Inverness Medical Innovations Acquires Matritech, Inc.
14 December 2007 - 12:15AM
PR Newswire (US)
WALTHAM, Mass., Dec. 13 /PRNewswire-FirstCall/ -- Inverness Medical
Innovations, Inc. (AMEX:IMA) today announced that it has finalized
its acquisition of Matritech (AMEX:MZT). The deal was structured as
an asset purchase under which a newly formed subsidiary of
Inverness acquired substantially all of the assets of Matritech for
aggregate consideration of 616,713 shares of Inverness common
stock, valued at approximately $36 million. In addition, Inverness
has agreed to pay Matritech up to $2 million of incremental
consideration, in cash and/or Inverness common stock, conditioned
on the achievement of certain revenue targets for the upcoming
twelve month period. About Inverness 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
http://www.invernessmedical.com/. Cautionary Note Regarding
Forward-Looking Statements This press release may contain
forward-looking statements within the meaning of the federal
securities laws, including statements regarding potential synergies
and benefits of the business combination described above. These
statements reflect Inverness' current views with respect to future
events and are based on its management's current assumptions and
information currently available. Actual results may differ
materially due to numerous factors including, without limitation,
risks associated with market and economic conditions; Inverness'
ability to integrate this and other acquisitions and to recognize
expected benefits; the ability of Inverness to continue to
successfully develop and manufacture diagnostic testing products
and to commercialize products; and the risks and uncertainties
described in Inverness' annual report on Form 10-K, as amended, for
the year ended December 31, 2006, and other factors identified from
time to time in its periodic filings with the Securities and
Exchange Commission. Inverness undertakes no obligation to update
any forward-looking statements contained herein. DATASOURCE:
Inverness Medical Innovations CONTACT: Investor Relations: Doug
Guarino, Director of Corporate Relations of Inverness Medical
Innovations, +1-781-647-3900 Web site:
http://www.invernessmedical.com/
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