CINCINNATI--(BUSINESS WIRE)--Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today announced that it has made a minority investment in Oasis Diagnostics® Corporation ("Oasis"), with the right to acquire Oasis in the future. The terms of the transaction were not disclosed.
Oasis designs, develops, manufactures and sells pre-analytic tools for the collection, preservation, and transportation of saliva/oral fluids. Oasis' focus is to provide high-quality, innovative diagnostic solutions based on non-invasive saliva-based technologies. Technologies developed by Oasis serve various segments of the in vitro diagnostics market, including molecular diagnostics, nucleic acid testing, point-of-care testing, and laboratory-based testing. Founded in 2002 by Dr. Paul Slowey, Oasis has developed a portfolio of proprietary and patented devices having multiple applications related to infectious disease, public health, drugs of abuse, and general wellness. Its VerOFy® product is a point-of-care platform that provides multiple disease diagnostics or quantitative biomarker detection in 20 minutes or less from saliva specimens. Other products include DNA•SAL™ for DNA collection, RNAPro•SAL™ and Pure•SAL™ for RNA collection, Pedia•SAL™ for the passive collection of saliva from neonates and premature babies, Micro•SAL™ for collection from small animals and Super• and Versi•SAL® used in laboratory settings as universal saliva collection devices. Oasis' products have broad applications in the diagnostic, life science and veterinary markets. Non-invasive saliva and oral fluid collection provides for pain-free, cost-effective sample collection for a growing number of applications.
John A. Kraeutler, Chairman of the Board and Chief Executive Officer, stated, “The transport of human specimens safely and securely has been an important component of Meridian's product offerings since our founding. Through our Diagnostics and Life Science customer interactions we have recognized the growing importance of oral fluids as a preferred sample for many assays, especially for the measurement of DNA and RNA. This investment in Oasis Diagnostics represents an important step in expanding our capabilities in pre-analytic specimen collection and transport as well as opening potential new diagnostic markets for our simple, rapid diagnostic technologies. We are delighted to be collaborating with Dr. Paul Slowey and his team at Oasis Diagnostics and we anticipate working closely to develop innovative collection and transport systems for this emerging market.”
Dr. Paul D Slowey, CEO of Oasis Diagnostics®, added, “We are excited to be partnering with a highly accomplished company such as Meridian. Their strong reputation in the marketplace is one of producing high-quality life science and diagnostic products with broad applications for improving quality of life for its customers. The ideals for the two companies are identical.”
Dr. Slowey is a pioneer in the field of saliva collection and testing, and has had significant experience in managing and directing businesses. He received his Bachelor of Science in Applied Chemistry from Sheffield City Polytechnic (UK) and his PhD in Organic Chemistry from the University of Newcastle-Upon-Tyne (UK). He is the Co-Founder and Co-Organizer of the North American Saliva Symposium [www.salivasymposium.com], with the second annual event taking place next month in Seattle. The Conference, organized with its co-sponsor, the University of Washington in Seattle, is a forum which will bring together key opinion leaders from industry and academia for a series of lectures and collaborative discussions on saliva and salivary diagnostics. Meridian and Oasis will be represented at this important meeting highlighting the growing applications utilizing saliva as a diagnostic medium.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements accompanied by meaningful cautionary statements. Except for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which may be identified by words such as “estimates”, “anticipates”, “projects”, “plans”, “seeks”, “may”, “will”, “expects”, “intends”, “believes”, “should” and similar expressions or the negative versions thereof and which also may be identified by their context. All statements that address operating performance or events or developments that Meridian expects or anticipates will occur in the future, including, but not limited to, statements relating to per share diluted earnings and revenue, are forward-looking statements. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Specifically, Meridian’s forward-looking statements are, and will be, based on management’s then-current views and assumptions regarding future events and operating performance. Meridian assumes no obligation to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially, including, without limitation, the following:
Meridian’s continued growth depends, in part, on its ability to introduce into the marketplace enhancements of existing products or new products that incorporate technological advances, meet customer requirements and respond to products developed by Meridian’s competition, and its ability to effectively sell such products. While Meridian has introduced a number of internally developed products, there can be no assurance that it will be successful in the future in introducing such products on a timely basis. Meridian relies on proprietary, patented and licensed technologies, and the Company’s ability to protect its intellectual property rights, as well as the potential for intellectual property litigation, would impact its results. Ongoing consolidations of reference laboratories and formation of multi-hospital alliances may cause adverse changes to pricing and distribution. Recessionary pressures on the economy and the markets in which our customers operate, as well as adverse trends in buying patterns from customers can change expected results. Costs and difficulties in complying with laws and regulations, including those administered by the United States Food and Drug Administration, can result in unanticipated expenses and delays and interruptions to the sale of new and existing products. The international scope of Meridian’s operations, including changes in the relative strength or weakness of the U.S. dollar and general economic conditions in foreign countries, can impact results and make them difficult to predict. One of Meridian’s growth strategies is the acquisition of companies and product lines. There can be no assurance that additional acquisitions will be consummated or that, if consummated, will be successful and the acquired businesses will be successfully integrated into Meridian’s operations. There may be risks that acquisitions may disrupt operations and may pose potential difficulties in employee retention and there may be additional risks with respect to Meridian’s ability to recognize the benefits of acquisitions, including potential synergies and cost savings or the failure of acquisitions to achieve their plans and objectives. Meridian cannot predict the possible impact of U.S. health care legislation enacted in 2010 – the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act – and any modification or repeal of any of the provisions thereof, and any similar initiatives in other countries on its results of operations. Efforts to reduce the U.S. federal deficit, breaches of Meridian’s information technology systems and natural disasters and other events could have a materially adverse effect on Meridian’s results of operations and revenues. In addition to the factors described in this paragraph, Part I, Item 1A Risk Factors of our Form 10-K contains a list and description of uncertainties, risks and other matters that may affect the Company.
Meridian is a fully integrated life science company that develops, manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products and offers biopharmaceutical enabling technologies. Utilizing a variety of methods, these products and diagnostic tests provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as gastrointestinal, viral and respiratory infections. Meridian’s diagnostic products are used outside of the human body and require little or no special equipment. The Company's products are designed to enhance patient well-being while reducing the total outcome costs of health care. Meridian has strong market positions in the areas of gastrointestinal and upper respiratory infections, serology, parasitology and fungal disease diagnosis. In addition, Meridian is a supplier of rare reagents, specialty biologicals and related technologies used by biopharmaceutical companies engaged in research for new drugs and vaccines. The Company markets its products and technologies to hospitals, reference laboratories, research centers, diagnostics manufacturers and biotech companies in more than 70 countries around the world. The Company’s shares are traded on the NASDAQ Global Select Market, symbol VIVO. Meridian's website address is www.meridianbioscience.com.
