IVAX Diagnostics Reports Third Quarter Results.

MIAMI -- IVAX Diagnostics, Inc. (AMEX:IVD) reported net revenues for the third quarter of 2006 of $4,852,000, a 3.9% increase over net revenues of $4,669,000 for the same period of 2005. IVAX Diagnostics reported a net loss of $1,268,000 for the third quarter of 2006 compared to a net loss of $1,100,000 for the third quarter of 2005. Net revenues for the nine months ended September 30, 2006 totaled $14,933,000, a decrease of $363,000, or 2.4%, from the $15,296,000 reported for the comparable period of the prior year. The net loss for the nine months ended September 30, 2006 was $2,183,000 compared with a net loss of $106,000 for the comparable period of the prior year.

Giorgio D'Urso, CEO and president of IVAX Diagnostics, said, "As previously announced, our net loss for the third quarter includes a $509,000 write-off of certain PARSEC([R]) System related assets. After the eventual full commercial release of our proprietary PARSEC([R]) System, we expect that this automated system will have a positive impact on our future operating results and on the laboratory environment that we serve. Separately, we are pleased that our hepatitis project in Italy continues to progress well and we believe that these hepatitis assays will put us in a more competitive situation in the international markets that we serve."

About IVAX Diagnostics, Inc.

IVAX Diagnostics, Inc., headquartered in Miami, Florida, develops, manufactures and markets proprietary diagnostic reagents, instrumentation, and software in the United States and Italy through its three subsidiaries: Diamedix Corporation, Delta Biologicals S.r.l., and ImmunoVision, Inc. Teva Pharmaceutical Industries Limited, through its wholly-owned IVAX Corporation subsidiary, owns approximately 72% of IVAX Diagnostics, Inc.

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of IVAX Diagnostics, Inc., including, without limitation: risks and uncertainties regarding the PARSEC([R]) System, including, without limitation, that the PARSEC([R]) System may not perform as or be available when expected, that the PARSEC([R]) System may not be a source of revenue growth for IVAX Diagnostics, that IVAX Diagnostics may not receive financial benefits or achieve improved operating results after the full commercial release of the PARSEC([R]) System, that the PARSEC([R]) System may not have a positive impact on the laboratory environment that IVAX Diagnostics serves, that IVAX Diagnostics' international activities associated with the PARSEC([R]) System may be impacted by the delay in the full commercial release of the PARSEC([R]) System, that the PARSEC([R]) System may not be a factor in the future growth of IVAX Diagnostics or in allowing it to expand its business beyond its current range of autoimmune and infectious disease assays, that IVAX Diagnostics may not be able to obtain 510(k) clearance from the FDA for the PARSEC([R]) System when expected or at all, that IVAX Diagnostics may not be successful in its marketing of the PARSEC([R]) System, and that customers may not integrate the PARSEC([R]) System into their operations as readily as expected; that IVAX Diagnostics may not successfully receive the transfer of hepatitis technology when expected or at all; that, if IVAX Diagnostics does successfully receive the transfer of hepatitis technology, then IVAX Diagnostics may not be able to manufacture its own hepatitis assays, may not be able to achieve a more competitive situation in the international markets that IVAX Diagnostics serves, and may not be able to cause its own hepatitis assays to be run in conjunction with the PARSEC([R]) System; that improved financial performance or results may not occur; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risks and factors set forth above, investors should consider the economic, competitive, governmental, technological and other risks and factors discussed in IVAX Diagnostics' filings with the Securities and Exchange Commission, including, without limitation, in the section entitled "Risk Factors" in IVAX Diagnostics' Annual Report on Form 10-K for the year ended December 31, 2005.

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