IRIS International closes AlliedPath acquisition

IRIS International, Inc. (Nasdaq:IRIS), a leading manufacturer of automated in-vitro diagnostics systems and consumables for use in hospitals and commercial laboratories worldwide, announced today that it has closed the acquisition of AlliedPath, Inc., a private, early stage high complexity, CLIA-certified laboratory focused on oncology and molecular diagnostics. Terms of the transaction, which was announced on July 27, 2010, include $4.7 million in cash, with an additional earn-out of up to $1.3 million, subject to the achievement of specific sales and earnings targets over the next three years.

"This strategic acquisition represents a significant step forward for IRIS as it provides us with a state-of–the-art high complexity CLIA-certified molecular pathology laboratory offering differentiated, high value molecular diagnostic services in the rapidly growing field of personalized medicine, and provides a direct commercial channel for accelerating the commercialization of our NADiA^®ultra-sensitive nucleic acid detection immunoassay platform, beginning with our NADiA ProsVue™ prostate cancer prognostic, which is currently pending FDA clearance," stated Cesar Garcia, Chairman and CEO of IRIS International.

As previously announced, with the closing of the acquisition, Vance (Randy) White, Ph.D., has been appointed Corporate Vice President of IRIS International and President of the new IRIS Laboratory Division. In addition, AlliedPath co-founders, Philip J. Ginsburg, M.D., CEO, and Robin Vedova, President, have been appointed as Corporate Vice President and Chief Medical Officer of IRIS International and Vice President of Administration of the Laboratory Division of IRIS International, respectively.

Source IRIS International, Inc.