Bedford, UK, 31 October, 2008: Inverness Medical Innovations (AMEX: IMA) announced that it recently completed the acquisitions of Vision Biotech (Pty) Ltd and Global Diagnostics CC both located in South Africa. Together, these companies reported combined annual revenues of approximately $5 million in the year ending February 2008. Vision specializes in the development and manufacture of Malaria lateral flow tests and has achieved an international reputation for manufacturing high quality Malaria P. falciparum and Malaria Pan assays, which are distributed to a world-wide customer base directly and through OEM partnerships. Global Diagnostics is a diagnostic product distributor and will provide marketing and sales resource to Inverness’s new subsidiary IMI SA (Pty) Ltd based in Johannesburg.
The burden placed upon the developing world by Malaria, including the loss of more than 1 million lives each year, has generated a global response and significant funding. In September 2008, an announcement was made at the Millennium Development Goals (MDG) Malaria Summit in New York that more than $3 billion in new funds would be committed to the campaign to virtually eliminate malaria deaths by 2015. This is in addition to already substantial commitments from the President’s Malaria Initiative (PMI), the Gates Foundation and the President’s Emergency Plan for AIDS Relief (PEPFAR).
These acquisitions provide Inverness with its first direct manufacturing and distribution base on the African continent. These facilities will enable Inverness to best support the growing demand for quality, low cost malaria diagnostics in Africa, and provide a platform for Inverness’ aggressive growth plans in the region as it prepares to introduce transformational diagnostic products.
Avi Pelossof, Inverness Vice President - Infectious Disease Strategic Business Unit, stated “Establishing a base of operations in Africa, where we strive to provide diagnostic tools to those in greatest need, is very important to us. We are proud to set ourselves apart in our industry by stating that we have products made in Africa … for Africa and the developing world.”
About Inverness Medical
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness’ products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women’s health. Inverness is headquartered in Waltham, Massachusetts. For additional information on Inverness Medical Innovations, please visit www.invernessmedical.com.
