MIAMI & IRVINE, Calif.--(BUSINESS WIRE)--IVAX Diagnostics, Inc. (AMEX: IVD - News), a fully integrated in vitro diagnostics company, and Biomerica, Inc. (OTCBB: BMRA - News), a global biomedical company, have signed a two-year agreement for the distribution of Biomerica’s products in the U.S. and globally, with certain country and product exclusions.
The agreement provides IVAX Diagnostics the rights for its Diamedix Corporation and Delta Biologicals S.r.l. subsidiaries to distribute Biomerica’s suite of products which includes 33 ELISA (Enzyme-Linked Immunosorbent Assay) test kits in the areas of diabetes, gastrointestinal disease and bone/mineral disorders, and more than 26 Rapid Point-of-Care tests. The products will be marketed under the Biomerica name, or, if certain initial sales levels are achieved, under the Diamedix brand in the U.S. and Delta Biologicals brand internationally.
Dr. Charles Struby, CEO and President of IVAX Diagnostics, said, “This agreement with Biomerica is expected to not only broaden and enhance our ELISA suite of products by adding GI, diabetes and bone/mineral testing products to our line of autoimmune test kits, but also expand our entry into the Rapid Point-of-Care testing market, a global market that is estimated to be $10.3 billion. We expect Biomerica’s products to significantly enhance our ability to offer unique and innovative tests to the approximately 600 installed Mago® instruments that are being used by our customers. This agreement is another step toward our goal of expanding our innovative diagnostics products, and increasing our presence in both the U.S. and international markets. We are pleased to be working with Biomerica and bringing their novel tests to the marketplace.”
Zackary Irani, CEO of Biomerica, said, “IVAX Diagnostics’ customer base of nearly 600 installed Mago® instruments offers both our companies a significant opportunity to increase sales. As our tests complement those already sold by Diamedix and Delta Biologicals, we believe their experienced sales forces and ability to reach global markets, will produce positive results.”
About Biomerica , Inc.
Biomerica, Inc. (www.biomerica.com) is a global biomedical company that develops, manufactures and markets advanced diagnostic products used at the point-of-care (in home and in physicians’ offices ) and in hospital/clinical laboratories for the early detection of medical conditions and diseases. The Company’s products are designed to enhance the health and well being of people, while reducing total healthcare costs. Biomerica primarily focuses on products for diabetes, gastrointestinal disease and esoteric testing.
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’ agreement with Biomerica, including, without limitation, that anticipated levels of sales may not be achieved under the agreement, that the agreement may not be able to expand the product lines and product markets in which IVAX Diagnostics currently operates and expects to operate in the future, that the agreement may not assist IVAX Diagnostics in its goal of increasing its product lines and expanding its reach in the U.S. and in international markets, and that the agreement may not provide IVAX Diagnostics with, or otherwise allow IVAX Diagnostics to achieve, its intended results, whether business, financial or otherwise; 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.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica contains statements that are forward-looking; such as statements relating to intended launch dates, sales potential, significant benefits, market size, growth of business, favorable positions, expansion, expected orders, leading market positions, anticipated future revenues or production volume of the Company, success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company’s operating results due to its business model and expansion plans, downturns in international and or national economies, the Company’s ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company’s dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.
Company Contact: IVAX Diagnostics Dr. Charles R. Struby, CEO & President, 305-324-2300 or Biomerica, Inc. Zackary Irani, CEO, 949-645-2111 or Investor Relations Contact: Porter, LeVay & Rose, Inc. Linda Decker, Vice President 212-564-4700
