PRESS RELEASES
 |
||
| Redwood Toxicology Laboratory Introduces Comprehensive Test Panel; Tests 66 Drugs, Covering 600+ Prescription Brand Names | ||
|
||
| Inverness Medical Innovations to Acquire Redwood Toxicology Laboratory | ||
|
||
| Redwood Toxicology Laboratory Expands Service Line; Announces New Lab Test For GHB "Date Rape Drug" & Fentanyl | ||
|
||
| Redwood Toxicology Laboratory Announces Re-brand of drugs of abuse product line; now operates under one corporate name | ||
|
||
| Redwood Toxicology Laboratory Announces Steroid Testing; Hires International Expert |
||
|
||
| Redwood Toxicology Laboratory Announces EtG Testing | ||
|
||
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Redwood Toxicology Laboratory Introduces Comprehensive Test Panel; Tests 66 Drugs, Covering 600+ Prescription Brand Names
SANTA ROSA, California, December 1, 2008 - Redwood Toxicology Laboratory, Inc. (RTL), a subsidiary of Inverness Medical Innovations, Inc. (AMEX: IMA), today launched a comprehensive test panel that identifies 66 drugs. This panel covers over 600 brand name prescription drugs including prescription narcotics/opiates, central nervous system depressants, antidepressants and stimulants. Commonly abused illicit drugs, alcohol (ethanol) and specimen validity are also included.
RTL's new comprehensive test panel will be ideal for a variety of industries, including healthcare professionals, pain management, addiction treatment, workplace, criminal justice, schools, colleges, forensics and third party administrators.
"Most people who take prescription medications do so responsibly," said Albert Berger, VP, Drugs of Abuse/Toxicology, RTL. "However, a significant number of people nationwide are using prescription drugs for non-medical reasons. Our new test offers the most comprehensive drug panel ever offered by RTL."
"RTL's comprehensive panel is screened and confirmed using gas chromatography/ mass spectrometry (GC/MS), the industry 'gold standard' of testing methods," said Wayne Ross, Chief Toxicologist, RTL. "We are proud and excited to offer these exceptionally thorough GC/MS methodologies to screen and confirm a wide variety of prescription drugs, illicit drugs and alcohol."
Both Berger and Ross emphasized that the new comprehensive panel is well suited for a variety of environments that have prevalent access to addictive prescription drugs. The test will help limit workplace liability and employee expenses, and facilitate pain medication monitoring; all at a very attractive cost to administrators.
About Inverness Medical
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness' products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse, and women's health. Inverness is headquartered in Waltham, Massachusetts. For additional information on Inverness Medical Innovations, please visit www.invernessmedical.com.
About Redwood
Redwood Toxicology Laboratory, Inc., a subsidiary of Inverness Medical Innovations, Inc. (AMEX: IMA), is a federally certified drug-testing laboratory. RTL offers comprehensive, low-cost drug testing and delivers the certainty of science, the dependability of proven processes and the assurance of legally defensible results. Along with the Reditest® substance abuse screening devices, RTL offers complete drug screening solutions. For more information contact: Suzanne Bertolucci, 800-255-2159 x117.
Redwood Toxicology Laboratory™ and Reditest® are trademarks of the Inverness Medical group of companies.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Inverness Medical Innovations to Acquire Redwood Toxicology Laboratory
WALTHAM, Mass., Dec. 20 - Inverness Medical Innovations, Inc. (Amex: IMA - News) a leading manufacturer and marketer of rapid diagnostic products for the consumer and professional markets, today announced that it will acquire all of the capital stock of Redwood Toxicology Laboratory, a privately held drugs of abuse diagnostics and testing company, for $99,000,000 in cash. Redwood, headquartered in Santa Rosa, California primarily distributes rapid drugs of abuse diagnostic products that are used in the workplace, criminal justice and other testing markets as well as operating a toxicology laboratory used for drugs of abuse testing and test confirmations. Redwood's 2007 revenues for the twelve months ended September 30, 2007 were approximately $44 million and it is operating profitably. Redwood was a portfolio company of American Capital Strategies Limited (Nasdaq: ACAS - News).
Commenting on the agreement, Ron Zwanziger, CEO of Inverness said, "We are very pleased to acquire Redwood, the largest single distributor of Inverness' drugs of abuse testing products. The drugs of abuse testing market has exhibited rapid rates of growth and we believe this area continues to have strong potential. In addition, the availability of a confirmation testing service will further help in the growth of the FirstCheck home drug testing business which we acquired earlier this year".
Commenting on the agreement, Robert Mount, CEO of Redwood said. "Redwood has been a partner of Inverness for quite some time. Our solid relationship and shared vision for the future make this a positive step for both companies."
The transaction provides Inverness, whose Innovacon subsidiary already manufactures virtually all of the products presently sold by Redwood, with stronger distribution in the rapidly growing drugs of abuse testing market. While Inverness plans to integrate certain of its existing drugs of abuse functions with those of Redwood, it also plans to maintain its existing relationships with its other distributors in this area.
About Inverness
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness' products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts.
For additional information on Inverness Medical Innovations please visit our website at www.invernessmedical.com.
About Redwood
At Redwood Toxicology Laboratory, Inc., one of the nation's premier forensic drug testing facilities, we offer comprehensive, low-cost drug testing options. We deliver the certainty of science, the dependability of proven processes and the assurance of legally defensible results. Together with our Reditest® substance abuse screening devices, RTL offers complete drug screening solutions.
For additional information on Redwood Toxicology Laboratories please visit our website at www.redwoodtoxicology.com.
About American Capital
American Capital is the only alternative asset management company in the S&P 500. With $19 billion in capital resources under management, American Capital is the largest U.S. publicly traded private equity fund and one of the largest publicly traded alternative asset managers. American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital and its affiliates invest from $5 million to $800 million per company in North America and euro 5 million to euro 500 million per company in Europe.
This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the business combination described above. These statements reflect Inverness' current views with respect to future events and are based on its management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, risks associated with market and economic conditions; Inverness' ability to integrate this and other acquisitions and to recognize expected benefits; the ability of Inverness to continue to successfully develop and manufacture diagnostic testing products and to commercialize products; and the risks and uncertainties described in Inverness' annual report on Form 10-K, as amended, for the year ended December 31, 2006, and other factors identified from time to time in its periodic filings with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward-looking statements contained herein.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Redwood Toxicology Laboratory Expands Service Line; Announces New Lab Test For GHB "Date Rape Drug" & Fentanyl
SANTA ROSA, California, September 19, 2007 - Redwood Toxicology Laboratory, Inc. (RTL) now offers a new lab-based urine test for the detection of gamma hydroxybutyric acid (GHB). GHB is typically associated with sexual assault or as a "date rape" drug due to its severe hypnotic and sedative effect at higher dosages.
RTL also offers a urine test for the detection of Fentanyl. Fentanyl is a fast-acting synthetic narcotic analgesic. RTL utilizes sensitive and specific equipment and technology, gas chromatography/mass spectrometry, to confirm and quantitate GHB and Fentanyl. This methodology provides highly accurate results. As with all of RTL's testing options, full customer support is provided.
"This is an exciting year for RTL. The addition of GHB and Fentanyl to our service line provides our clients with the option to perform more robust drug testing," said Albert Berger, RTL's President. "Earlier this year we announced our steroid testing. Ethyl glucuronide (EtG), another specialty test, is also a popular option. We will continue to add new, reliable tests to meet client demand."
Other laboratory services include; drugs of abuse urine and oral fluid testing, and urine testing for ethyl glucuronide (EtG) and steroids. On-site drug testing products for professional use include; the Reditest® RediCup®, Reditest® Panel-Dip, Reditest® On-Site Oral, Reditest® Alcohol Saliva, Reditest® 6 Cassette (CLIA waived), Reditest® Alcohol Breath and Reditest® Smoke Cassette (Cotinine). RTL delivers confidence in testing. RTL's services and products will help customers "find out".
For more information on RTL, and its drug testing services and Reditest® products, please visit www.redwoodtoxicology.com.
Headquartered in Santa Rosa, California, Redwood Toxicology Laboratory is a leading provider of drugs of abuse lab testing services and on-site screening devices for the correctional, rehabilitation and point-of-care markets. RTL is the largest single-location toxicology laboratory in the United States.
Contact Information: Suzanne Bertolucci, 800-255-2159 x117
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Redwood Toxicology Laboratory Announces Re-brand of drugs of abuse product line; now operates under one corporate name.
SANTA ROSA, California, August 14, 2007 - Redwood Toxicology Laboratory, Inc. (RTL) today announced the re-brand of its on-site screening devices to deliver broader consistency between its laboratory services and products. Additionally, RTL's services and products will now be provided under the Redwood Toxicology Laboratory name. The re-brand will not affect service or product availability, functionality, reliability or features.
Reditest® is the new, trademarked name for RTL's device products. Formerly, they were sold under the Redwood Biotech name. This wide-ranging, popular product line is composed of the following: Reditest® RediCup®, Reditest® Panel-Dip, Reditest® On-Site Oral, Reditest® Alcohol Saliva, Reditest® 6 Cassette (CLIA waived), Reditest® Alcohol Breath and Reditest® Smoke Cassette (Cotinine).
"This re-brand shows RTL's commitment to providing its laboratory services and on-site screening devices under one company name," said Albert Berger, President. "By re-branding our device product line as Reditest®, our clients now have a consistent and convenient reference when contacting us."
RTL now operates under one integrated company name. With the combination of lab services and on-site drug and alcohol screening devices, RTL offers a complete drug testing program. Services include drugs of abuse urine and oral fluid testing, ethyl glucuronide (EtG) testing and steroid testing. RTL delivers confidence in testing. RTL's services and products will help customers "find out".
For more information on RTL, and its drug testing services and Reditest® products, please visit www.redwoodtoxicology.com.
Headquartered in Santa Rosa, California, Redwood Toxicology Laboratory is a leading provider of drugs of abuse lab testing services and on-site screening devices for the correctional, rehabilitation and point-of-care markets. RTL is the largest single-location toxicology laboratory in the United States.
Contact Information: Suzanne Bertolucci, 800-255-2159 x117
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Redwood Toxicology Laboratory Announces Steroid Testing;
Hires International Expert
SANTA ROSA, Calif., June 4, 2007 - Redwood Toxicology Laboratory, Inc. (RTL) now offers a comprehensive laboratory steroid test. The RTL Steroid Test detects a full list of prescription androgenic anabolic steroids, prohormones, designer anabolic steroids, essential masking and anti-estrogen agents. It is comparable to World Anti-Doping Agency (WADA) testing.
RTL's steroid testing is ideal for sports organizations, colleges and high schools, corrections and law enforcement, and occupational health agencies. All tests are performed on state of the art GC/MS equipment.
"We are pleased to offer our clients a high quality, wide ranging steroid panel at an economical price," said Albert Berger, RTL's President. "RTL is rapidly growing in the drugs of abuse industry. Adding steroid testing to our service line is another example of how we are proactively entering new markets to meet client demand."
To support its new steroid testing service, RTL now employs Dr. Victor Uralets, formerly Director of Sports Testing at Quest Diagnostics. Dr. Uralets is a renowned expert in the Sports Testing field. He has over 26 years of drug test laboratory experience and 11 years focused on Olympic laboratory testing.
Dr. Uralets holds a Doctorate Degree in Organic Chemistry from the Institute of Organoelement Compounds of the Russian Academy of Sciences and a BS Degree in Chemistry from the Moscow State University. With the addition of Dr. Uralets to its staff, RTL offers the same confidence in testing for steroids as it does for urine and oral fluid drug testing.
"The addition of Dr. Uralets to RTL's toxicology team offers us a strong advantage in this new market," said Berger. "We are fully staffed and equipped to offer accurate and affordable steroid testing on a national level."
For more information on RTL, and its steroid testing services, please visit www.redwoodtoxicology.com.
About Redwood Toxicology Laboratory
Headquartered in Santa Rosa, California, Redwood Toxicology Laboratory is a leading provider of drugs of abuse lab testing services and on-site screening devices to the correctional, rehabilitation and point-of-care markets. RTL is the largest single-location toxicology laboratory in the United States.
Contact Information: Suzanne Bertolucci, 800-255-2159 x117
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Redwood Toxicology Laboratory Announces EtG Testing
SANTA ROSA, Calif., April 4, 2006 - Redwood Toxicology Laboratory (RTL) today announced it now offers urine ethyl glucuronide (EtG) testing. EtG is an alcohol metabolite that remains in the body and is detectable in urine for up to 80 hours after the elimination of alcohol. EtG is only evident when alcohol is consumed and is not produced as a result of fermentation.
EtG testing is ideal for zero tolerance and abstinence situations in the drug and alcohol treatment industry. Standard urine alcohol testing currently used by most treatment programs does not allow for the accuracy and extended detection window that EtG testing provides. By utilizing liquid chromatography/mass spectrometry/mass spectrometry (LC/MS/MS), the most sophisticated equipment and technology available, RTL is able to provide accurate and reliable results.
Robert Mount, RTL's Chief Executive Officer stated, "Many of our customers require a more sensitive test for the detection of alcohol use. RTL responded to customer demand by developing an affordable and reliable EtG test. We will continue to develop toxicology technologies to provide our customers with the most comprehensive drug testing programs available."
For more information on RTL or its drug testing services, please visit www.redwoodtoxicology.com.
About Redwood Toxicology Laboratory
Headquartered in Santa Rosa, California, Redwood Toxicology Laboratory is a leading provider of drugs-of-abuse lab testing services and on-site test kits to the correctional, rehabilitation and point-of-care markets. RTL is the largest single-location toxicology laboratory in the United States.
Contact Information: Suzanne Bertolucci, 800-255-2159 x117
To learn more about Redwood Toxicology Laboratory call today!
800-255-2159