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IVD (AMEX) IVAX Diagnostics Authorizes Share Repurchase; Company Also Announces Election Of New Directors, Two New Distribution Agreements, And Exhibition Of New Automated Analyzer

MONDAY , JANUARY 06, 2003 06:58 AM

MIAMI, Jan 6, 2003 (BUSINESS WIRE) -- IVAX Diagnostics, Inc. (AMEX:IVD) today announced that its Board of Directors has authorized the additional repurchase of up to 1 million shares of its publicly held common stock. IVAX Diagnostics has approximately 27.6 million shares outstanding, of which 7.6 million are publicly held. IVAX Corporation (AMEX:IVX)(LSE:IVX.L) holds the remainder. These purchases will be made from time to time on the open market or in private transactions in such amounts as market conditions warrant.

IVAX Diagnostics also announced that it elected two new directors to its Board of Directors. The new directors are Jose J. Valdes-Fauli and Glenn L. Halpryn. Mr. Valdes-Fauli is the President and Chief Executive Officer, and a director, of Colonial Bank, South Florida Region. Mr. Halpryn is the Chief Executive Officer, and a director, of Transworld Investment Corporation, the Chief Executive Officer of Orthodontix, Inc., and a portfolio manager of International Venture Capital, Ltd. These two new directors replace Jay Raubvogel and Randall K. Davis who resigned from the Board of Directors on August 9, 2002 and November 4, 2002, respectively. Phillip Frost, M.D., IVAX Diagnostics' Chairman said: "I am very pleased to announce the election of Mr. Valdes-Fauli and Mr. Halpryn to our Board of Directors. I have known both of these men for many years and it is a privilege to have directors with this level of expertise join our Board. I welcome their addition and look forward to their contributions to IVAX Diagnostics."

Additionally, IVAX Diagnostics announced that it presented a prototype of its new PARSEC System(c) at Medica 2002, the world's largest medical trade show exhibition, in Dusseldorf, Germany. The PARSEC System(c) is a next generation automated diagnostic analyzer that is being developed by Delta Biologicals, S.r.l., IVAX Diagnostics' subsidiary in Italy. This new system, with its modular design, is expected to be able to run the test kits currently marketed by IVAX Diagnostics, as well as many additional assays that laboratories wish to perform. This new system is expected to be available next year in Italy and other European markets and later in the United States. Giorgio D'Urso, CEO and President of IVAX Diagnostics said: "The PARSEC System(c) is the result of extensive internal development that will provide the market with a very flexible diagnostic instrument capable of running many analytes as well as different technologies. We see this instrument as a major breakthrough in laboratory testing capability and we expect that it will allow us to build on the ongoing automation strategy that we offer." Mr. D'Urso added that "IVAX Diagnostics has signed two new agreements for the distribution of its products in Spain and Turkey, further enhancing its distribution capability."



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. IVAX Corporation (AMEX:IVX, LSE:IVX.L) 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 System(c), including, without limitation, that the PARSEC System(c) may not be available when expected, that the PARSEC System(c) may not run as many test kits, assays, analytes and technologies as intended, that we may not be successful in our marketing of the PARSEC System(c), and that customers may not integrate the PARSEC System(c) into their operations as readily as expected; that IVAX Diagnostics' automation strategy may not prove successful; and that expansion into or agreements for international markets may not prove successful; 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 risk factors set forth above, investors should consider the economic, competitive, governmental, technological and other factors discussed in the Company's filings with the Securities and Exchange Commission.


CONTACT: IVAX Diagnostics, Inc., Miami
Duane M. Steele, 305/324-2338
http://www.ivaxdiagnostics.com

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