CHATSWORTH, Calif., Aug. 2, 2010 (GLOBE NEWSWIRE) -- IRIS International, Inc. (Nasdaq:IRIS), a leading manufacturer of automated in-vitro diagnostics systems and consumables for use in hospitals and commercial laboratories worldwide, announced today that it has closed the acquisition of AlliedPath, Inc., a private, early stage high complexity, CLIA-certified laboratory focused on oncology and molecular diagnostics. Terms of the transaction, which was announced on July 27, 2010, include $4.7 million in cash, with an additional earn-out of up to $1.3 million, subject to the achievement of specific sales and earnings targets over the next three years.
"This strategic acquisition represents a significant step forward for IRIS as it provides us with a state-of–the-art high complexity CLIA-certified molecular pathology laboratory offering differentiated, high value molecular diagnostic services in the rapidly growing field of personalized medicine, and provides a direct commercial channel for accelerating the commercialization of our NADiA®ultra-sensitive nucleic acid detection immunoassay platform, beginning with our NADiA ProsVue™ prostate cancer prognostic, which is currently pending FDA clearance," stated Cesar Garcia, Chairman and CEO of IRIS International.
As previously announced, with the closing of the acquisition, Vance (Randy) White, Ph.D., has been appointed Corporate Vice President of IRIS International and President of the new IRIS Laboratory Division. In addition, AlliedPath co-founders, Philip J. Ginsburg, M.D., CEO, and Robin Vedova, President, have been appointed as Corporate Vice President and Chief Medical Officer of IRIS International and Vice President of Administration of the Laboratory Division of IRIS International, respectively.
About IRIS International, Inc.
IRIS International is a leading global in vitro diagnostics company focused on products that analyze particles and living cell forms and structures, or morphology of a variety of body fluids. The Company's products leverage its strengths in flow imaging technology, particle recognition and automation to bring efficiency to hospital and commercial laboratories. The initial applications for its technology have been in the urinalysis market and the Company is the leading worldwide provider of automated urine microscopy and chemistry systems, with an installed base of more than 2,800 systems in more than 50 countries. The Company is expanding its core imaging and morphology expertise into related markets and is developing applications in hematology and urinary tract infections. In addition, the Company is developing molecular diagnostic tests based on its Nucleic Acid Detection Immunoassay, or NADiA®, platform, with applications in oncology and infectious disease. For more information visit www.proiris.com.
About AlliedPath, Inc.
AlliedPath, Inc. is a high complexity CLIA-licensed laboratory offering a menu of high quality, solid tumor specific tests. AlliedPath partners with regional hospital and reference laboratories to provide test results which are combined with expert pathology analysis into an easy to interpret patient report for the oncologist. The laboratory was founded in 2008 and is located in San Diego.
SAFE HARBOR PROVISION
This press release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including those regarding the Company's acquisition of AlliedPath, Inc. and the anticipated reach, capabilities and opportunities for the Company's new IRIS Laboratory Division, future services, expected benefits to customers, market opportunities, expected customer base, and the expected benefits for commercializing the NADiA platform. Statements including words such as "anticipate," "propose," "estimate," "believe" or "expect" and statements in the future tense are forward-looking statements. These statements are based on certain assumptions and reflect our current expectations. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements to differ materially from any future results, performance, or achievements discussed or implied by such forward-looking statements. Some of the factors that could cause results to differ materially from the expectations expressed in these forward-looking statements include the following: the risk that the proposed transaction may not be completed in a timely manner, if at all; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; risks related to the successful offering of the new IRIS Laboratory Division's services; the risk that the anticipated benefits of the acquisition may not be realized; and other risks that may impact IRIS's business, some of which are discussed in the Company's filings with the Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. If any of these risks or uncertainties materializes, the potential benefits of the acquisition may not be realized, the Company's operating results could suffer, and actual results could differ materially from the expectations described in these forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. These risks, uncertainties and factors are not exclusive, and the Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this release.