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Abaxis, Inc. (ABAX) Announces Contract Manufacturing Agreement with SA Scientific, Ltd.


1/13/2009 10:01:35 AM

Company now poised to enter Animal Health Rapid Diagnostics Market with a Canine Heartworm Antigen Rapid Test Kit

UNION CITY, Calif., Jan. 13 /PRNewswire-FirstCall/ -- Abaxis, Inc. , a medical products company manufacturing point-of-care blood analysis instruments for both the medical and veterinary markets, announced today that it has signed an agreement with S.A. Scientific for the manufacturing of a Canine Heartworm Lateral Flow / Rapid Test Kit.

This manufacturing agreement provides Abaxis the opportunity to expand the Abaxis product portfolio and enter now the veterinary rapid test diagnostic market. The market for Canine Heartworm tests in the animal health market is estimated to be $70,000,000 in the United States alone.

"SA Scientific is an outstanding company with which we have done business with in the past. They have all the tools, capacity and expertise to manufacture a broad line of rapid diagnostic, lateral flow devices and we look forward to a long term, strategic relationship with them" said Clint Severson, Chairman and Chief Executive Officer. Martin Mulroy, Abaxis Vice President Marketing and Sales added, "Abaxis has almost 7,000 Animal Health and Research customers in North America pleased with the level of service and support provided by the company's field sales, technical service and customer service groups. We look forward to providing them a high quality / low cost alternative to competitive products while expanding our market penetration as a result of this portfolio addition. Our brand is highly respected and Abaxis is well known for innovative and cost effective solutions. Upon launch of the VetScan Canine Heartworm Test I anticipate it too will be widely and rapidly accepted."

Dr. Harbi Shadfan, President of SA Scientific, Ltd., said, "We are excited about partnering with Abaxis Inc. in developing and manufacturing lateral-flow rapid diagnostic tests for the veterinary market. They are well known and respected in this market, and we are anxious to continue their reputable high quality standard of products in the veterinary field. We have had a good business association with Abaxis for several years, and are looking forward to extending this long term relationship."

About Abaxis, Inc.

Abaxis develops, manufactures and markets portable blood analysis systems for use in any veterinary or human patient-care setting to provide clinicians with rapid blood constituent measurements. The system consists of a compact, 5.1 kilogram (11.2 pounds), portable analyzer and a series of single-use plastic discs, called reagent discs that contain all the chemicals required to perform a panel of up to 13 tests on veterinary patients and 14 tests on human patients. The system can be operated with minimal training and performs multiple routine tests on whole blood, serum or plasma samples. The system provides test results in less than 12 minutes with the precision and accuracy equivalent to a clinical laboratory analyzer. The veterinary business also provides to the veterinarian and research market a line of hematology instruments for point of care complete blood counts (CBC).

About SA Scientific, Ltd.

SA Scientific is an FDA and USDA registered and ISO 9001-2000 certified facility that focuses on research, design, development, and manufacture of an assortment of One-Step lateral-flow rapid tests based on colloidal gold technology. They specialize in the fertility, viral and bacterial infectious diseases, food, environmental and veterinary fields. Various specimen types are used for these tests such as blood, serum, urine, and other environmental samples. The company has developed over 30 different assays for OEM customers, and has the capabilities of manufacturing custom assays for a wide range of analytes.

This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Abaxis claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. Specific forward-looking statements contained in this press release include, but are not limited to, risks and uncertainties related to the market acceptance of the Company's products and the continuing development of its products, risks associated with manufacturing and distributing its products on a commercial scale, risks associated with entering the human diagnostic market on a larger scale, risks involved in carrying of inventory, risks from unexpected problems or delays in the Company's manufacturing facility, risks associated with the ability to attract and retain competent sales personnel, general market conditions, competition, risks and uncertainties related to its ability to raise capital in order to fund its operations and other risks detailed from time to time in Abaxis' periodic reports filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made. Abaxis does not undertake and specifically disclaims any obligation to update any forward-looking statements.

CONTACT: Clint Severson, Chief Executive Officer of Abaxis, Inc.,
+1-510-675-6500; or Joe Dorame, Robert Blum and Joe Diaz of Lytham
Partners, LLC, +1-602-889-9700


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