WALTHAM, Mass., Nov. 16 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. , a leading manufacturer and supplier of rapid diagnostic products for the over the counter (OTC) and professional markets, and Vedalab S.A., a French manufacturer and supplier of rapid diagnostic tests for the OTC and professional markets, have this week settled their patent litigation, which has been ongoing in France and Germany since 1997. In addition Vedalab has granted to Inverness exclusive US distribution rights to its products, including future products developed by Vedalab. Inverness will also have worldwide non-exclusive distribution rights to Vedalab products in a number of other countries. Inverness has in turn granted Vedalab a royalty- bearing license under certain patents to manufacture its current products in its Alencon, France facility.
“We are excited about resolving this litigation, and gaining Inverness as a key distributor for our products. We believe that partnership with Inverness will help us accelerate our growth,” said Raphael Donati, CEO and the majority shareholder of Vedalab.
“We are proud to be adding the Vedalab products to our current portfolio of rapid diagnostic tests for the OTC and professional rapid diagnostic markets,” said Ron Zwanziger, CEO of Inverness. “We see terrific potential in many of Vedalab’s tests, including their qualitative Prostate-Specific Antigen (PSA) test, which we expect to introduce into the US professional market as well as into home markets, all subject to necessary regulatory clearance.”
In connection with the transaction, Vedalab paid 4.0 million euros, or approximately $5.1 million, and Inverness purchased a substantial minority ownership position in Vedalab in exchange for approximately 7.4 million euros, or approximately $9.5 million, in cash and other consideration.
About Inverness Medical Innovations
Inverness Medical Innovations is a leading global 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 more information about Inverness Medical Innovations, please visit our website at http://www.invernessmedical.com.
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the potential introduction of new products. Actual results may differ materially due to numerous factors, including without limitation, the content and timing of submissions to and decisions by regulatory authorities, including the FDA; the potential market acceptance of those products; and the risks and uncertainties described in Inverness’ periodic reports filed with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward- looking statements.
Inverness Medical Innovations, Inc.
CONTACT: Doug Guarino of Inverness Medical Innovations, Inc., +1-781-647-3900
Web site: http://www.invernessmedical.com//
