Full Press Release Details
| Investor Contact: | Media Contact: | |
| Ronald H. Spair | Jennifer Moritz | |
| Chief Financial Officer | Zer0 to 5ive for OraSure Technologies | |
| 610-882-1820 | 917-748-4006 | |
| investorinfo@orasure.com | jmoritz@0to5.com |
OraSure Technologies Announces Closing of DNA Genotek Acquisition
BETHLEHEM, Pa. August 18, 2011 OraSure Technologies, Inc. (Nasdaq:OSUR) announced today that it has completed its previously-announced
acquisition of DNA Genotek Inc., a leading provider of oral fluid sample collection, stabilization and preparation products for molecular diagnostic applications, for 50 million Canadian dollars in cash (approximately US $50.7 million at current
exchange rates). The acquisition was funded by OraSure with cash on hand.
The acquisition of DNA Genotek strengthens OraSure s
leadership in oral fluid diagnostics, by providing OraSure with a complementary portfolio of products that enable easy and reliable collection, stabilization, transportation and storage of high quality nucleic acid (DNA and RNA) samples. These
samples can then be used for a wide range of diagnostic and research applications.
Based in Ottawa, Canada, DNA Genotek
serves over 3,000 customers in over 100 countries worldwide, including many of the top research universities and hospitals in the United States. DNA Genotek s lead product, the Oragene DNA Self-Collection Kit, provides an all-in-one system for the collection, stabilization, transportation and purification of DNA from saliva. DNA Genotek
products are used in the academic research, clinical genetic testing, pharmacogenomics, personalized medicine, animal genetics and livestock genetics markets. DNA Genotek is the leading provider of oral fluid collection devices to the
direct-to-consumer personal genetics testing market. DNA Genotek will operate as a wholly-owned subsidiary of OraSure.
regarding this transaction can be found in the Company s Current Reports on Form 8-K filed with the Securities and Exchange Commission on July 25, 2011 and August 18, 2011.
About OraSure Technologies
OraSure Technologies is a leader in the development,
manufacture and distribution of oral fluid diagnostic devices and other technologies designed to diagnose critical medical conditions and diseases. Its innovative products include rapid tests for the detection of antibodies to HIV and HCV at the
point of care and testing solutions for detecting various drugs of abuse. These products enable healthcare providers to deliver critical information to patients, empowering them to make decisions to improve and protect their health. OraSure s
products are sold globally to various clinical laboratories, hospitals, clinics,
community-based organizations and other public health organizations, distributors, government agencies, physicians offices, and commercial and industrial entities. For more information on
the Company, please go to www.orasure.com.
DNA Genotek focuses on providing high-quality biological sample collection, stabilization and preparation products. The company s
lead product, the Oragene DNA Self-Collection Kit, is the easiest way to collect and preserve large
amounts of DNA from saliva. Oragene DNA s reliability and ease-of-use have resulted in rapid adoption at top-tier health research institutions globally, including Harvard, Stanford, Cambridge, and Johns Hopkins. DNA Genotek markets its
products worldwide and has established a global customer base in over 100 countries. For more information about DNA Genotek, visit www.dnagenotek.com.
Important Information
This press release contains certain forward-looking
statements, including with respect to the DNAG acquisition and products. Forward-looking statements are not guarantees of future performance or results. Known and unknown factors that could cause actual performance or results to be materially
different from those expressed or implied in these statements include, but are not limited to: ability to market and sell products, whether through an internal, direct sales force or third parties; ability to manufacture products in accordance with
applicable specifications, performance standards and quality requirements; changes in relationships, including disputes or disagreements, with strategic partners or other parties and reliance on strategic partners for the performance of critical
activities under collaborative arrangements; failure of distributors or other customers to meet purchase forecasts or minimum purchase requirements for the Company s products; impact of replacing distributors and success of direct sales
efforts; inventory levels at distributors and other customers; impact of competitors, competing products and technology changes; impact of the ongoing economic downturn, high unemployment and poor credit conditions; reduction or deferral of public
funding available to customers; competition from new or better technology or lower cost products; ability to develop, commercialize and market new products; market acceptance of oral fluid testing or other products; changes in market acceptance of
products, including based on product performance, extended shelf life or other factors; ability to fund research and development and other operations; ability to obtain and maintain new or existing product distribution channels; reliance on sole
supply sources for critical product components; availability of related products produced by third parties or products required in connection with the use of our products; ability to obtain, and timing and cost of obtaining, necessary regulatory
approvals for new products or new indications or applications for existing products; ability to comply with applicable regulatory requirements; history of losses and ability to achieve sustained profitability; ability to utilize net operating loss
carry forwards or other deferred tax assets; volatility of our stock price; uncertainty relating to patent protection and potential patent infringement claims; uncertainty and costs of litigation relating to patents and other intellectual property;
availability of licenses to patents or other technology; ability to enter into international manufacturing agreements; obstacles to international marketing and manufacturing of products; ability to sell products internationally, including the impact
of changes in international funding sources and testing algorithms; loss or impairment of sources of capital; ability to meet financial covenants in agreements with financial institutions; ability to retain qualified personnel; exposure to product
liability and other types of litigation; changes in international, federal or state laws and regulations; customer consolidations and inventory practices; equipment failures and ability to obtain needed raw materials and components; the impact of
terrorist attacks and civil unrest; ability to identify, complete and realize the full benefits of potential acquisitions; and general political, business and economic conditions. These and other factors are discussed more fully in the
Company s Securities and Exchange Commission filings, including its registration statements, Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Reports on Form 10-Q, and other filings with the SEC. Although
forward-looking statements help to provide
information about future prospects, readers should keep in mind that forward-looking statements may not be reliable. The forward-looking statements are made as of the date of this press release
and OraSure Technologies undertakes no duty to update these statements.