemoNIR(TM) rights

CAMPBELLVILLE, ON, March 17 (Healthcare Sales & Marketing Network) - NIR Diagnostics Inc. (TSX Venture: NID ), an innovator in the development of handheld healthcare diagnostic devices, announced today that it has signed a regional distribution agreement for its portable CO-oximeter device, HemoNIR(TM), with a European based medical device distributor company. The multi-year agreement stipulates that the Distributor must meet a defined set of sales performance criteria. NIR Diagnostics is currently not disclosing the name of the Distributor pending the completion of negotiations with North American medical device companies also interested in distribution rights to HemoNIR(TM).

"The recent interest in our in-vitro handheld hemoglobin technology from global distributors is predominantly due to the growing awareness of the capability of our technology, as well as consolidation within the hemoglobin detection diagnostics industry," said Duncan J. MacIntyre, President, Chief Executive Officer and Executive Vice Chairman of NIR Diagnostics. "The accuracy and ease-of-use of our technology as well as the broad range of monitoring options arising from both our in-vitro and in-vivo platforms is driving renewed interest in HemoNIR(TM). In particular, significant interest has been expressed in the application of our technology for the detection of bilirubin for use in neonatal clinics and we are exploring the addition of such capability to our existing HemoNIR(TM) device."

HemoNIR(TM) is a handheld portable CO-oximeter that has received market clearance from the U.S. Food and Drug Administration and a medical device licence from Health Canada. It enables the user to monitor Total Hemoglobin, Met-Hemoglobin and Carboxy-Hemoglobin from a single droplet of blood. HemoNIR(TM) does not require direct interaction with the sample or the use of chemical reagents and is capable of detecting anemia, carbon monoxide poisoning, smoke inhalation, drugs, chemicals, and enzyme deficiency.

NIR Diagnostics continues to work with LifeScan specifically in relation to its in-vitro detection of glucose, as previously disclosed.

About NIR Diagnostics

NIR Diagnostics is a leader in the development of near-infrared spectroscopic medical diagnostics. The Company has an extensive portfolio of optical, electronic and algorithm related patents in the field of in-vitro and in-vivo blood analysis.

Forward-looking Statements

This press release contains information that is forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Particularly, statements about the planned development of diagnostic devices and the sufficiency of funds available to finance ongoing operations are forward-looking information.

Forward-looking information, by its nature necessarily involves risks and uncertainties including, without limitation, the difficulty of predicting regulatory approvals, market acceptance and demand for new products, the protection of intellectual property connected with devices, the impact of competitive products, and other similar or related risks and uncertainties. Additional risks and uncertainties affecting the Company are discussed in the Risks and Uncertainties section of the MD&A for the year ended December 31, 2006 available on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Source: NIR Diagnostics

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