Chinmax Medical Systems Held 2010 Biosite Products Distributor Conference; Outlook for Triage Products in China a Big Concern

BEIJING, March 29 /PRNewswire-Asia/ -- On March 27, 2010, Chinmax Medical Systems, Inc. held its 2010 Distributor Conference for Biosite products in Shanghai, during which the company discussed its lawsuit against Inverness Medical Beijing Co. Ltd. ("IMB"), a subsidiary of Inverness Medical Innovations, Inc. (NYSE: IMA). In its lawsuit, Chinmax alleges that Inverness has illegally imported a large quantity of Biosite Triage products beginning in August 2009, and sold the products to Chinmax's agents and end users. When confronted, IMB denied that it had engaged in any illegal importation. All the representatives present at the Distributor Conference expressed their support for Chinmax, and criticized Inverness Medical Beijing for its alleged violations of business ethics. At the same time, the representatives indicated that they were worried about the outlook for the Biosite products. If the current dispute does not end soon, they said, they will have to consider alternative products from other manufacturers.

The representatives also expressed concerns that the reputation of Biosite products and Inverness has been badly hurt in the Chinese medical market. All the hospitals using Biosite products in China have now become aware of the dispute involving the relevant products. Many hospitals criticized Inverness Medical Beijing's marketing behaviors, and indicated that if feasible, they would consider replacing the relevant Triage products with those manufactured by other competitors.

According the regulations of China's State Food and Drug Administration ("SFDA"), Chinmax is the only government certified service agent for the Biosite products in China. Chinmax has been serving the Biosite products for 10 years, and helped Biosite to grow its heart failure diagnostics market share in China from 0 to more than 80%.

Kevin Yue, General Manager of Chinmax said that, "For fairness's sake and for our business reputation, we will pursue our infringement action against Inverness Medical Beijing to the very end."

Since 1999, Chinmax has been the exclusive distributor in China of diagnostics products manufactured by Biosite Incorporated, a world-leading cardiac biomarkers company in San Diego, California, USA. Biosite was acquired by Inverness Medical Innovations, Inc. (NYSE: IMA) in June 2007. Inverness Medical Beijing, a Chinese subsidiary of Inverness, said the company obtained the right to manage contracts between Biosite and Chinmax in December 2008.

SOURCE Chinmax Medical Systems, Inc.

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