ERBA Diagnostics, a fully integrated in vitro diagnostics company, has acquired from Escalon Medical Corp. its Clinical Diagnostics Business for $6.5 million in cash. Revenues from the Escalon Clinical Diagnostics Business were approximately $13 million for the 12 months ending June 30th 2012.
The Escalon Clinical Diagnostics Business (“ECD’) consists of Drew Scientific, Inc., and its wholly owned subsidiaries JAS Diagnostics, Inc. (“JAS”) and Drew Scientific Limited Co. ECD develops and sells A1c and Hematology diagnostic instruments, reagents and chemistries. Drew provides instrumentation and consumables for the physician office labs, small hospital labs and veterinary research laboratories. Drew also supplies the reagent and other consumable materials needed to operate the instruments. JAS manufactures a broad range of liquid stable, diagnostics chemistry reagents used in IVD tests. ECD has locations in Waterbury, Connecticut, Miami Lakes, Florida, Dallas, Texas and Barrow-in-Furness, United Kingdom.