Covington Associates Advises Inverness Medical Innovations on the acqusition of HemoSense, Inc.
Boston, MA August 2007 Covington Associates LLC announced it has acted as advisor to Inverness Medical Innovations (AMEX: IMA) in its agreement to acquire Hemosense (AMEX: HEM), a point-of-care diagnostic healthcare company that manufactures and sells easy-to-use, handheld blood coagulation systems for monitoring patients taking warfarin. The transaction is structured as an all stock deal.
Commenting on the transaction, Ron Zwanziger, CEO of Inverness, said "With the acquisition of HemoSense, Inverness takes another step in our strategy of providing diagnostic testing to hospitals, physicians' offices, and the home for patient self testing. HemoSense is a particularly good fit with Biosite and QAS, which we have recently acquired. As health care moves closer to personal responsibility, Inverness is and will remain at the forefront with the materials and methods that allow individuals to take better control of their health."
The deal is subject to HemoSense shareholder approval as well as the satisfaction of regulatory and other customary conditions.
Inverness Medical Innovations is a leading developer of advanced diagnostic devices and is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of diagnostic applications including immuno-diagnostics with a focus on infectious disease, cardiology, drugs of abuse and women's health. The Company's new product development efforts, as well as its position as a leading supplier of consumer pregnancy and fertility/ovulation tests and rapid point-of-care diagnostics, are supported by the strength of its intellectual property portfolio. Inverness is headquartered in Waltham, Massachusetts.
HemoSense is a point-of-care diagnostic healthcare company that initially has developed, manufactures and commercializes easy-to-use, handheld blood coagulation systems for monitoring patients taking warfarin. The HemoSense INRatio(R) system, used by healthcare professionals and patients themselves, consists of a small monitor and disposable test strips. It provides accurate and convenient measurement of blood clotting time, or PT/INR values. Routine measurements of PT/INR are necessary for the safe and effective management of the patient's warfarin dosing. INRatio is sold in the United States and internationally.