CHATSWORTH, Calif., Jan. 19, 2010 (GLOBE NEWSWIRE) -- IRIS International, Inc. (Nasdaq:IRIS), a leading manufacturer of urinalysis systems and consumables for use in hospitals and commercial laboratories worldwide, has entered into a strategic partnership with Digital Images Diagnostic (China), Ltd.
Under terms of the agreement, Digital Images Diagnostic will have exclusive rights in China for the sale, marketing and service of IRIS's iQ(R)200 SPRINT, ELITE and SELECT series of Automated Urine Microscopy Analyzers, the iChem(R)VELOCITY(TM) Automated Urine Chemistry Analyzer, the combined iRICELL(TM) workstation, and all related consumables.
"We are delighted to establish a strategic partnership with Digital Images Diagnostic in China," stated Thomas Warekois, IRIS Corporate Vice President and President of the Iris Diagnostics Business Unit. "Digital Images Diagnostic's strong focus on imaging-based diagnostic products combined with its nationwide sales network, provides IRIS a solid platform for further penetrating the Chinese market with our automated urinalysis systems. With more than 1,400 Level Three tertiary hospitals and strong public funding support from the Chinese government, the China market represents a significant growth opportunity. We look forward to developing a long and mutually beneficial relationship with Digital Images Diagnostic," Mr. Warekois added.
"This transaction will give Digital Images Diagnostic a set of new product offerings in the urinalysis area. As more and more Chinese hospitals and clinical labs look to cutting-edge medical technologies to deliver greater efficiencies and better diagnostic information, we are delighted to be the strategic partner with IRIS building on the strong reputation of this notable product line," stated Clement Pun, General Manager of Digital Images Diagnostic.
Sales for IRIS's complete line of automated urinalysis products will commence immediately with the currently registered products of iQ(R)200 SPRINT, ELITE and SELECT analyzers. "We anticipate the registration process for iChem(R)VELOCITY(TM) and iRICELL(TM) workstation will be completed in 2010," stated Mr. Warekois.
IRIS`s former distribution partner in China, Vastec Medical, Ltd., ceased to distribute IRIS products on December 31, 2009, but will continue to provide reagents and after-sales support to its iQ customers in accordance with the terms of its distribution agreement with IRIS.
About Digital Images Diagnostic (China), Ltd.
Headquartered in Shanghai, China and with branch offices in Beijing and Shenzhen, Digital Images Diagnostic is a leading in vitro diagnostics (IVD) company specializing in the commercialization of imaging-based IVD products.
About IRIS International, Inc.
IRIS International is a leading global in vitro diagnostics company focused on products that analyze particles and living cell forms and structures, or morphology of a variety of body fluids. The Company's products leverage its strengths in flow imaging technology, particle recognition and automation to bring efficiency to hospital and commercial laboratories. The initial applications for its technology have been in the urinalysis market and the Company is the leading worldwide provider of automated urine microscopy and chemistry systems, with an installed base of more than 2,400 systems in more than 50 countries. The Company is expanding its core imaging and morphology expertise into related markets and is developing applications in hematology and urinary tract infections. In addition, the Company is developing molecular diagnostic tests based on its Nucleic Acid Detection Immunoassay, or NADiA(R), platform, with applications in oncology and infectious disease. For more information visit www.proiris.com.
SAFE HARBOR PROVISION
This press release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include the Company's views on the growth opportunity in China and completion of product registrations in China, and are generally identified by phrases such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the China market and its regulatory system. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following: management of the Company's relationship with Digital Images Diagnostic; delays in obtaining regulatory approval for iChem(R)VELOCITY(TM) and iRICELL(TM) in China; acceptance by China customers of the Company's products; potential changes in government regulations and healthcare policies in China, both of which could adversely affect the economics of the diagnostic testing procedures automated by the Company's products; and competitive factors, including pricing pressures and the introduction by others of new products with similar or better functionality than our products. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.