ABAXIS completes $5 million private financing.

SUNNYVALE, Calif.--(HealthWire)--Sept. 24, 1996--ABAXIS Inc. (NASDAQ/NM:ABAX), a medical products company, Tuesday announced it has completed a private financing raising a total of $5 million from off-shore investors.

The company issued convertible preferred stock that may be converted to common stock after 45 days. The newly issued shares will convert at discounts to the then-market prices which will vary depending on the conversion date. Proceeds from the offering will be used for general working capital purposes.

Founded in 1989, ABAXIS develops, manufactures, and markets portable blood analysis systems for use in any patient-care setting to provide clinicians with rapid blood constituent measurements. The system consists of a compact, 6.9 kilogram, portable analyzer and a series of 8 cm diameter single-use plastic disks, called reagent discs, that contain all the reagents necessary to perform a fixed menu of tests.

The system can be operated with minimal training and perform multiple routine tests on whole blood using either venous or fingerstick samples. The system provides test results in less than 14 minutes with the precision and accuracy equivalent to a clinical laboratory.

CONTACT: ABAXIS Inc.

Ting Lu, 408/745-6851

or

Pondel Parsons & Wilkinson

Rob Whetstone, 310/207-9300

[e-mail]