CHATSWORTH, Calif., July 7 -- International Remote Imaging Systems Inc. (IRIS) has agreed to sell the US assets of its genetic imaging business, Perceptive Scientific Instruments LLC, to Applied Imaging Corp. IRIS received shares of Applied Imaging's common stock and the potential for future cash payments based on the future performance of Applied Imaging's new business. Applied Imaging has also agreed to assume specific liabilities with the acquisition.
We feel that Applied Imaging is the best possible acquirer of our genetic testing business, said Dr. John A. O'Malley, chairman and CEO of IRIS. Given their extensive customer support and distribution network and their long-term commitment to this market.
IRIS had classified Perceptive Scientific Instruments, which owns IRIS' genetic imaging business, as a discontinued operation since the last quarter of 1999. IRIS' genetic imaging business comprises Perceptive Scientific Instruments (the US operations), Perceptive Scientific International Ltd., and a research group operating within Perceptive Scientific Instrument's Texas offices.
IRIS has kept the research group and will redirect its efforts toward IRIS' core urinalysis business. IRIS could not sell the international portion of its genetic imaging business and, as of June 6, liquidated the business voluntarily under UK law.