IVAX Diagnostics signs two-year distribution agreement with Biomerica

Apr 13 2010

IVAX Diagnostics, Inc. (AMEX: IVD), a fully integrated in vitro diagnostics company, and Biomerica, Inc. (OTCBB: BMRA), a global biomedical company, have signed a two-year agreement for the distribution of Biomerica's products in the U.S. and globally, with certain country and product exclusions.

“IVAX Diagnostics' customer base of nearly 600 installed Mago® instruments offers both our companies a significant opportunity to increase sales. As our tests complement those already sold by Diamedix and Delta Biologicals, we believe their experienced sales forces and ability to reach global markets, will produce positive results.”

The agreement provides IVAX Diagnostics the rights for its Diamedix Corporation and Delta Biologicals S.r.l. subsidiaries to distribute Biomerica's suite of products which includes 33 ELISA (Enzyme-Linked Immunosorbent Assay) test kits in the areas of diabetes, gastrointestinal disease and bone/mineral disorders, and more than 26 Rapid Point-of-Care tests. The products will be marketed under the Biomerica name, or, if certain initial sales levels are achieved, under the Diamedix brand in the U.S. and Delta Biologicals brand internationally.

Dr. Charles Struby, CEO and President of IVAX Diagnostics, said, "This agreement with Biomerica is expected to not only broaden and enhance our ELISA suite of products by adding GI, diabetes and bone/mineral testing products to our line of autoimmune test kits, but also expand our entry into the Rapid Point-of-Care testing market, a global market that is estimated to be $10.3 billion. We expect Biomerica's products to significantly enhance our ability to offer unique and innovative tests to the approximately 600 installed Mago® instruments that are being used by our customers. This agreement is another step toward our goal of expanding our innovative diagnostics products, and increasing our presence in both the U.S. and international markets. We are pleased to be working with Biomerica and bringing their novel tests to the marketplace."

Zackary Irani, CEO of Biomerica, said, "IVAX Diagnostics' customer base of nearly 600 installed Mago® instruments offers both our companies a significant opportunity to increase sales. As our tests complement those already sold by Diamedix and Delta Biologicals, we believe their experienced sales forces and ability to reach global markets, will produce positive results."