IVAX Diagnostics Announces Appointment of New Directors

MIAMI--(BUSINESS WIRE)--IVAX Diagnostics, Inc. (AMEX:IVD) announced today that Jerry C. Benjamin and Lawrence G. Meyer have been appointed to the Company’s Board of Directors. In addition to their appointments to the Board, Mr. Benjamin has been appointed to serve on the Company’s Audit Committee, and Mr. Meyer has been appointed to serve on the Company’s Audit and Compensation Committees.

Jerry C. Benjamin is a General Partner of Advent Venture Partners, a venture capital management firm in London. Mr. Benjamin joined Advent in 1985 to lead the development of that company’s life sciences industry investment activity and, since that time, he has established Advent as one of the premier venture groups in Europe with high visibility in the United States as well. During his career, Mr. Benjamin has founded eight companies and has served on the boards of directors of over 35 public and private companies within the life sciences industry. Currently, Mr. Benjamin serves on the board of directors and is the chairman of the audit committee of Orthofix International N.V., a diversified orthopedic products company offering a broad line of surgical and non-surgical products which is listed on the Nasdaq Global Market, and serves on the board of directors and is the chairman of the compensation committee of Micromet, Inc., a biopharmaceutical company developing novel, proprietary antibodies for the treatment of certain diseases which is listed on the Nasdaq Global Market.

Lawrence G. Meyer has been a practicing attorney for over 35 years and is currently the owner of The Law Offices of Lawrence G. Meyer. Prior to opening his own law offices, Mr. Meyer was a partner at Gadsby Hannah LLP, Arent Fox LLP and Patton Boggs LLP. Prior to entering the private practice of law, Mr. Meyer was the Director of the Office of Policy Planning and Evaluation of the Federal Trade Commission, had served as legislative assistant and legal counsel to U.S. Senator Robert P. Griffin and was an attorney with the U.S. Department of Justice. Mr. Meyer previously served as a member of the board of directors and audit, compensation and governance committees of Isotechnika Inc., a biopharmaceutical company focused on the discovery and development of novel therapeutics which is listed on the Toronto Stock Exchange, and as a member of the board of directors of the Hockey Hall of Fame in Toronto.

Paul Kennedy, the Company’s Chairman of the Board of Directors, Chief Executive Officer and President, said, “We are excited to welcome Messrs. Benjamin and Meyer to the Board of Directors of IVAX Diagnostics. With the additions of Messrs. Benjamin and Meyer to our Board of Directors only weeks after the previously announced additions of Patrice Debregeas, Laurent Le Portz and myself, the Board of Directors of IVAX Diagnostics is now composed of some of the most well respected and seasoned members of the life sciences industry. Together with the rest of the IVAX Diagnostics team, we are eager to begin the implementation of new and exciting strategic initiatives at IVAX Diagnostics.”

About IVAX Diagnostics, Inc.

IVAX Diagnostics, Inc., headquartered in Miami, Florida, develops, manufactures and markets proprietary diagnostic reagents, instrumentation, and software in the United States and Italy through its three subsidiaries: Diamedix Corporation, Delta Biologicals S.r.l., and ImmunoVision, Inc.

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of IVAX Diagnostics, Inc., including, without limitation, that: IVAX Diagnostics may not successfully implement its strategic initiatives; the implementation of IVAX Diagnostics’ strategic initiatives may result in additional expenses for IVAX Diagnostics; even if successfully implemented, IVAX Diagnostics strategic initiatives may not result in improved financial performance for IVAX Diagnostics; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risks and uncertainties set forth above, investors should consider the economic, competitive, governmental, technological and other risks and uncertainties discussed in IVAX Diagnostics’ filings with the Securities and Exchange Commission, including, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in such filings.