IVAX Diagnostics Reports Sale of Parent Company's Interest

Industry Specialists Acquire 72% of IVAX Diagnostics' Common Stock
MIAMI--(Business Wire)--
IVAX Diagnostics, Inc. (AMEX:IVD) announced that today a group
controlled by two experienced and well-known international medical
diagnostics and pharmaceutical industry entrepreneurs, Paul Kennedy
and Patrice Debregeas, purchased from Teva Pharmaceutical Industries
Limited all of the approximately 72% of the outstanding shares of IVAX
Diagnostics owned by it for an aggregate purchase price of $14
million, or $0.70 per share.

Paul Kennedy has more than 30 years of senior executive experience
with Novo Nordisk France, a French subsidiary of the world's leading
pharmaceutical company in the insulin market, Abbott France, a French
subsidiary of the multinational pharmaceutical company, and Boots Co.
Ltd., a U.K.-based healthcare retailer. During his 15-year tenure as
CEO and President of Novo Nordisk France, that company achieved a
market share of more than 65% of the insulin market in France. Mr.
Kennedy was most recently a member of senior management and an
executive director of Cozart plc, a medical diagnostics company
specializing in drugs-of-abuse testing in the U.K. and Europe. During
his tenure at Cozart, he was responsible for establishing and growing
international sales, which he accomplished through a mix of
acquisitions and organic sales growth.

Patrice Debregeas is currently the President of Debregeas &
Associes Pharma SAS, a company specializing in drug development
located in Paris, France. Previously, Mr. Debregeas was the CEO,
President and co-founder of Ethypharm SA, a leading company in the
field of drug delivery in Europe.

Paul Kennedy said, "We are delighted to be able to work with IVAX
Diagnostics, which has already established itself as a company with a
solid reputation in the field of infectious diseases and autoimmune
diseases, both in the U.S. and Europe. We plan to build on IVAX
Diagnostics' operating companies in the U.S. and Italy by expanding
the menu of test kits that they offer to include other complementary
infectious disease and autoimmune testing sectors.

"We expect that these test kits will be of direct interest to our
current customer base. In addition, we intend to supplement IVAX
Diagnostics' organic growth with focused and opportunistic
acquisitions in the diagnostics markets of infectious disease and
autoimmune disease and in higher-value market segments such as
drugs-of-abuse diagnostics. Many of IVAX Diagnostics' current assays
are sold in conjunction with instrumentation that allows the assays to
be automated. We expect to continue to pursue opportunities that will
enhance IVAX Diagnostics' position in laboratory automation as well.
We also intend to focus our efforts on expanding sales in major
markets such as France, Germany, the U.K. and Spain," Mr. Kennedy
concluded.

Patrice Debregeas said, "We believe that Paul's and my experience,
together with the IVAX Diagnostics team, will enable us to expand IVAX
Diagnostics' product offerings to its current customer base and to
expand its market reach. Our goal is to make IVAX Diagnostics one of
the leaders in the diagnostics industry."

Kevin Clark, acting Chief Executive Officer and Chief Operating
Officer of IVAX Diagnostics, said, "We are very excited about the
experience and entrepreneurial spirit that Paul and Patrice bring to
the team. We look forward to the opportunities for internal as well as
external growth that we believe Paul and Patrice can bring to IVAX
Diagnostics through their industry experience and strategic
relationships."

Eli Shohet, Senior Vice President of Teva Europe, said, "The IVAX
Diagnostics team has worked hard to build a business that is well
positioned to pursue exciting growth opportunities. We wish Paul,
Patrice and the team at IVAX Diagnostics much success in their future
endeavors."

Paul Kennedy and Patrice Debregeas are expected to join IVAX
Diagnostics' Board of Directors at the next meeting of the Board of
Directors. Paul Kennedy is also expected to be appointed to lead IVAX
Diagnostics' executive management team.

About IVAX Diagnostics, Inc.

IVAX Diagnostics, Inc., headquartered in Miami, Florida, develops,
manufactures and markets proprietary diagnostic reagents,
instrumentation, and software in the United States and Italy through
its three subsidiaries: Diamedix Corporation, Delta Biologicals
S.r.l., and ImmunoVision, Inc.

Except for the historical matters contained herein, statements in
this press release are forward-looking and are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Investors are cautioned that forward-looking statements
involve risks and uncertainties that may affect the business and
prospects of IVAX Diagnostics, Inc., including, without limitation,
that: IVAX Diagnostics may not successfully implement the strategic
initiatives described above; the implementation of the strategic
initiatives described above may result in additional expenses for IVAX
Diagnostics; even if successfully implemented, the strategic
initiatives described above may not result in improved financial
performance for IVAX Diagnostics; IVAX Diagnostics may not expand the
menu of test kits that it offers to include other complementary
infectious disease or autoimmune testing sectors or otherwise; IVAX
Diagnostics' current customer base may not respond as expected to an
expansion of IVAX Diagnostics' menu of test kits; IVAX Diagnostics may
not achieve organic growth; IVAX Diagnostics may not identify or
consummate acquisitions in the diagnostics markets of infectious
disease or autoimmune disease or in higher-value market segments such
as drugs-of-abuse diagnostics or otherwise; IVAX Diagnostics may not
enhance its position in laboratory automation; IVAX Diagnostics may
not expand sales in major markets such as France, Germany, the U.K. or
Spain or elsewhere; IVAX Diagnostics may not expand its product
offerings, expand its market reach, or become a leader in the
diagnostics industry; and other risks and uncertainties that may cause
results to differ materially from those set forth in the
forward-looking statements. In addition to the risks and uncertainties
set forth above, investors should consider the economic, competitive,
governmental, technological and other risks and uncertainties
discussed in IVAX Diagnostics' filings with the Securities and
Exchange Commission, including, without limitation, the risks and
uncertainties discussed under the heading "Risk Factors" in such
filings.

IVAX Diagnostics, Inc., Miami
Duane Steele, 305-324-2338
www.ivaxdiagnostics.com

Copyright Business Wire 2008