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MERIDIAN DIAGNOSTICS, INC. WITHDRAWS PROPOSED STOCK OFFERING

 CINCINNATI, July 29 /PRNewswire/ -- Meridian Diagnostics, Inc. (NASDAQ/NMS: KITS), Cincinnati, today announced that it has withdrawn its registration statement covering the proposed sale of two million shares of common stock. The company took this action as a result of unsettled market conditions affecting companies related to the health care industry.
 William J. Motto, chairman, stated, "The Company is experiencing excellent growth and record operating results and was unwilling to sell shares at a price level which failed to recognize the Company's record of growth and its expectations."
 Motto went on to say, "During the most recent five-year period, Meridian Diagnostics' net sales and net earnings have increased at annual compound growth rates of 25 percent and 71 percent, respectively."
 Jerry L. Ruyan, chief executive officer, said, "The Company is conservatively financed, has a strong cash flow and was not under any pressure to do a common stock offering that was not in the best interest of its shareholders."
 Meridian Diagnostics, Inc. develops, manufactures and markets a diverse line of disposable immunodiagnostic test kits used for the rapid diagnosis of infectious diseases. The company's products aid in the diagnosis of such common medical conditions as gastrointestinal infections, mononucleosis, urinary tract infections, respiratory infections and strep throat. The company's shares are traded through NASDAQ/NMS (Symbol: KITS).
 -0- 7/29/93
 /CONTACT: Jerry L. Ruyan, chief executive officer of Meridian Diagnostics, Inc., 513-271-3700/
 (KITS)


CO: Meridian Diagnostics, Inc. ST: Ohio IN: MTC SU: OFR

AR -- CL019 -- 7527 07/29/93 12:57 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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