IMII cheap with a huge deal with Bayer A.G.
Buying here ,,
(BSNS WIRE) Bayer and Intelligent Medical Imaging Sign Agreements for He
Bayer and Intelligent Medical Imaging Sign Agreements for Hematology Automation
Business Editors/Health & Medical Writers
TARRYTOWN, N.Y.--(BUSINESS WIRE)--Dec. 8, 1998--Bayer Diagnostics
and Intelligent Medical Imaging, Inc. (Nasdaq:IMII, Palm Beach
Gardens, FL) announced today that the two companies have signed
definitive agreements providing for the purchase by Bayer of a license
for IMI's slide making and staining technology for hematology, the
Hematology Slide Master (HSM).
Bayer plans to utilize the HSM technology to produce an automated
slide maker and stainer to complement its award-winning hematology
analyzer, the ADVIA(R) 120 Hematology System.
Under the terms of the agreements, IMI will also supply after
market supplies to support Bayer's slide maker and stainer product,
and Bayer will co-manufacture IMI's version of the HSM to provide
expanded manufacturing capability for IMI.
"The HSM technology provides Bayer with a solid basis for
development of a flexible platform for automated slide making and
staining," commented Thomas E. Warekois, Vice President of Marketing
for Bayer Diagnostics. "The new system will be one of several new
Bayer products created for larger volume laboratories, providing
expanded capabilities and a new level of automation for hematology
testing. These agreements are part of an overall strategy and
commitment to build a family of Bayer products for the Hematology
customer."
"We are looking forward to working with Bayer," stated Tyce
Fitzmorris, Chairman, Chief Executive Officer and President of IMI,
"and are pleased with the substantial opportunities these agreements
afford. We are proud to have developed a product and infrastructure
which meet the high standards of Bayer Diagnostics, and believe
Bayer's choice of the HSM validates our technology.
"Importantly," Mr. Fitzmorris continued, " Bayer, through its
worldwide sales capabilities, provides the means for IMI to implement
its strategic plan to achieve worldwide distribution of our products.
The agreements establish the potential for a significant recurring
revenue base through the distribution of after market supplies by
Bayer."
Bayer's Business Group Diagnostics, headquartered in Tarrytown,
NY, is one of the largest diagnostics businesses in the world. The
company serves customers in 100 countries with an offering that
includes diagnostics systems in three key segments: Laboratory
Testing, Point of Care Testing and Self Testing. The Group has about
4,800 employees worldwide and invests some $123 million in research
and development annually. 1997 sales were $1.1 billion. Bayer
Diagnostics is a member of the worldwide Bayer Group, a $32 billion
chemical and pharmaceutical company based in Leverkusen, Germany.
Intelligent Medical Imaging, Inc. developed and markets the MICRO
21 System, and intelligent, automated microscope system, the HSM an
automated blood slide maker and the USM, an automated urine slide
maker for diagnostic use in hospitals, commercial reference, physician
group practice laboratories and pharmaceutical and veterinary
laboratories.
This news release includes "forward-looking statements" within
the meaning of and made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties, and other
factors which may cause the actual results, performance or
achievements of Intelligent Medical Imaging, Inc. (IMI) or events, or
timing of events relating to IMI to differ materially from any future
results, performance or achievements of IMI or events, or timing of
events, relating to IMI expressed or implied by such forward looking
statements. Such factors include, among others: the potential delays
in IMI's achievement of substantial market penetration and widespread
acceptance of the MICRO 21 System and the HSM; delays and impediments
associated with the industry and market perception of the dispute,
even though now settled, between IMI and Coulter; the expense, delays
and potential setbacks in development of competent and capable sales
and marketing teams and service teams for penetration and support of
the market for the MICRO 21 and the HSM; the potential failure of
IMI's sales team, Coulter or other distributors to sell MICRO 21
systems in amounts sufficient to help IMI achieve its sales goals; the
need for IMI to raise additional capital to finance operations in the
near-term, through debt or equity, and the inability to provide
assurances that such capital will be available or available on terms
favorable to IMI; uncertainty as to the ability of IMI to achieve
sales and marketing goals following implementation of IMI's cost
reduction program, including reduction in sales and marketing
personnel, due to the decrease in personnel and the possible adverse
impact on potential customer perception of IMI; the potential for an
adverse judgement against IMI in connection with the ongoing
arbitration of the dispute between IMI and DiaSys Corporation; delays
in closing sales of systems placed for evaluation due to the length of
the closing cycle, uncertainty due to industry consolidation and
customer budget processes and restrictions; and the possibility that
agreements with potential strategic partner candidates will not be
consummated or will not result in significant improvement of results.
IMI cannot assume that it will be able to anticipate or respond timely
to any of the factors listed above, which could adversely affect
operating results.
--30--jd/mi*
CONTACT: Bayer Corporation
Dianne Hunter, 914/524-3848
or
Intelligent Medical Imaging, Inc.
Tyce Fitzmorris, 561/627- 0344
or
Financial Relations Board
Joe Calabrese, 212/661-8030
KEYWORD: NEW YORK FLORIDA
INDUSTRY KEYWORD: MEDICINE
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