UNION CITY, Calif.,
Jan. 25, 2011 /PRNewswire/ -- Abaxis,
Inc. (Nasdaq: ABAX), a medical products company manufacturing
point-of-care blood analysis systems, announced today the Company
has signed a new 10-year supplier contract with BD (Becton,
Dickinson and Company) for products using the Abaxis' patented
Orbos Discrete Lyophilization Process (the "Orbos Process"). The
new 10-year agreement takes effect immediately and replaces the
expiring 5-year agreement. Based upon current demand, the new
10-year contract has an approximate value of $30 million over the life of the contract.
The dry reagents manufactured by Abaxis are produced using the
Company's proprietary technology - the Orbos ® Discrete
Lyophilization Process. One aspect of this process allows the
production of a precise amount of active chemical ingredient in the
form of a soluble bead. This aspect of the Orbos process has broad
applications in products where delivery of active ingredients in a
stable, pre-metered format is desired.
Clint Severson, chairman and
chief executive officer of Abaxis, commented, "We are pleased to
extend our supplier partnership with BD. BD is one of the leading
medical technology companies in the world and we are pleased to be
one of the suppliers of the reagents that make their technology so
efficient, accurate, and widely implemented. We appreciate
the confidence that BD has invested in Abaxis by virtue of the 10
year term of this agreement. We look forward to working closely
with BD in the coming years."
Additionally, BD recently notified Abaxis that it is awarding
Abaxis its "2010 Reagents Supplier of the Year Award" – Silver
category - at its annual Procurement Global Meeting. Abaxis has
been a supplier to BD since 1994.
"We are gratified to be recognized by BD in this manner," said
Donald Wood, chief operations
officer of Abaxis. "This award is a testament to the innovation,
the creativity and the day-to-day execution of the entire Abaxis
team. We are dedicated to providing our customers with the best
available technology and the most efficacious products that meet
their ongoing and evolving customer needs. This is an important
validation of our core operating principals."
About Abaxis
Abaxis develops, manufactures and markets portable blood
analysis systems for use in any veterinary or human patient-care
setting to provide clinicians with rapid blood constituent
measurements. The system consists of a compact, 5.1 kilogram (11.2
pounds), portable analyzer and a series of single-use plastic
discs, called reagent discs that contain all the chemicals required
to perform a panel of up to 13 tests on veterinary patients and 14
tests on human patients. The system can be operated with minimal
training and performs multiple routine tests on whole blood, serum
or plasma samples. The system provides test results in less than 12
minutes with the precision and accuracy equivalent to a clinical
laboratory analyzer.
Private Securities Litigation Reform Act of
1995
This press release includes, statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"),
including but not limited to statements related to Abaxis' cash
position, financial resources and potential for future growth,
market acceptance of new or planned product offerings, process
improvements and product manufacturing quality and efficiencies in
future production of our products. Abaxis claims the
protection of the safe-harbor for forward-looking statements
contained in the Reform Act. These forward-looking statements
are often characterized by the terms "may," "believes," "projects,"
"expects," "anticipates," or words of similar import, and do not
reflect historical facts. Specific forward-looking statements
contained in this press release or in Abaxis' conference call may
be affected by risks and uncertainties, including, but not limited
to, those related to the market acceptance of the company's
products and the continuing development of its products, required
United States Food and Drug Administration clearance and other
government approvals, risks associated with manufacturing and
distributing its products on a commercial scale free of defects,
risks related to the introduction of new instruments manufactured
by third parties, risks associated with entering the human
diagnostic market on a larger scale, risks related to the
protection of the company's intellectual property or claims of
infringement of intellectual property asserted by third parties,
risks related to condition of the United
States economy, risks involved in carrying of inventory and
other risks detailed under "Risk Factors" in Abaxis' Annual Report
on Form 10-K for the fiscal year ended March
31, 2010 and Abaxis' other periodic reports filed from
time to time with the United States Securities and Exchange
Commission. Forward-looking statements speak only as of the
date the statements were made. Abaxis does not undertake and
specifically disclaims any obligation to update any forward-looking
statements.
Contact:
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Clint Severson
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Lytham Partners, LLC
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Chief Executive
Officer
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Joe Dorame, Joe Diaz &
Robert Blum
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ABAXIS, Inc.
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602-889-9700
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510-675-6500
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SOURCE Abaxis, Inc.