Coffin Communications group selected as investor relations counsel by ABAXIS Inc.

SHERMAN OAKS, Calif--(BUSINESS WIRE)--April 28, 1997--Coffin Communications Group, investor relations, Monday announced that it has been selected by California-based ABAXIS Inc. to be that company's investor relations firm.

Founded in 1989, ABAXIS (NASDAQ:ABAX) 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 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.

Recent milestones include: in March 1997, ABAXIS was awarded a contract totaling up to $7.5 million by the U.S. Navy to provide ABAXIS Piccolo Point-of-Care Blood Analysis System and reagent disc products to the U.S. Navy and the Marine Corps.

Also, in late March 1997, ABAXIS broadened its presence in the veterinary blood testing market with an agreement to provide VetSmart, the nation's largest veterinarian services network, with ABAXIS' VetScan Systems and reagent discs for use in all VetSmart pet hospitals nationwide.

In April 1997, ABAXIS signed a letter of intent with its Japanese partners, Teramecs Co. and Daiichi Pure Chemicals Co. Ltd. to jointly develop additional blood tests for use in the Piccolo Point-of-Care Blood Analysis System. This agreement accelerates the development of new tests and results in new products reaching the commercial market in less time and at less cost due to the sharing of both expertise and expense.

For the 1997 fiscal year ended March 31, 1997, revenues rose 147 percent to $7,294,000, as compared with revenues of $2,948,000 for the 1996 fiscal year. The company reported a net loss of $6,189,000, or 59 cents per share, for the 1997 fiscal year, compared with a net loss of $6,196,000, or 65 cents per share, for the prior year.

During the second fiscal quarter, gross margins turned positive and have continued to improve from that point forward.

Coffin Communications Group -- Investor Relations, with headquarters in Sherman Oaks, represents more than 30 clients and is one of the West Coast's largest investor relations and business consulting agencies, providing a full range of services to publicly held corporations, as well as privately held corporations intending to go public. It also has offices in Irvine, Calif., and New York City.

CONTACT: Coffin Communications Group, Sherman Oaks

John Muir, 818/789-0100