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EXHIBIT 99.2
QUIDEL CORPORATION COMPLETES ACQUISITION OF LITMUS CONCEPTS
SAN DIEGO, Dec. 11 /PRNewswire/ -- Quidel Corporation (Nasdaq: QDEL - NEWS )
announced today the completion of its acquisition of Litmus Concepts, Inc., a
privately held in vitro diagnostic company focused on the development and
manufacture of unique diagnostic products for women's health.
The acquisition provides Quidel with significant assets, including two
marketed products and several patented, rapid diagnostic, technology
platforms, to help further establish Quidel's position in both the
professional and consumer diagnostics markets. Quidel anticipates that this
new technology will also enable the Company to revamp a portion of its
existing product portfolio.
Under the terms of the operative agreement, the shareholders and certain
option holders of Litmus Concepts, Inc., will receive approximately 3.25
million shares of Quidel common stock. This transaction provides Quidel with
Litmus' proprietary, multi-layered thin film technology that enables the mass
production of highly adaptable, multi-analyte, disposable tests that are the
size and shape of a credit card and produce easily-read results within
minutes. This technology provides state of the art diagnostic methods
supported by a highly automated, flexible, rapid throughput manufacturing
system, which can produce a wide variety of tests with high hourly yields.
With the acquisition of Litmus Concepts, Inc., Quidel has also acquired the
associated twenty-one issued Litmus patents, including eleven patents that
specifically surround the technology used in the women's health products.
This intellectual property is expected to significantly enhance Quidel's
competitive position for the future.
"We are very excited about completing this acquisition and integrating
the Litmus technology platform into our expanding product portfolio,'' stated
Andre de Bruin, President and CEO of Quidel Corporation. We will add the two
current women's healthcare products to our QuickVue-REGISTERED TRADEMARK-
line. We also plan to expedite development of other key products. The
versatile multi-layer thin film technology platform creates the opportunity
for Quidel to expand our position in women's health and strengthen our
technology and product portfolios. Additionally, we plan to investigate
out-licensing applications."
Quidel Corporation discovers, develops, manufactures and markets
point-of- care, rapid diagnostic tests for detection of medical conditions
and illnesses. These products provide accurate and cost-effective diagnostic
information for acute and chronic conditions that affect women's health
throughout the phases of their lives, including reproductive status,
pregnancy management and osteoporosis. Quidel also provides point-of-care
diagnostics for infectious diseases, including influenza A and B, strep
throat, H. pylori infection, Chlamydia and infectious mononucleosis. Quidel's
products are sold to healthcare professionals for use in physicians' offices,
clinical laboratories and pharmacies, and to consumers through organizations
that provide private label, store brand products. These tests provide
diagnostic information to enable rapid treatment and improve health outcomes,
lower costs, and increase patient satisfaction.
This press release contains forward-looking statements regarding
Quidel's future activities within the meaning of the federal securities laws.
These forward-looking statements involve material risks and uncertainties.
Many possible factors could affect the
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future results and performance of Quidel's products, such that actual results
and performance may differ materially. If Quidel's products fail to perform as
expected, or if there is lower consumer demand for these products than expected,
Quidel's financial condition and operating results may be materially and
adversely affected. Quidel's financial condition and operating results may also
be materially and adversely affected by a number of other factors, including,
without limitation, seasonality, adverse changes in competitive and economic
conditions, actions by the Company's distributors, manufacturing and production
delays or difficulties and adverse actions or delays in product reviews by the
FDA. Please see the discussion of these and other factors in Quidel's annual
reports on Form 10-K and subsequent quarterly reports on Form 10-Q. For more
information, please visit Quidel's web site at http://www.quidel.com. SOURCE:
Quidel Corporation
