SAN DIEGO, CA --(Marketwired - May 16, 2017) - Quidel Corporation
(NASDAQ: QDEL), a provider of rapid diagnostic testing solutions, cellular-based virology assays
and molecular diagnostic systems, announced today it completed the acquisition of the InflammaDry® and AdenoPlus® diagnostic
businesses from RPS Diagnostics, a developer and manufacturer of rapid, point-of-care (POC) diagnostic tests for the eye health
and primary care markets, for approximately $14 million in cash.
The InflammaDry and AdenoPlus products are rapid, lateral-flow based, POC products for the detection of infectious and
inflammatory diseases and conditions of the eye. InflammaDry is the only test that detects elevated levels of MMP-9, a key
inflammatory marker for dry eye. AdenoPlus is a test on market today that differentiates between a viral and bacterial infection
of acute conjunctivitis (pink eye). Both products utilize innovative patented technology, are also CE marked, FDA-cleared,
CLIA-waived, and complement Quidel's existing rapid diagnostic testing solutions. Manufacturing for both products will be
transferred to Quidel's San Diego facility in the near term.
"InflammaDry and AdenoPlus products represent a solid growth opportunity in adjacent markets for Quidel," said Douglas Bryant,
president and chief executive officer of Quidel Corporation. "The addition of these two product lines will further strengthen our
position in CLIA-waived diagnostic testing at the Point-of-Care."
InflammaDry and AdenoPlus revenues will be reflected in Quidel's Immunoassay revenue category.
About Quidel Corporation
Quidel Corporation serves to enhance the health and well-being of people around the globe through the development
of diagnostic solutions that can lead to improved patient outcomes and provide economic benefits to the healthcare system.
Marketed under the Sofia®, QuickVue®, D3® Direct Detection, Thyretain® and InflammaDry® leading brand names, as well as under the
new Solana®, AmpliVue® and Lyra® molecular diagnostic brands, Quidel's products aid in the detection and diagnosis of many
critical diseases and conditions, including, among others, influenza, respiratory syncytial virus, Strep A, herpes, pregnancy, thyroid disease and fecal occult blood. Quidel's research and development engine is also developing a continuum of diagnostic
solutions from advanced lateral-flow and direct fluorescent antibody to molecular diagnostic tests to further improve the quality
of healthcare in physicians' offices and hospital and reference laboratories. For more information about Quidel's comprehensive
product portfolio, visit quidel.com.
This press release contains forward-looking statements within the meaning of the federal securities laws that involve
material risks, assumptions and uncertainties. Many possible events or factors could affect our future financial results and
performance, such that our actual results and performance may differ materially from those that may be described or implied in
the forward-looking statements. As such, no forward-looking statement can be guaranteed. Differences in actual results and
performance may arise as a result of a number of factors including, without limitation, our reliance on development of new
technologies, fluctuations in our operating results resulting from the timing of the onset, length and severity of cold and flu
seasons, seasonality, government and media attention focused on influenza and the related potential impact on humans from novel
influenza viruses, adverse changes in competitive conditions in domestic and international markets, the reimbursement system
currently in place and future changes to that system, changes in economic conditions in our domestic and international markets,
lower than anticipated market penetration of our products, the quantity of our product in our distributors' inventory or
distribution channels, changes in the buying patterns of our distributors, and changes in the healthcare market and consolidation
of our customer base; our development and protection of proprietary technology rights; our development of new technologies,
products and markets; our reliance on a limited number of key distributors; our reliance on sales of our influenza diagnostics
tests; our ability to manage our growth strategy, including our ability to integrate companies or technologies we have acquired
or may acquire; intellectual property risks, including but not limited to, infringement litigation; our inability to settle
conversions of our Convertible Senior Notes in cash; the effect on our operating results from the trigger of the conditional
conversion feature of our Convertible Senior Notes; our need for additional funds to finance our capital or operating needs; the
financial soundness of our customers and suppliers; acceptance of our products among physicians and other healthcare providers;
competition with other providers of diagnostic products; adverse actions or delays in new product reviews or related to
currently-marketed products by the U.S. Food and Drug Administration (the "FDA"); changes in government policies; compliance with
other government regulations, such as safe working conditions, manufacturing practices, environmental protection, fire hazard and
disposal of hazardous substances; third-party reimbursement policies; our ability to meet demand for our products; interruptions
in our supply of raw materials; product defects; business risks not covered by insurance and exposure to other litigation claims;
interruption to our computer systems; competition for and loss of management and key personnel; international risks, including
but not limited to, compliance with product registration requirements, exposure to currency exchange fluctuations and foreign
currency exchange risk sharing arrangements, longer payment cycles, lower selling prices and greater difficulty in collecting
accounts receivable, reduced protection of intellectual property rights, political and economic instability, taxes, and diversion
of lower priced international products into U.S. markets; dilution resulting from future sales of our equity; volatility in our
stock price; provisions in our charter documents, Delaware law and the indenture covering our Convertible Senior Notes that might
delay or impede stockholder actions with respect to business combinations or similar transactions; and our intention of not
paying dividends. Forward-looking statements typically are identified by the use of terms such as "may," "will," "should,"
"might," "expect," "anticipate," "estimate," "plan," "intend," "goal," "project," "strategy," "future," and similar words,
although some forward-looking statements are expressed differently. The risks described in reports and registration statements
that we file with the Securities and Exchange Commission (the "SEC") from time to time, should be carefully considered. You are
cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the
date of this press release. Except as required by law, we undertake no obligation to publicly release the results of any revision
or update of these forward-looking statements, whether as a result of new information, future events or otherwise.