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StatSure Signs Strategic Financing and License Deals with Inverness Medical Innovations
Date:10/17/2007

FRAMINGHAM, Mass., Oct. 17 /PRNewswire-FirstCall/ -- StatSure Diagnostic Systems, Inc. (OTC Bulletin Board: SSUR) today reported receipt of a $500,000 strategic investment from Inverness Medical Innovations, Inc. (Amex: IMA). In connection with this financing, StatSure and Inverness signed two additional agreements. First, the two companies signed an agreement whereby Inverness acquired an option to the exclusive, worldwide marketing and distribution rights to certain infectious disease diagnostic tests developed by StatSure that may utilize specified Inverness and/or StatSure intellectual property. If exercised by Inverness, the option provides for StatSure and Inverness to equally share development expenses and profits. StatSure and Inverness also entered into a license agreement whereby Inverness granted to StatSure a license to certain Inverness lateral flow patents for use in a rapid test to detect HIV antibodies in point-of-care markets subject to payment of royalties to Inverness. This license pertains to HIV tests using formats other than the StatSure's "barrel format" which is already being sold by Inverness and awaiting a CLIA Waiver from the FDA.

The strategic investment consists of a purchase of 1,428,572 common shares at a price of 35 cents per share. Additionally, Inverness received 5 year warrants to purchase up to an additional 1.1 million shares of the Company's stock at a price of 75 cents per share. The proceeds of this investment will be used for general corporate purposes and to fund development of other infectious disease applications for the Company's patented test format.

Steve Peltzman, StatSure's CEO and Chairman, stated: "We are delighted with the opportunity to broaden and streng
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SOURCE StatSure Diagnostic Systems, Inc.
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