Abaxis Makes $2.8 Million Equity Investment in Scandinavian Micro Biodevices APS
News Mar 04, 2011
Abaxis, Inc., a medical products company manufacturing point-of-care blood analysis instruments for the medical, research and veterinary markets, has announced a $2.8 million equity investment in Scandinavian Micro Biodevices APS, ("SMB"), a privately-held developer and manufacturer of point-of-care diagnostic products for veterinary use.
SMB, based in Copenhagen, Denmark, has been the original equipment manufacturer of the Abaxis VetScan VSpro point-of-care specialty analyzer since 2008. The VSpro assists in the diagnosis and evaluation of suspected bleeding disorders and is used routinely prior to surgery. Additionally, the instrument now provides automated equine fibrinogen testing, an assay used to measure and monitor inflammation in horses.
Abaxis has had exclusive distribution rights for the analyzer and associated cartridges in North America since 2008. Starting in 2011 Abaxis will have non-exclusive rights in other areas of the world.
"Abaxis is very pleased to work with SMB's talented management and operations team," commented Clint Severson, Chief Executive Officer and President of Abaxis, Inc. "We believe that SMB offers innovative diagnostic solutions in veterinary medicine. The investment in SMB will benefit both companies in serving the animal health marketplace. We look forward to a mutually beneficial collaboration."
Vladimir Ostoich, Vice President of Sales and Marketing for the Pacific Rim and a co-founder of Abaxis, will become a member of the Board of Directors of SMB. "SMB is well positioned for worldwide growth in the veterinary diagnostics market with its proprietary micro fluidic technology," said Mr. Ostoich. "The enhanced partnership further aligns Abaxis' goals with those of SMB and offers the opportunity to further expand the penetration of the VetScan VSpro analyzer internationally."
"The VetScan VSpro has greatly complemented our VetScan products in the past two years. Looking ahead, there is much more the two companies can do together to advance our mutual interests. The synergies are clear and compelling," added Martin Mulroy, Vice President Sales and Marketing for North American Animal Health.
SMB's Chief Executive Officer, Ole Kring, commented, "We are pleased that Abaxis has made this strategic investment in SMB and we look forward to a continued strengthening of our working relationship. At the same time we are extending and expanding our OEM (original equipment manufacturer) agreement which provides SMB, with its unique "lab-on-a-chip" technology, access to many new customers through Abaxis' strong sales and marketing channels."