Meridian Bioscience, Inc. Enters into Product Development and Distribution Agreement with DiaSorin S.p.A.
CINCINNATI, Jul 07, 2010 (BUSINESS WIRE) --
Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today announced that it has entered into an exclusive, world-wide product development and distribution agreement with DiaSorin S.p.A. Under terms of the agreement, DiaSorin will utilize key Meridian technology to develop several infectious disease products for use on their LIAISON(R) systems. LIAISON is a fully automated, random access system based on chemiluminescense detection. There are over 3,000 LIAISON systems placed in laboratories throughout the world. The agreement is royalty-based with the actual royalty amount to be paid to Meridian dependent on type of test and specific geographic market.
DiaSorin has been rapidly expanding the product menu for the LIAISON(R) system and plans to introduce a new high throughput model, LIAISON XL, later this year. Under the agreement with Meridian, DiaSorin will have exclusive distribution rights for the developed products in every geographic market except the United States and United Kingdom, where Meridian will retain the option for distribution. The first two products to be developed will be for the detection of Clostridium difficile, a leading hospital acquired infection and Helicobacter pylori, the leading cause of stomach ulcers and a recognized contributor to gastric cancer.
John A. Kraeutler, Meridian's Chief Executive Officer, said, "We value this collaboration with DiaSorin and we are encouraged by the prospect of expanding the reach for Meridian's infectious disease technologies. DiaSorin has a very large base of installed LIAISON systems around the world and this agreement provides Meridian access to new markets and new customers through those placements. We pride ourselves on being able to offer our customer base a variety of platforms to meet their specific needs and now we can provide a fully automated system option through this new partnership with DiaSorin."
Carlo Rosa, Chief Executive Officer of DiaSorin, stated, "We are sincerely happy with this agreement that will give us the opportunity to partner with Meridian, a leading company in GI tract infections. 3,000 LIAISON platforms installed worldwide, covering almost all geographical areas, combined with a menu enriched by high quality tests developed with Meridian will definitely enable our Group to underscore, even more unequivocally, its position as a specialist in the area of infectious diseases."
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 within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, 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 or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. 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. Recessionary pressures on the economy and the markets in which our customers operate, as well as adverse trends in buying patterns from customers can change expected results. 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 also 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. The Company cannot predict the possible effects of potential healthcare reform in the United States and similar initiatives in other countries on its results of operations. In addition to the factors described in this paragraph, Part I, Item 1A Risk Factors of our Form 10-K contains a list and description of uncertainties, risks and other matters that may affect 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 http://www.meridianbioscience.com/.
SOURCE: Meridian Bioscience, Inc.
Meridian Bioscience, Inc.
Todd W. Motto, Vice President Business Development
Melissa A. Lueke, Executive Vice President, Chief Financial Officer