Inverness Acquires Advantage Diagnostics

In a transaction that will expand the company's intellectual property, Inverness Medical Innovations, Inc. (Waltham, MA, USA) has acquired through a merger transaction all of the stock of Advantage Diagnostics Corp. (ADC, Sunnyvale, CA, USA) for U.S.$2.4 million in cash and a pay-off of ADC debt of $210,000.

Avantage Diagnostics is a lateral flow diagnostic company that specializes in rapid test development and component manufacturing. The company was formed in 1998 by Dr. David Charlton, inventor of one of the key families of lateral flow patents central to the rapid diagnostic industry. Advantage Diagnostics recently developed for Inverness' Applied Biotch (ABI) unit a proprietary drugs-of-abuse test system that combines greatly improved test performance and accuracy with increased efficiency in production and lower manufacturing costs. The acquisition eliminates a future royalty stream related to that product line payable by ABI to ADC under a license agreement.

Inverness Medical Innovations is a global developer of diagnostic devices and is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of professional diagnostic and consumer applications, with a focus on women's health, cardiology, and infectious disease.




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