UNION CITY, Calif.,
Feb. 11, 2011 /PRNewswire/ -- Abaxis,
Inc. (Nasdaq: ABAX), a medical products company manufacturing
point-of-care blood analysis instruments for the medical, research
and veterinary markets, announced today a $2.8 million equity investment in Scandinavian
Micro Biodevices APS, ("SMB"), a privately-held developer and
manufacturer of point-of-care diagnostic products for veterinary
use.
SMB, based in Copenhagen,
Denmark, has been the original equipment manufacturer of the
Abaxis VetScan VSpro point-of-care specialty analyzer since
2008. The VSpro assists in the diagnosis and
evaluation of suspected bleeding disorders and is used routinely
prior to surgery. Additionally, the instrument now provides
automated equine fibrinogen testing, an assay used to measure and
monitor inflammation in horses.
Abaxis has had exclusive distribution rights for the analyzer
and associated cartridges in North
America since 2008. Starting in 2011 Abaxis will have
non-exclusive rights in other areas of the world.
"Abaxis is very pleased to work with SMB's talented management
and operations team," commented Clint
Severson, Chief Executive Officer and President of Abaxis,
Inc. "We believe that SMB offers innovative diagnostic solutions in
veterinary medicine. The investment in SMB will benefit both
companies in serving the animal health marketplace. We look
forward to a mutually beneficial collaboration."
Vladimir Ostoich, Vice President
of Sales and Marketing for the Pacific
Rim and a co-founder of Abaxis, will become a member of the
Board of Directors of SMB. "SMB is well positioned for worldwide
growth in the veterinary diagnostics market with its proprietary
micro fluidic technology," said Mr. Ostoich. "The enhanced
partnership further aligns Abaxis' goals with those of SMB and
offers the opportunity to further expand the penetration of the
VetScan VSpro analyzer internationally."
"The VetScan VSpro has greatly complemented our VetScan
products in the past two years. Looking ahead, there is much
more the two companies can do together to advance our mutual
interests. The synergies are clear and compelling," added
Martin Mulroy, Vice President Sales
and Marketing for North American Animal Health.
SMB's Chief Executive Officer, Ole
Kring, commented, "We are pleased that Abaxis has made this
strategic investment in SMB and we look forward to a continued
strengthening of our working relationship. At the same time
we are extending and expanding our OEM (original equipment
manufacturer) agreement which provides SMB, with its unique
"lab-on-a-chip" technology, access to many new customers through
Abaxis' strong sales and marketing channels."
About Abaxis, Inc.
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 or rotors, which 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. The veterinary business also provides to the animal
health and research market a line of hematology instruments for
point of care complete blood counts (CBC), a specialty instrument
to screen for and detect clotting disorders and to measure equine
fibrinogen levels, a handheld instrument for the rapid assessment
of certain critical care tests and a rapid point of care test for
Heartworm infections in dogs.
About Scandinavian Micro Biodevices (SMB)
SMB is dedicated to providing the veterinary profession with
cutting edge diagnostic products through a combination of
instruments and disposable lab-on-a-chip cartridges. The
products are designed for use at the "point of care" by
veterinarians and technicians working with companion animals.
The company is located in the Medicon Valley area of
Copenhagen, Denmark, where it has
a 20,000 square foot development and production facility, with a
multi-disciplinary team covering areas such as microtechnology,
microfluidic design, biochemistry, injection molding, process
technology and sales and marketing.
Historically the company has developed lab-on-a-chip diagnostic
products for human "point of care" testing as part of Alere Inc.
(formerly Inverness Medical Innovations). A management
buy-out in January 2007 established
SMB as a company dedicated to supplying new innovative "point of
care" diagnostic products to the veterinary profession.
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").
Abaxis claims the protection of the safe-harbor for
forward-looking statements contained in the Reform Act. These
forward-looking statements are characterized by terms such as
"offers," "opportunity," "positioned," and words of similar import,
and do not reflect historical facts. Specific forward-looking
statements contained in this press release may be affected by risks
and uncertainties, including, but not limited to, those related to
SMB's financial position and results of operations and risks
associated with competing in the veterinary diagnostic market.
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, Robert Blum and Joe
Diaz
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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.