Some info about a ABAX competitor. Dade Behring is a giant, I
wonder why they sold of the blood analyzer business?
Hemagen to Acquire Analyst Instrument Business from Dade Behring
BusinessWire, Tuesday, January 13, 1998 at 16:18
WALTHAM, Mass.--(BW HealthWire)--Jan. 13, 1998--Hemagen
Diagnostics, Inc. (NASDAQ:HMGN)(NASDAQ:HMGNW)(BSE:HGN) is please to
announce that it has signed a letter of intent to acquire the
Analyst(r) instrument business from Dade Behring Inc. The Analyst is
an extremely versatile bench-top clinical chemistry analyzer that is
well-positioned for the point-of-care market, which includes both
the physician office laboratory and the veterinary office
laboratory. The machine is easy to use, extremely reliable and
costs less to produce than competitive instruments. Furthermore,
the proprietary technology used to produce the reagent rotor
provides the Analyst with the most cost-effective, highly accurate
consumable in the industry. These unique rotors allow for multiple
chemistries (known as profiles) to be run one patient sample, with
results in ten minutes. Single assays can be run as well.
Dr. Carl Franzblau, president of Hemagen, is extremely
optimistic about this development and believes that the instrument is
well-suited to lead the company into the point-of-care market, which
has been identified as a significant growth opportunity for Hemagen.
Presently, the worldwide point-of-care market is approximately $1.6
billion, which includes the rapidly expanding veterinary market.
Dr. Franzblau stated that no additional space will be necessary for
the Analyst production since the RAICHEM(r) and VIRGO(r)
facilities are capable of absorbing the manufacturing
responsibilities associated with the acquisition. In fact,
Hemagen's expertise in this area will hasten the development of new
and/or improved products for use on the Analyst. Hemagen plans on
expanding the Analyst's test menu which will enhance the instrument's
marketability, especially in the veterinary market.
If successful in consummating the acquisition, Hemagen
Diagnostics, Inc. will emerge as a company with revenues of
approximately $20 million, and is expected to be highly profitable
with significant opportunity to increase revenues and profit over
the next several years.
The consummation of the acquisition is subject to Hemagen's
completing its due diligence investigation of the Analyst business,
the financing of the acquisition and the negotiation and execution
of a definitive written agreement with Dade Behring. Specific terms
of the transaction have not been disclosed.
Hemagen Diagnostics, Inc. develops, manufactures and markets
more than 110 FDA-cleared proprietary medical diagnostic test kits
used to aid in the diagnosis of autoimmune and infectious diseases
and to measure important constituents in human blood. The company
focuses on markets which offer significant growth opportunities.
This press release contains forward-looking statements that
involve risks and uncertainties, including those described in the
company's Securities and Exchange Commission reports and filings.
CONTACT: Hemagen Diagnostics, Inc.
William Franzblau, 781/890-3766
KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: MEDICINE |
