Diamedix, LABSCO sign distribution agreement for instrumentation systems and test kits

IVAX Diagnostics, Inc. (NYSE Amex:IVD), a fully integrated in vitro diagnostics company, announced that Diamedix Corporation, IVAX Diagnostics' wholly-owned subsidiary located in Miami, Florida, has signed a three-year agreement with Laboratory Supply Company (LABSCO), the largest privately held supplier of diagnostic instrumentation and clinical laboratory products to hospitals, physician office laboratories, reference labs and other non-acute care settings in the United States. The agreement provides for LABSCO to act as a distributor in the United States for Diamedix's suite of instrumentation systems and test kits, which includes the Mago^® 4S automated ELISA and IFA instrumentation system that received 510(k) clearance from the U.S. Food and Drug Administration earlier this year, as well as over 200 assays that can be run on the Mago^® 4S. The products will be marketed under the Diamedix brand name.

Kevin Clark, Chief Executive Officer, Chief Operating Officer and President of IVAX Diagnostics, said, "We expect this distribution agreement with LABSCO to dramatically expand our market reach into the 3,900 hospitals in the U.S. with less than 150 beds, which is a market segment on which we have not previously focused with our existing sales force. We intend for our direct sales team to continue targeting the more than 2,100 hospitals with more than 150 beds. Our decision to engage LABSCO on a nationwide basis under this distribution agreement is another step toward one of our strategic goals directed at increasing our presence in the U.S. In reviewing LABSCO's strong commitment of resources to us, we are excited to have them working with us as a national distributor of Diamedix's suite of instrumentation systems and test kits. We are pleased to be working with LABSCO to provide high quality tests to the marketplace."