CHATSWORTH, Calif., Oct. 7, 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, and a provider of high value personalized diagnostics testing services through its CLIA certified molecular diagnostics laboratory, today announced that its has changed the name of its recently acquired laboratory to Arista Laboratories, Inc.
"The name change from AlliedPath to Arista Laboratories, Inc., a new wholly-owned subsidiary of IRIS, is in keeping with our vision of building a world-class esoteric testing and services laboratory focused on personalized medicine to aid in the diagnosis and treatment of disease," stated Cesar Garcia, Chairman, President and Chief Executive Officer of IRIS International.
"Arista Laboratories positions IRIS with the immediate infrastructure of a state-of-the-art fully equipped high-complexity CLIA-certified laboratory offering differentiated, high value molecular diagnostics testing and molecular pathology services focused on cancer. In addition to be being a source of anticipated additional revenue and earnings, it provides a direct commercial distribution channel for accelerating our NADiA® ultra-sensitive nucleic acid detection immunoassay platform, beginning with NADiA ProsVue™, a prostate cancer prognostic test, which is currently under FDA review. This enables us to control all aspects of commercial operations for NADiA's planned platform launch including value-based pricing, interaction with third party payors and the ability to accelerate marketing and communication efforts," Mr. Garcia said.
"Arista is marketing itself as an extension to community-based pathology labs by creating partnerships with, and offering high-value tests and services to these laboratories that do not have the expertise, instrumentation or the test volume necessary to justify the capital investment required to offer these high complexity esoteric tests, thus enabling these labs to expand their test menu and increase local market share," stated Randy White, Ph.D., President of the Arista Laboratories division.
"Since acquiring Arista on July 27, 2010, we have expanded the sales and marketing team by another 10 professionals, increasing to 20 the number of employees at the lab, including key management and lab scientists and technicians. We are already processing molecular pathology solid tumor specimens for lung and colorectal cancer with plans to begin offering breast cancer by the end of this year and prostate cancer in 2011, including NADiA ProsVue, once it has received FDA clearance. In the fourth quarter, we also expect to begin offering flow cytometry services for detection and monitoring of hematological cancers such as leukemia and lymphoma, and will add FISH testing to further expand the laboratory's esoteric test menu by the end of the year. In addition, we are pursuing opportunities with pharmaceutical companies to provide high value clinical trials services in our area of expertise," Dr. White said.
"We plan to build a relationship between our Arista Laboratories division and our Iris Molecular Diagnostics group, which is developing the NADiA platform, and to accelerate the release of the new NADiA applications and build relationships with pathologists, urologists, oncologists and other healthcare professionals, in order to deliver personalized medicine solutions for the diagnosis, treatment and monitoring of cancer," Mr. Garcia said.
About IRIS International
IRIS International, Inc. 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 recently acquired a high complexity CLIA-certified molecular pathology laboratory offering differentiated, high value molecular diagnostic services in the rapidly growing field of personalized medicine. The laboratory provides a direct commercial channel for the Company's NADiA® ultra-sensitive nucleic acid detection immunoassay platform, with applications in oncology and infectious disease. For more information, please visit www.proiris.com.
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. Forward-looking statements include, but are not limited to, the Company's views on future financial performance, market growth, capital requirements, regulatory developments, new product introductions and acquisitions, and are generally identified by phrases such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry, R&D initiatives, competition and capital requirements. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following: identification of feasible new product initiatives, management of R&D efforts and the resulting successful development of new products and product platforms; obtaining regulatory approvals for new and enhanced products; acceptance by customers of the Company's products; integration of acquired businesses; substantial expansion of international sales; reliance on key suppliers; the potential need for changes in long-term strategy in response to future developments; future advances in diagnostic testing methods and procedures; potential changes in government regulations and healthcare policies, both of which could adversely affect the economics of the diagnostic testing procedures automated by the Company's products; rapid technological change in the microelectronics and software industries; and competitive factors, including pricing pressures and the introduction by others of new products with similar or better functionality than our products. These and other risks are more fully described 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. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.