WALTHAM, Mass., Dec. 13 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. today announced that it has finalized its acquisition of Matritech . The deal was structured as an asset purchase under which a newly formed subsidiary of Inverness acquired substantially all of the assets of Matritech for aggregate consideration of 616,713 shares of Inverness common stock, valued at approximately $36 million. In addition, Inverness has agreed to pay Matritech up to $2 million of incremental consideration, in cash and/or Inverness common stock, conditioned on the achievement of certain revenue targets for the upcoming twelve month period.
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 may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the business combination described above. These statements reflect Inverness' current views with respect to future events and are based on its 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; Inverness' ability to integrate this and other acquisitions and to recognize expected benefits; the ability of Inverness 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.
CONTACT: Investor Relations: Doug Guarino, Director of Corporate Relations
of Inverness Medical Innovations, +1-781-647-3900
Web site: http://www.invernessmedical.com/