ABAXIS Receives Japanese Regulatory Approval for Veterinary Application of Blood Analyzer
Sunnyvale, Calif.--(BW HealthWire)--July 14, 1997--ABAXIS Inc. (NASDAQ:ABAX) a medical products company, Monday announced that its VetScan Blood Analyzer has received regulatory approval from the Japanese Ministry of Agriculture, Forestry and Fishery (Nosuisho) permitting sales and distribution to the substantial veterinary market for companion animals throughout Japan.
"This is a very important addition to our product offerings in the veterinary market," commented Clint Severson, president and chief executive officer of ABAXIS. "With this approval, ABAXIS' Japanese affiliate, Teramecs Co. Ltd., and its distribution partner Daiichi Pure Chemicals Co. Ltd., can now sell and distribute the VetScan Analyzer to the more than 6,000 veterinarians in Japan.
"The units will be installed at customer sites beginning as early as August. In expectation of the heightened demand for the VetScan Analyzer, Teramecs has ordered approximately 100 VetScan Blood Analyzer units and 8,000 reagent rotors. This is in addition to the 59 VetScan units which had already been shipped to Japan during the first fiscal quarter in anticipation of the VetsScan product launch.
"We look forward to taking advantage of the opportunities this regulatory approval provides us in Japan, one of our key international markets. The strong acceptance and demand for our products in this market reflect the growing trend toward rapid diagnosis in companion animal veterinary clinics."
Daiichi Pure Chemicals Co. Ltd. is a subsidiary of Daiichi Pharmaceutical Co. Ltd. With $2.1 billion in 1995 sales, Daiichi Pharmaceuticals is one of Japan's largest pharmaceutical and medical products companies.
In addition to distributing VetScan Systems, Daiichi also distributes Piccolo Systems, ABAXIS' blood analyzer for the human clinical chemistry market, under the name Lunaspin, in Japan. The Lunaspin was approved for sale in Japan by the Japanese Ministry of Health and Welfare (Koseisho) in August 1996.
NOTE: This news release contains words that identify forward-looking statements which are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The future events described in such statements involve risks and uncertainties, including but not limited to, risks and uncertainties related to the market acceptance of the company's products and the continuing development of its products, including risks associated with manufacturing and distributing its products on a commercial scale, general market conditions, competition and other risks detailed from time to time in ABAXIS' periodic reports filed with the U. S. Securities and Exchange Commission.
Founded in 1989, ABAXIS develops, manufactures and markets
portable
blood analysis systems for use in any patient-care setting to provide clinicians with rapid blood constituent measurements. The system consists of a compact, 6.9-kilogram, portable analyzer and a series of 8-cm diameter single-use plastic disks, called reagent discs, that contain all the reagents necessary to perform a fixed menu of tests. The system can be operated with minimal training and performs multiple tests on whole blood using either venous or fingerstick samples. The system provides test results in less than 14 minutes with the precision and accuracy equivalent to a clinical laboratory.
CONTACT: ABAXIS Inc., Sunnyvale
Ting Lu, 408/745-6851
or
Coffin Communications Group
John Muir, 818/789-0100
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