Meridian Bioscience Announces New Exclusive Canadian Distribution Agreement with Somagen Diagnostics
CINCINNATI--(BUSINESS WIRE)--Sept. 10, 2008--Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today announced the commencement of a new exclusive Canadian distribution agreement with Somagen Diagnostics, Edmonton, Alberta. This decision is consistent with Meridian's stated commitment to expand its non-US businesses.
Somagen Diagnostics, www.somagen.com, focuses on niche markets within the clinical diagnostic market. Like Meridian, Somagen targets markets where they can be the dominant player in the industry, therefore employing "Best of Breed" sales, service and technical support on market leading brands. Somagen Diagnostics is Canada's largest and fastest growing specialty distributor of clinical laboratory products.
Jack Kraeutler, Chief Executive Officer, Meridian Bioscience commented, "The effective global distribution of our rapid tests for infectious disease is one of Meridian's key strategies. Our effort to improve and expand distribution outside the U.S. is beginning with one of the world's leading healthcare markets. By working closely with the ideal partner, Somagen Diagnostics, the Canadian market provides both of our companies with many opportunities for accelerated long-term growth."
Todd Motto, Vice President of Sales and Marketing, Meridian Bioscience commented, "In evaluating the Canadian Market, it is clear that Somagen Diagnostics' business model aligns very well with ours along with our core strategies in growing our international business. Along with Somagen's success in dominating the markets in which they target, and our expert sales, technical support, and superior quality products, we expect this to be a partnership that will be very successful."
Kevin Blackburn, President, Somagen Diagnostics commented, "For more than 20 years Canadian hospitals and laboratories have come to rely on Somagen's unparalleled quality of products, service and technical support. Somagen is very excited to add the Meridian Bioscience family of products to its portfolio in Canada and look forward to serving all of the needs in the microbiology and infectious disease testing area of the laboratory."
FORWARD LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements accompanied by meaningful cautionary statements. Except for historical information, this report contains forward-looking statements which may be identified by words such as "estimates", "anticipates", "projects", "plans", "seeks", "may", "will", "expects", "intends", "believes", "should" and similar expressions or the negative versions thereof and which also may be identified by their context. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. The Company assumes no obligation to publicly update any forward-looking statements. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially, including, without limitation, the following: Meridian's continued growth depends, in part, on its ability to introduce into the marketplace enhancements of existing products or new products that incorporate technological advances, meet customer requirements and respond to products developed by Meridian's competition. While Meridian has introduced a number of internally developed products, there can be no assurance that it will be successful in the future in introducing such products on a timely basis. Ongoing consolidations of reference laboratories and formation of multi-hospital alliances may cause adverse changes to pricing and distribution. Costs and difficulties in complying with laws and regulations administered by the United States Food and Drug Administration can result in unanticipated expenses and delays and interruptions to the sale of new and existing products. Changes in the relative strength or weakness of the U.S. dollar can change expected results. One of Meridian's main growth strategies is the acquisition of companies and product lines. There can be no assurance that additional acquisitions will be consummated or that, if consummated, will be successful and the acquired businesses successfully integrated into Meridian's operations. In addition to the factors described in this paragraph, Part I, Item 1A Risk Factors of our Form 10-K contains a list of uncertainties and risks that may affect the financial performance of the Company.
Meridian is a fully integrated life science company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products and offers biopharmaceutical enabling technologies. Utilizing a variety of methods, these products and diagnostic tests provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as gastrointestinal, viral and respiratory infections. Meridian's diagnostic products are used outside of the human body and require little or no special equipment. The Company's products are designed to enhance patient well-being while reducing the total outcome costs of healthcare. Meridian has strong market positions in the areas of gastrointestinal and upper respiratory infections, serology, parasitology and fungal disease diagnosis. In addition, Meridian is a supplier of rare reagents, specialty biologicals and related technologies used by biopharmaceutical companies engaged in research for new drugs and vaccines. The Company markets its products and technologies to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices, diagnostics manufacturers and biotech companies in more than 60 countries around the world. The Company's shares are traded through NASDAQ's Global Select Market, symbol VIVO. Meridian's website address is www.meridianbioscience.com.
CONTACT: Meridian Bioscience, Inc. John A. Kraeutler, Chief Executive Officer, 513-271-3700 SOURCE: Meridian Bioscience, Inc.