WALTHAM, Mass., Nov. 7 Inverness MedicalInnovations, Inc. (Amex: IMA) today announced that it completed theacquisition of HemoSense, Inc., a developer and marketer of point of caretesting products for therapeutic drug monitoring. The transaction wasstructured as a stock for stock deal, with HemoSense shareholders receiving0.274192 shares of Inverness common stock for each HemoSense share, or a totalof approximately 3,691,387 shares of Inverness common stock. Inverness alsoagreed to assume options and warrants to issue approximately 665,242additional Inverness shares.
HemoSense, headquartered in San Jose, California, develops, manufactures,and sells handheld blood coagulation monitoring systems used by patients andhealthcare professionals in the management of warfarin medication. TheHemoSense product, the INRatio System, measures the patient's blood clottingtime to ensure that patients with a propensity to form clots are maintainedwithin the therapeutic range with the proper dosage of oral anticoagulanttherapy.
Commenting on the transaction, Ron Zwanziger, Chairman and CEO ofInverness, commented, "We are pleased to complete the acquisition ofHemoSense. As a leading player in the rapidly growing warfarin managementmonitoring market, HemoSense is an excellent fit for our newly createdPhysician Diagnostics Group and our strategy to put health management in handsof consumers. In addition to our recent acquisitions of Biosite, QAS andCholestech, HemoSense provides another important tool to help clinicians andpatients diagnose and monitor cardiovascular health."
By developing new capabilities in near-patient diagnosis, monitoring andhealth management, Inverness Medical Innovations enables individuals to takecharge of improving their health and quality of life. A global leader inrapid point-of-care diagnostics, Inverness' products, as well as its newproduct development efforts, focus on infectious disease, cardiology,oncology, drugs of abuse and women's health. Inverness is headquartered inWaltham, Massachusetts. For additional information on Inverness MedicalInnovations, please visit www.invernessmedical.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaningof the federal securities laws, including statements regarding potentialsynergies and benefits of the proposed business combination and potentialmarket growth. These statements reflect Inverness' current views with respectto future events and are based on Inverness' management's current assumptionsand information currently available. Actual results may differ materially dueto numerous factors including, without limitation, risks associated withmarket and economic conditions; competition; Inverness' ability to integratethis and other acquisitions and to realize expected benefits; Inverness'ability to continue to successfully develop and manufacture diagnostic testingproducts and to commercialize products; and the risks and uncertaintiesdescribed in Inverness' annual report on Form 10-K, as amended, for the yearended December 31, 2006, and other factors identified from time to time in itsperiodic filings with the Securities and Exchange Commission. Invernessundertakes no obligation to update any forward-looking statements containedherein.
SOURCE Inverness Medical Innovations, Inc.