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Biosite's Triage Products Seized by Beijing Customs; Chinese Market Facing Shortage

SHANGHAI, April 26 /PRNewswire-Asia/ -- Biosite's Triage products imported by Inverness Medical Beijing Co., Ltd. in April 2010 have been seized by Beijing Customs for not complying with the applicable importation regulations. As a result, the Chinese market is facing a severe shortage.

According to Beijing Customs, the Inspection and Quarantine Bureau of Beijing Customs raised questions regarding the propriety of the importation documents submitted by Inverness Medical Beijing, and subsequently seized all products imported at issue. Beijing Customs did not provide a clear timetable regarding when it will release these products. This news caused renewed concerns in the Chinese market, as distributors and end-users worry that the disruption in the supply of Triage products will adversely affect their use in hospitals. Currently, there is not much inventory left in the market, and it is estimated that the existing inventory can only last about a week. Some hospitals have already run out of Biosite products. Once a hospital runs out of Biosite products, it will be forced to use alternative products from other manufacturers.

In 2009, the total sales of Biosite products distributed through Chinmax Medical Systems, Inc. reached US $20 million. In particular, the Triage BNP test product is the best selling product in the heart failure diagnostics market in China. The dispute with Chinmax and the customs seizure has opened the door to Biosite's competitors, e.g. Roche, Abbott, Bayer/Siemens, BioMeuriex etc.

Biosite Incorporated is a worldwide pioneer in cardiac biomarkers based in San Diego, California, USA. Biosite was acquired by Inverness Medical Innovations, Inc. (NYSE: IMA) in June 2007. Chinmax Medical Systems, Inc., a leading distributor of clinical diagnostics in China, has been distributing Biosite products since 1999. On January 28, 2010, Chinmax filed suit in Shanghai regional district court against Inverness Medical Beijing (IMB), the Chinese subsidiary of Inverness Medical Innovations, claiming IMB infringed on Chinmax's exclusive distribution rights in China.

SOURCE Chinmax Medical Systems, Inc.
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