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IVAX Diagnostics, Inc.'s Diamedix Subsidiary Signs Three Year Exclusive Distribution Agreement with Fumouze Diagnostics


3/4/2010 6:38:12 AM

MIAMI--(BUSINESS WIRE)--IVAX Diagnostics, Inc. (AMEX: IVD - News), a fully integrated global in vitro diagnostics company, announced that Diamedix Corporation has signed a distribution agreement with Fumouze Diagnostics, a division of Sofibel S.A.S., of Paris, France, pursuant to which Fumouze Diagnostics will be the exclusive third party distributor of Diamedix Corporation and Delta Biologicals S.r.l.’s suite of diagnostic tests in France. Diamedix is a U.S. subsidiary of IVAX Diagnostics and Delta Biologicals is IVAX Diagnostics’ subsidiary located in Italy. The initial term of the distribution agreement is three years.

Fumouze Diagnostics has been a major participant in the diagnostics field for more than 40 years, and offers a broad range of products to its private and public laboratory clients. To support the sales efforts in France under this distribution agreement, Fumouze Diagnostics has agreed to hire a sales representative to sell Diamedix and Delta Biologicals’ products in collaboration with Fumouze Diagnostics’ existing direct sales force. Diamedix and Delta Biologicals have a combined suite of products that includes more than 200 diagnostics tests in the areas of infectious disease, autoimmune disease and allergies. Delta Biologicals also manufactures a line of instruments for use in clinical and hospital laboratories.

Charles Struby, Ph.D., Chief Executive Officer and President of IVAX Diagnostics, said, “As the international market for diagnostics increases in importance, one of our goals for 2010 is to increase our presence in key countries in Europe and South America. We expect that our distribution agreement with Fumouze Diagnostics will open the French market to Diamedix and Delta Biologicals’ suite of more than 200 diagnostic tests and will be a major step towards attaining our goal of expanding our product reach in Europe. We believe that partnering with Fumouze Diagnostics, a company with a well-established history of bringing important products to market, and a reputation for outstanding customer service, will provide us with a strong and well-established distribution network for our expanding suite of diagnostics products.”

About Fumouze Diagnostics

Fumouze Diagnostics (www.fumouze.com) has been well established in the field of medical biology for over 40 years. Its top priority is to offer its clients a high-quality service and innovative as well as performing products. Specialists in rapid testing, Fumouze Diagnostics offers a broad range of products to private and public laboratories. It specializes mostly in parasitology, mycology, virology, biochemistry and immunochemistry. Fumouze Diagnostics regularly launches new products developed either from its own research or from international companies. Fumouze Diagnostics exports to numerous countries: in Europe, the Far and Middle East, Africa and Overseas Departments.

About IVAX Diagnostics, Inc.

IVAX Diagnostics, Inc. (www.ivaxdiagnostics.com), headquartered in Miami, Florida, is a fully integrated in vitro diagnostics company that develops, manufactures and distributes in the United States and internationally, proprietary diagnostic reagents, test kits and instrumentation, primarily for autoimmune and infectious diseases, through its three subsidiaries: Diamedix Corporation, Delta Biologicals S.r.l. and ImmunoVision, Inc.

Safe Harbor Statement

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of IVAX Diagnostics, Inc., including, without limitation: the risks and uncertainties associated with Diamedix Corporation’s distribution agreement with Fumouze Diagnostics, including, without limitation, that it may not successfully assist IVAX Diagnostics or its subsidiaries in its goal of increasing its presence and expanding its product reach in Europe, provide IVAX Diagnostics or its subsidiaries with a distribution network for its suite of diagnostic products or otherwise achieve its intended results or positively impact IVAX Diagnostics’ financial condition or operating results; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risks and uncertainties set forth above, investors should consider the economic, competitive, governmental, technological and other risks and uncertainties discussed in IVAX Diagnostics’ filings with the Securities and Exchange Commission, including, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in such filings.

Contact:

Company: IVAX Diagnostics, Inc. Dr. Charles R. Struby, 305-324-2300 CEO & President or Investor Relations: Porter, LeVay & Rose, Inc. Linda Decker, 212-564-4700 Vice President


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