Printer Friendly

INTERNATIONAL MUREX TECHNOLOGIES CORPORATION ANNOUNCES DIVESTITURE OF ITS BLOOD TYPING AND GROUPING REAGENT BUSINESS

 NORCROSS, Ga., July 12 /PRNewswire/ -- International Murex Technologies Corporation (IMTC) (AMEX: MXX; TSE) announced today that it has completed the sale of its blood typing and grouping reagent business, Murex Biologicals Limited of Dartmouth, Nova Scotia (formerly Dominion Biologicals Limited), and Murex Biologicals, Inc. of Conroe, Texas, to Samuel A. Brushett and a newly formed private company, NuBio Technologies Corporation (NuBio).
 Brushett was formerly a director and the executive vice president of IMTC.
 "The blood typing and grouping reagent business involves products which are no longer compatible with the strategic objectives of IMTC and our current emphasis and concentration in medical diagnostic products and services following the acquisition of Murex Diagnostics (formerly Wellcome Diagnostics) in February 1992," stated C. Robert Cusick, vice chairman and chief executive officer of IMTC. "The blood bank reagent business is extremely competitive in a mature segment of the market. The divestiture of these operations at this time is consistent with the company's goal of achieving intermediate and long-term earnings objectives. This sale allows us to focus on our core business, the high-growth, high-margin sectors of the diagnostics market, and is part of the company's restructuring and consolidation plan initiated in October 1992."
 The initial consideration received by IMTC of approximately $3 million consists of a number of components, including IMTC's releases from significant obligations to the Province of Nova Scotia as well as the elimination of associated consolidated debt. Additionally, IMTC received 40,000 preference shares in NuBio which may be redeemable for up to $4 million under certain circumstances during the first three years. Shares not redeemed during the first three years have a liquidation value of $1 per share.
 IMTC is a medical diagnostics product company dedicated to the research, manufacture and marketing of products for the detection, monitoring and screening of infectious diseases and other medical conditions. IMTC has an FDA licensed manufacturing facility in Norcross. Additionally, the company's European subsidiary, Murex Diagnostics, of Dartford, England, was one of the first U.K.-based in vitro diagnostic companies certified under the ISO 9001 regulations covering the design, manufacture and distribution of medical diagnostic products. IMTC employs approximately 635 people worldwide. The company manufactures and markets more than 600 products including a range of mass screening diagnostic tests and its unique rapid (10 minute) SUDS(R) tests for the detection of antibodies to HIV-1 and HIV-2.
 -0- 7/12/93
 /CONTACT: C. Robert Cusick, vice chairman and chief executive officer, or Marcia M. Young, director of corporate communications of International Murex, 800-322-1332 or 404-662-0660/
 (MXX)


CO: International Murex Technologies Corporation ST: Georgia IN: MTC SU: TNM

BN-BR -- AT002 -- 0278 07/12/93 09:22 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 12, 1993
Words:442
Previous Article:DYNAMIC RESEARCH GROUP RATES STANDARD REGISTER AS BEST BUY FOR JULY
Next Article:SOUTHTRUST ANNOUNCES RECORD SECOND QUARTER FINANCIAL RESULTS
Topics:


Related Articles
INTERNATIONAL MUREX REPORTS NOTIFICATION OF 13-D FILING
INTERNATIONAL MUREX TECHNOLOGIES ANNOUNCES EQUITY OFFERING
INTERNATIONAL MUREX TECHNOLOGIES CORPORATION ANNOUNCES THIRD QUARTER RESULTS
INTERNATIONAL MUREX TECHNOLOGIES ANNOUNCES PRICING OF EURO-EQUITY FINANCING
INTERNATIONAL MUREX TECHNOLOGIES ANNOUNCES DOMINION BIOLOGICALS RECEIVES FDA NOTIFICATION OF FINAL SITE INSPECTION FOR NOVACLONE(TM) PRODUCTS
INTERNATIONAL MUREX TECHNOLOGIES CORPORATION ANNOUNCES EXERCISE OF OPTION AND INCLUSION IN TSE 300 COMPOSITE INDEX
INTERNATIONAL MUREX TECHNOLOGIES CORPORATION CLOSES EURO-EQUITY OPTION FOR NEW COMMON SHARES
INTERNATIONAL MUREX TECHNOLOGIES CORPORATION ANNOUNCES COMPLETION OF THE PURCHASE OF WELLCOME DIAGNOSTICS
BRITISH COURT RULES ON HEPATITIS C PATENT; MUREX CONTINUES TO SELL ANTI-HCV PRODUCTS
International Murex Completes Trials of Revolutionary Monitoring Test for HIV Mutant Strains

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters