MIAMI--(BUSINESS WIRE)--IVAX Diagnostics, Inc. (AMEX: IVD - News), a fully integrated in vitro diagnostics company, through its Diamedix subsidiary, has signed an amended distribution agreement with IMMCO Diagnostics, Inc., a global leader in the field of autoimmune diagnostic services and medical device manufacturing.
The amended agreement provides Diamedix rights to distribute IMMCO’s portfolio of products in the U.S. with additional strategic initiatives related to the US and Canadian market to follow. The products that will be distributed by Diamedix include 60 Autoimmune ELISA (Enzyme-Linked Immunosorbent Assay) test kits, an increase from the current 25 autoimmune test kits currently distributed by Diamedix, and 150 IFA (Immunoflourescence Assays) test kits. Most IMMCO test kits are FDA approved and distributed internationally under CE mark. The products will initially be marketed under the IMMCO name to accelerate market introduction, and beginning in 2010, will be sold under the Diamedix brand.
Dr. Charles Struby, CEO of IVAX Diagnostics said, “With a focus on innovation, IMMCO Diagnostics manufactures diagnostic technologies that are consistently adapted to the marketplace. IMMCO’s collaboration with a number of prominent researchers and distinguished institutions help to produce new technologies for the marketplace. We believe the combined strength of Diamedix’ sales force and IMMCO’s reputation as a premier manufacturer of test kits, will provide a strong suite of products and viable solutions for customers as IVAX strives to become their sole source of infectious disease and autoimmune invitro diagnostic testing. This agreement alone will substantially increase the number of ELISA and IFA test kits we offer.”
He continued, “Part of our goal is to introduce new analyzer instrumentation accommodating both ELISA and IFA test kits in the U.S. market. IMMCO’s test kits will be compatible with the new instrumentation, allowing interchangeability of test formats, thereby reducing the manual effort currently involved with IFA testing. Our agreement with IMMCO will help to strengthen our mission to create a stronger and more competitive company by distributing test kits that meet and/or exceed patients’ and their physicians’ needs for accurate and efficient in vitro diagnosis.”
Dr. Vijay Kumar, President and CEO of IMMCO Diagnostics said, “Our agreement with Diamedix underscores IMMCO’s drive to expand our core business through internal initiatives and strategic partnerships. We believe Diamedix, with its experienced sales force and ability to penetrate the US marketplace, will leverage our expanding suite of diagnostics and enhance current strategic growth initiatives in the US. We look forward to the strengthened relationship between our organizations.”
About IMMCO Diagnostics, Inc.
Founded in 1971, IMMCO Diagnostics, Inc. (www.immco.com) of Buffalo, New York is a global leader in the field of autoimmune diagnostics services and medical device manufacturing and distribution. IMMCO has a long standing commitment to the highest level of customer satisfaction and technological advancement; offering services and products for a wide range of disease utilizing cutting edge testing methodologies
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 IVAX Diagnostics’ strategic initiatives, including, without limitation, that IVAX Diagnostics may not successfully implement some or all of its strategic initiatives and that its strategic initiatives may not make IVAX Diagnostics a stronger, larger or more competitive company, allow IVAX Diagnostics to successfully capitalize on being one of the few fully integrated in vitro diagnostics companies, result in an improved manufacturing process for IVAX Diagnostics or increase IVAX Diagnostics’ operational efficiency and/or competitiveness in the marketplace; the risk that IVAX Diagnostics may not develop, manufacture and distribute worldwide, reagents, test kits and diagnostic equipment that meet and/or exceed patients’ and their physicians’ needs for accurate and efficient in vitro diagnosis; the risk that IVAX Diagnostics may not expand its product offerings for autoimmune and infectious diseases, whether internally or through collaborations with distributors in the U.S. and Europe; the risk that IVAX Diagnostics’ strategic review of its businesses may not result in IVAX Diagnostics’ strategy being better refined or improve IVAX Diagnostics’ operations and the risk that the expenses incurred and to be incurred in connection with such review may impact IVAX Diagnostics’ financial condition, operating results and cash position; the risk that IVAX Diagnostics’ may not expand its current testing platform and/or disease target areas and the risk that IVAX Diagnostics’ operating results and competitive position may not improve even if its current testing platform and/or disease target areas are so expanded; the risk that IVAX Diagnostics’ financial condition, operating results and competitiveness may not improve as a result of or otherwise benefit from the reorganization of IVAX Diagnostics’ U.S. operations to create a more synergized workflow by eliminating organization silos; the risks and uncertainties relating to the healthcare industry in general and IVAX Diagnostics’ position within the healthcare industry, including, without limitation, the risk that the healthcare industry may not continue to grow at the rate IVAX Diagnostics anticipates, or at all, the risk that IVAX Diagnostics’ role in proper disease management may not increase even if the healthcare industry continues to grow and/or as a result of the continued aging of the global population, the risk that a shift to personalized medicine may not occur or, if it does so occur, the risk that IVAX Diagnostics may not benefit from that shift; the risk that there may not be an increased demand for improved diagnostic capabilities or, if there is such an increase, the risk that such increase may not positively impact IVAX Diagnostics’ long-term performance, whether as a result of IVAX Diagnostics’ initiatives to improve its operations or otherwise; the risks and uncertainties associated with existing global economic conditions, including, without limitation, that IVAX Diagnostics’ operating results, and net revenues in particular, may continue to be adversely impacted if existing global economic conditions do not improve and that any such impact may be significant and have a long-term effect on IVAX Diagnostics and its financial condition, operating results and cash position; 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:
IVAX Diagnostics, Inc. Dr. Charles R. Struby, CEO & President 305-324-2300 or Investor Relations: Porter, LeVay & Rose, Inc. Linda Decker, Vice President 212-564-4700
