Science & Technology
Science and Technology
Science and Technology
Thu, January 8, 2009
IRIS Unit Licenses Whole Blood Separator Technology to IDEXX Laboratories for $1.5 Million, Plus Future Royalties, for Use in N
CHATSWORTH, Calif.--([ BUSINESS WIRE ])--IRIS INTERNATIONAL, INC. (NASDAQ: IRIS), a leading manufacturer of urinalysis systems and consumables for use in hospitals and commercial laboratories worldwide,today announced that its IRIS Sample Processing Business Unit has entered into a manufacturing and supply agreement with IDEXX Laboratories, Inc. (NASDAQ: IDXX), for internal centrifugal drive systems and related whole blood separators developed by IRIS for use in the new IDEXX Catalyst Dx™ Chemistry Analyzer for the veterinary market, which IDEXX has begun selling to customers around the world.
Under the terms of the agreement, in exchange for a $1.5 million upfront cash payment and future royalties starting in 2014, IRIS Sample Processing has granted IDEXX an exclusive worldwide license to manufacture the whole blood separator technology developed for the IDEXX Catalyst Dx™ Chemistry Analyzer. IDEXX will assume manufacturing for the whole blood separator. In addition, for the life of the agreement, which runs through December 31, 2020, IRIS will exclusively manufacture and sell to IDEXX the internal centrifugal drive system IRIS developed for the Catalyst Dx™ analyzer. IDEXX may assume manufacturing for the drive systems starting in 2016 by paying IRIS a per unit royalty for the remaining term of the agreement.
"After a prolonged research and development effort, we are pleased to have developed the internal centrifugal drive systems and related disposable whole blood separators for the newest generation of IDEXX chemistry analyzers," stated Robert Mello, IRIS Corporate Vice President and President of the Sample Processing Business Unit. "We have had a long standing working relationship with IDEXX dating back to the late 1980s as the sole provider of standalone veterinary centrifuges for all of IDEXX's in-clinic needs. This latest agreement extends this partnership into new revolutionary diagnostic products incorporating our technology, bringing unprecedented efficiency, speed, throughput and test menu breadth to the veterinary point of care market," he added.
About IDEXX Laboratories
IDEXX Laboratories, Inc. is a leader in pet healthcare innovation, serving practicing veterinarians around the world with a broad range of diagnostic and information technology-based products and services. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and to build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for the production animal industry and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 4,500 people and offers products to customers in over 100 countries.
About IRIS International
IRIS International 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 urine microscopy systems, with over 2,000 systems sold in over 50 countries.
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 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. Forward-looking statements in this press release include references to the period during which the Company will manufacture and sell centrifugal drive systems to IDEXX. The Company's rights to manufacture and sell drive systems to IDEXX is conditional upon the Company performing its obligations under the manufacturing and supply agreement, including with respect to product quality, price and delivery requirements. IDEXX may cease to purchase drive systems from the Company prior to expiration of the stated term if the Company fails to perform its obligations under the agreement. 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.
