CULVER CITY, Calif., Dec. 9, 1999 (PRIMEZONE) -- CARESIDE Inc. (AMEX:CSA) (AMEX:CSA.W), a blood diagnostic company, today announced that it has acquired privately held Texas International Laboratories, Inc. (TIL) in an all stock transaction. CARESIDE has delivered 521,739 newly issued common shares to TIL shareholders to complete the purchase.
"Texas International Laboratories brings to CARESIDE their expertise and technology in hematology testing," said W. Vickery Stoughton, chairman and chief executive officer, CARESIDE, Inc. "We felt that it was important to bring this expertise in-house rather than continue with a distribution agreement for hematology testing. An integrated blood-testing system in which we own the hematology technology is an even stronger position for our Company as we approach the launch of the CARESIDE Analyzer(tm)."
TIL manufactures a high-quality, low-cost hematology analyzer together with ancillary reagents, controls, calibrators and accessories-all of which will now be marketed along side CARESIDE's comprehensive blood testing system, the CARESIDE Analyzer(tm).
"Including this hematology capability in the CARESIDE test menu broadens our market considerably as hematology testing represents 25 percent of routine blood tests," Stoughton said. "CARESIDE now has the extensive platform of products necessary to offer our customers a decentralized lab operation for routine testing near the patient. This includes a full battery of chemistry and hematology tests and data management for lab operating compliance. CARESIDE's data management system, Healthlink, will enable test results from the CARESIDE Analyzer(tm) and the CARESIDE hematology device to be converted into a standard data format and linked to customer data systems either directly through a local area network or personal computer interconnect or by transmission over the Internet."
The TIL hematology testing system has received FDA clearance for human testing and provides a 16-parameter complete blood count including a three-part differential of white blood cells. TIL had previously limited its sales and marketing of the device to the veterinary market.
"An additional benefit to acquiring TIL and its hematology technology is TIL's knowledge and experience in the veterinary market and the immediate access to this promising market now provided to CARESIDE. This allows CARESIDE to accelerate our strategy to penetrate the veterinary market with a comprehensive blood testing system incorporating the CARESIDE Analyzer(tm) and the CARESIDE hematology device," Stoughton added.
Including the tests available in this new hematology system, CARESIDE's current menu of FDA-cleared or -exempt tests numbers 52 and includes tests covering chemistry, electrochemistry and coagulation. This makes the CARESIDE Analyzer(tm) the most comprehensive point-of-care blood analysis system currently available.
CARESIDE will manufacture and distribute both the CARESIDE Analyzer(tm) and the hematology analyzer along with related test cartridges, reagents and controls. These products will provide a cost-effective and efficient means of analyzing blood chemistry, electrochemistry, coagulation and hematology at the same location as the patient by producing accurate test results within 15 minutes. The company plans to add immunochemistry testing to the CARESIDE Analyzer(tm) in early-2000. The Company expects to launch its product this month to healthcare providers in the U.S. and abroad.
SAFE HARBOR: Statements in this press release regarding CARESIDE Inc. which are not historical facts are forward-looking statements that involve risks and uncertainties. Such forward-looking statements include the date of immunochemistry testing capability, product launch, and the impact of the acquired hematology device on CARESIDE's market penetration. Key factors which may impact on these statements include technological hurdles, the FDA approval process, market acceptance and other challenges inherent in product research, development, manufacturing, and marketing discussed in the Company's prospectus. The Company undertakes no obligation to update forward-looking statements. Please see the risk factors listed from time to time in the Company's prospectus and reports on file with the SEC.