Inverness Medical Innovations, Inc. (NYSE: IMA), a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, announced today that it will seek shareholder approval to change its name to Alere Inc. at its July 14 annual meeting. The company intends to file a preliminary proxy statement with the Securities and Exchange Commission today including a proposal to change its name, as well as other proposals, and expects to file a definitive proxy statement on or about June 4, 2010.
"Through our acquisitions and internal initiatives, we have grown our business based on our goal of becoming the world-leader in enabling individuals to take charge of their health at home," said Ron Zwanziger, CEO of Inverness Medical Innovations, Inc. "Our unique strategy of merging innovative diagnostics with differentiated health management services will enable us to provide comprehensive support for health care professionals and patients across the globe. In order to best leverage the strength of our combined offerings with our customers, investors and employees, we have decided that an alignment of our core brands and customer facing companies is required to maximize our visibility and growth potential. By creating a globally recognizable brand, we will reinforce our vision and strategy to bring health care closer to the home. We have already begun the process of unifying our brands under the Alere name and believe that changing our corporate name to Alere will further support the understanding and acceptance of this newly adopted brand."
"The name Alere, which is derived from Latin and means to nurture, to care for or to support, was selected based on extensive research with investors, customers and industry experts both in the US and abroad," continued Mr. Zwanziger. "We currently utilize the Alere brand for our health management services offerings and, therefore, the name already benefits from recognition within the healthcare community by providers and patients alike. The new name is appropriate for a company that sees its foremost task as the continuous improvement of patient care."
After the name Alere is formally adopted, the company plans to change its New York Stock Exchange ticker symbol from "IMA" to "ALR." The timing of the ticker symbol change will be announced at a later date.
Inverness Medical Innovations, Inc.