Apogent's Applied Biotech, Inc. Subsidiary Sold to Inverness Medical Innovations, Inc.

Apogent's Applied Biotech, Inc. Subsidiary Sold to Inverness Medical Innovations, Inc.

PORTSMOUTH, N.H.--(BUSINESS WIRE)--Aug. 30, 2003--Apogent Technologies Inc. (NYSE: AOT), a leading manufacturer of clinical diagnostic and life science research products, today announced the closing of the sale of Applied Biotech, Inc. on August 27, 2003 to Inverness Medical Innovations, Inc. (AMEX: IMA). Applied Biotech, located in San Diego, manufactures rapid diagnostic tests used in the detection of pregnancy, drugs of abuse, and infectious diseases.

In exchange for the business, Apogent received $13,400,000 and 692,506 shares of Inverness common stock, which Inverness has agreed to register for resale. Apogent also received, for itself as well as its customers, a release from Inverness of any patent infringement claims of Inverness (whether or not asserted) relating to pre-closing sales of Apogent products.

In addition to the purchase and sale of Applied Biotech, subsidiaries of Inverness and Apogent have entered into various ongoing commercial transaction relationships. According to Frank H. Jellinek, Jr., Apogent's President and Chief Executive Officer, "We are pleased with the sale of ABI to Inverness, and we look forward to working together in the future."

ABOUT APOGENT

Apogent is a diversified worldwide leader in the design, manufacture, and sale of value-added laboratory and life science products essential for healthcare diagnostics and scientific research. Apogent's companies are divided into two business segments for financial reporting purposes: Clinical Group and Research Group.

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