Inverness Medical Innovations, Inc. Acquires The Assets Of First Check Diagnostics, LLC
First Check, headquartered in Lake Forest, California, is the market leader in the rapidly-growing field of home testing for drugs of abuse, including marijuana, cocaine, methamphetamines and opiates. In addition, it offers tests, also sold through retail channels, for alcohol abuse, cholesterol monitoring, and colon cancer screening.
Commenting on the agreement, Mr. Ron Zwanziger, CEO of Inverness said, "We are very pleased to acquire the First Check business, with its position as the leader in the over-the-counter drugs of abuse testing market. This area has exhibited rapid rates of growth and has strong potential for continued growth. The ability to put drug testing in the hands of the consumer is a powerful tool in the fight against drug abuse, and aligns well with Inverness' desire to put diagnostics within the reach of all." Inverness intends to continue First Check's support of Project 7th Grade and its efforts to reduce drug use among today's youth.
Commenting on the agreement, Mr. Steve Moak, CEO of First Check said, "We are extremely proud of the achievements that we have made at First Check. Home drug testing is a critical tool in protecting children from drugs and I believe that Inverness has the resources and experience as a leader in OTC diagnostics to get these products into more homes. I wish Inverness much success in achieving this important goal."
According to the results of the 32nd Annual Monitoring the Future survey, 21% of 8th graders, 36% of 10th graders and 48% of 12th graders have taken an illicit drug in their lifetime.
About Inverness
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 www.invernessmedical.com.
About First Check
First Check is the leading supplier of on-site rapid test devices for drugs of abuse testing in the home environment. First Check is headquartered in Lake Forest, California.
For additional information on First Check, please visit www.firstcheckfamily.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, market and economic conditions generally, the demand for the acquired products, the ability of Inverness to successfully develop and commercialize the acquired products, the risks and uncertainties described in Inverness' annual report on Form 10-K for the period ended December 31, 2005, 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