MIAMI--(BUSINESS WIRE)--IVAX Diagnostics, Inc. (AMEX:IVD - News) announced today that it has signed an agreement with Lin-Zhi International, Inc., in Sunnyvale, California, that gives it access to market and sell Lin-Zhi’s full product line of Oral Fluid and Urinary Homogeneous Enzyme Immunoassay test products in Europe and the United States.
The assays that IVAX Diagnostics will be distributing include tests to detect Ecstasy, Oxycodone, Methadone, Cocaine Metabolite, Amphetamines, Opiate, Methadone Metabolite, Cotinine, and Ethyl Alcohol, among others. According to BCC Research in Wellesley, Massachusetts, the total worldwide DOA testing market was $1.9 billion in 2007. BCC Research estimates that approximately 74% of the DOA testing value is located in the United States with the European Union representing approximately 19%. Laboratory-based testing represents approximately 79% of the total worldwide DOA testing market.
Paul F. Kennedy, the Company’s Chief Executive Officer, President and Chairman of the Board of Directors, said “We are very pleased to establish this new relationship with Lin-Zhi, which will give us access to their full line of DOA testing. We believe that these DOA products will be complementary to our current sales and distribution network in both the U.S.A. and the EU and will allow us to expand beyond our traditional base of autoimmune and infectious disease testing.”
About IVAX Diagnostics, Inc.
IVAX Diagnostics, Inc., headquartered in Miami, Florida, develops, manufactures and markets proprietary diagnostic reagents, instrumentation, and software in the United States and Italy through its three subsidiaries: Diamedix Corporation, Delta Biologicals S.r.l., and ImmunoVision, Inc.
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, that: IVAX Diagnostics’ expansion of the menu of test kits that it offers to include DOA testing may not be complementary to its current sales and distribution network; IVAX Diagnostics’ current customer base may not respond as expected to the expansion of IVAX Diagnostics’ menu of test kits to include DOA testing; 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. Duane M. Steele, 305-324-2338 www.ivaxdiagnostics.com
Source: IVAX Diagnostics, Inc.
