Boston, MA — February 16, 2005 — Covington Associates LLC announced today that it acted as the exclusive buy-side advisor to Inverness Medical Innovations, Inc. (AMEX: IMA) in two transactions that were announced in the first quarter and have a combined value of over $66 million. Inverness Medical has completed its acquisition of Binax, Inc., a leading developer, manufacturer and distributor of rapid diagnostic products for infectious diseases focused on respiratory system, as well as Ischemia Technologies, Inc., a developer and marketer of an in vitro diagnostic test for cardiac ischemia.

Inverness Medical Innovations, based in Waltham, Massachusetts, is a manufacturer and seller of consumer and professional diagnostic products. The acquisition of Binax, Inc., a Portland, ME based company, expands Inverness' diagnostic test capabilities to include disorders of the respiratory system, as well as increase its technology and product bases.

Ischemia Technologies, Inc., based in Denver, Colorado, manufactures and sells the only FDA-cleared cardiac ischemia test on the market, which enables emergency physicians to identify insufficient blood flow to the heart region, allowing for quicker diagnosis of chest pain symptoms. IMA acquired Ischemia in an all-stock transaction.

According to Ron Zwanziger, CEO of Inverness, the new acquisitions reflect Inverness' strategy of expanding its technology base and product offerings. "We expect to benefit from Binax's established reputation in respiratory diagnostics, and we are enthusiastic about the new product development opportunities." He went on to add, "The acquisition of Ischemia Technologies is a perfect fit with our declared strategy of bringing to market unique cardiac markers and delivery platforms that have the capability to substantially change the diagnosis of cardiovascular disease."

Tom Cibotti, a Managing Director at Covington Associates and lead advisor to Inverness Medical on the transaction, was quoted as saying "Over our ten-year relationship with IMA, we've seen the company transform itself from a pioneer in diabetes technology to a leader in rapid diagnostics testing. Both of these most recent acquisitions illustrate the Company's commitment to maintaining cutting-edge technology and extending its product offerings."

About Covington Associates LLC
Covington Associates LLC is a specialty investment banking firm offering financial advisory services in the areas of mergers, acquisitions and capital raising. For more than a decade, Covington Associates' senior advisors have been providing a superior level of service to middle-market companies in the healthcare, technology and industrial/consumer sectors. Covington Associates has completed transactions ranging from $5 million to more than $1 billion for both privately held and publicly traded companies across the U.S. and abroad. To learn more about Covington Associates, visit www.covingtonassociates.com.



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