ABAXIS AND IDEXX REACH SETTLEMENT BUSINESS EDITORS SUNNYVALE, CALIF.--(BUSINESS WIRE)--DEC. 20, 1996--ABAXIS INC. (NASDAQ NM:ABAX), FRIDAY ANNOUNCED IT HAS REACHED AN AGREEMENT WITH IDEXX
SUNNYVALE, Calif.--(BUSINESS WIRE)--Dec. 20, 1996--ABAXIS Inc. (Nasdaq NM:ABAX), Friday announced it has reached an agreement with IDEXX Laboratories Inc. (Nasdaq:IDXX) on the settlement of a lawsuit brought by IDEXX against ABAXIS in the U.S. District Court for the Southern District of California relating to certain advertising by ABAXIS.
ABAXIS has agreed that there will be no further circulation of such advertising. Other terms of the settlement are confidential; however, there was no material adverse financial impact on either party. 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 perform multiple routine 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.
Copyright 1996, Business Wire
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