- First unit shipment to partner KREATECH Diagnostics initiates worldwide commercialization of automated FISH sample preparation instrument
- ThermoBrite Elite is capable of automating FISH sample preparation, enabling meaningful increases in productivity, standardization and reproducibility
CHATSWORTH, Calif., March 19, 2012 (GLOBE NEWSWIRE) -- IRIS International, Inc. (Nasdaq:IRIS), a leading manufacturer of automated in-vitro diagnostics systems and consumables, and a developer of high-value personalized diagnostics tests, today announced that its Sample Processing division has initiated commercial shipments of its ThermoBrite Elite Automated Laboratory Assistant instrument for FISH (fluorescence in situ hybridization) slide preparation.
Iris Sample Processing has signed three distribution agreements since the beginning of 2012 for the ThermoBrite Elite, and the first commercial shipment to KREATECH Diagnostics marks the commencement of the product launch.
"KREATECH has been a valued ThermoBrite distributor for Iris Sample Processing for several years and will now sell the ThermoBrite Elite, which fits in well with its 'end-user solution' approach. This automated instrument is an effective enabling platform for FISH sample preparation, providing valuable standardization and reproducibility in a bench top system along with improved labor efficiencies and process reliability," stated Robert Mello, President of Iris Sample Processing.
"A standardized solution for our established and growing DNA FISH customer base in Europe and North America will most definitely be of significant value. As a dedicated DNA FISH player, we can offer a unique bundled solution of the ThermoBrite Elite combined with KREATECH DNA FISH probes. At the same time, it underscores the long term relationship we have with Iris Sample Processing as a reliable supplier of quality instruments," stated Kees Moonen, CEO of KREATECH Diagnostics.
"We are optimistic that the ThermoBrite Elite will be well received in the marketplace, considering the positive feedback from independent evaluations and the high interest expressed by our distributors and potential partners. As a result of this important product launch, we expect to achieve double-digit growth in the Sample Processing division in 2012," stated César M. García, Chairman, President and Chief Executive Officer of IRIS International.
Mr. García continued, "The ThermoBrite Elite automates highly time-consuming and varied protocols for FISH testing and reduces technologist's labor by at least 50%. Over the next three years, we expect to release a family of products based on this design platform targeting 4,000 laboratories. This translates into an addressable market opportunity of at least $150 million."
The worldwide market for FISH testing continues to steadily grow, with the majority of sample preparation still being performed using a manual method. With the increasing rate of adoption for FISH testing as a standard protocol in cancer diagnostics development and application, laboratories performing as few as 10 tests per day can benefit from this automation.
FISH uses nucleic acid probes, which are segments of labeled DNA that are designed to hybridize or bind to the target DNA of a positive specimen. The probes are labeled with fluorescent or chromogenic molecules to enable the identification of genetic abnormalities, providing valuable information about cancer and other genetic diseases.
About KREATECH Diagnostics
KREATECH Diagnostics is a Molecular Diagnostics company focusing on the development and world-wide commercialization of innovative detection products. KREATECH's product portfolio enables customers to detect genetic aberrations that may lead to cancer or other diseases caused by genomic aberrations. KREATECH offers the broadest commercial portfolio of Fluorescent in Situ Hybridization (FISH) probes available in the industry: more than 450 REPEAT-FREE™ POSEIDON™ probes. The REPEAT-FREE™ technology eliminates the use of Cot-1 or blocking DNA, providing less background and a brighter signal which are important features for FISH as a diagnostic and research tool. In addition, KREATECH has a dedicated portfolio for microarray labeling applications using its proprietary non-enzymatic Universal Linkage System (ULS™) labeling technology. KREATECH Diagnostics has commercial operations both in Europe and North America. For more information, please visit www.kreatech.com.
About IRIS International, Inc.
IRIS International, Inc. 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 3,600 systems in more than 50 countries. The Company is expanding its core imaging and morphology expertise into related markets, including applications in hematology and body fluids. In addition, the Company's personalized medicine group has a high complexity CLIA-certified laboratory for the further development and commercialization of the Company's NADiA ultra-sensitive nucleic acid detection immunoassay platform, with applications in oncology and infectious disease. For more information, please visit www.proiris.com.
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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 include, but are not limited to, the Company's views on future financial performance, market growth, capital requirements, regulatory developments, new product introductions and acquisitions, 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 Company's industry, R&D initiatives, competition and capital requirements. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following: identification of feasible new product initiatives, management of R&D efforts and the resulting successful development of new products and product platforms; obtaining regulatory approvals for new and enhanced products; acceptance by customers of the Company's products; integration of acquired businesses; substantial expansion of international sales; reliance on key suppliers; the potential need for changes in long-term strategy in response to future developments; future advances in diagnostic testing methods and procedures; potential changes in government regulations and healthcare policies, both of which could adversely affect the economics of the diagnostic testing procedures automated by the Company's products; rapid technological change in the microelectronics and software industries; 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.