Boston, MA — August 31, 2003 — Covington Associates announced today that it acted as financial advisor and arranger to Inverness Medical Innovations, Inc., in its acquisitions of Applied Biotech, Inc., a manufacturer and distributor of rapid diagnostic tests, and Ostex International, Inc., a maker of osteoporosis management products and technologies. Both deals closed recently.

The acquisitions continue Covington's advisory partnership with Inverness Medical Innovations (AMEX: IMA), a leading provider of women's health and nutritional products and developer of advanced medical device technologies, as Inverness works to establish a preeminent position in both point-of-care and consumer diagnostics.

For 10 years we have enjoyed a productive relationship with Inverness and its predecessor company that has helped the company expand its intellectual property platform and bring innovative products to the market," said Tom Cibotti, a partner at Covington Associates. "We look forward to continued success in supporting Inverness's commitment to aggressive growth in the diagnostics arena."

Cibotti said the acquisition of Applied Biotech, Inc., a unit of Apogent Technologies, Inc., strengthens Inverness in the area of point-of-care rapid testing including infectious disease, women's health and drugs of abuse. The deal, which closed August 28, complements the 2002 acquisition of Wampole Laboratories, a leader in the U.S. point-of-care diagnostics market, and should produce product and distribution synergies.

Covington advised Inverness on the roughly $28.4 million acquisition of Applied Biotech and also arranged acquisition financing for the transaction.

The Ostex acquisition, which closed July 1, provides Inverness with significant intellectual property rights in the field of osteoporosis testing. Covington advised Inverness on the Ostex acquisition, valued at about $38 million in stock.

About Covington Associates
Covington Associates are seasoned M & A advisors to technology and healthcare companies. Focused exclusively on mergers and acquisitions, Covington Associates has established a track record of success based on deep domain experience and an unrivaled level of service from a team of senior advisors. Since its founding in 1991, Covington Associates has successfully completed transactions ranging in value from $10 million to more than $1 billion. For more information, visit the company's web site at www.covingtonassociates.com.



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