Inverness Medical Innovations Inc. is a leading provider of women's health and other consumer and point-of-care health products and developer of advanced technologies for both the consumer and professional diagnostic marketplaces.

Inverness Medical Innovations Inc. is active in the development and production of medical device technology. The company is currently exploring new opportunities to optimise the use of its proprietary electrochemical and other technologies. These will be applied to a variety of professional diagnostic and consumer-oriented applications.

Led by Ron Zwanziger (Chairman, CEO and President), Inverness Medical Innovations Inc. was founded by the same individuals who helped the former Inverness Medical Technology – recently acquired by Johnson & Johnson – become leaders in blood glucose monitoring and diabetes self-management. Under the stewardship of this group, we anticipate the new company to be at the forefront of new and evolving areas of medical device technology.

While looking to extend the capabilities of its existing technology, Inverness Medical Innovations Inc. is constantly evaluating other technological advancements for development or acquisition, across a broad range of medical and health areas.

INVERNESS MEDICAL INNOVATIONS, INC. COMPLETES ACQUISITION OF OSTEX INTERNATIONAL, INC.

Tuesday, July 1, 2003

WALTHAM, Mass., July 1 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (Amex: IMA - News), a leading provider of women's health and nutritional products and developer of advanced medical devices, announced today that Inverness today completed its acquisition by merger of Ostex International, Inc. (Nasdaq: OSTX - News). The transaction provides Inverness with significant intellectual property rights in the field of osteoporosis testing. Pursuant to the terms of the previously disclosed merger agreement, as amended, each share of Ostex common stock was converted into approximately .1263 shares of Inverness common stock. The aggregate number of shares of Inverness common stock issued in the merger and reserved for issuance upon the exercise of Ostex options and warrants assumed in the merger was approximately 1.9 million.
For more information about Inverness Medical Innovations, please visit our website at http://www.invernessmedical.com/.

Inverness Medical Innovations manufactures and sells products for the women's health and nutritional product markets and is engaged in the business of developing, manufacturing, and marketing advanced medical device technologies. Inverness is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of professional diagnostic and consumer-oriented applications including immuno-diagnostics with a focus on women's health and cardiology. Inverness is headquartered in Waltham, Massachusetts.

Source: Inverness Medical Innovations, Inc.

Since acquisition, manufacturing has been transferred to Wampole Laboratories (ELISAs) and Unipath Ltd (Point of Care devices)