Covington Associates

Covington Associates Announces Advisory Role in the Sale of Formedix to Certara

December 13, 2007 06:38 AM  |   Press Release

Covington Associates Advises Inverness on acquisition of Matritech, Inc.

Boston, MA – December 13,  2007 – Covington Associates announced today it has acted as financial advisor to Inverness Medical Innovations, Inc. (Amex: IMA) in its acquisition of Matritech (Amex: MZT). The deal was structured as an asset purchase under which a newly formed subsidiary of Inverness acquired substantially all of the assets of Matritech for aggregate consideration of 616,713 shares of Inverness common stock, valued at approximately $36 million. In addition, Inverness has agreed to pay Matritech up to $2 million of incremental consideration, in cash and/or Inverness common stock, conditioned on the achievement of certain revenue targets for the upcoming twelve month period.

Commenting on the acquisition, Ron Zwanziger, CEO of Inverness, said: “Matritech’s expertise in the development of protein-based diagnostic products for the early detection of cancer is a terrific addition to the Inverness portfolio of products and capabilities.”

Matritech’s leading product, the NMP22® BladderChek® Test, is a point-of-care test cleared by the FDA for both the diagnosis and monitoring of bladder cancer.

This is the 7th transaction Covington Associates has advised Inverness Medical Innovations on in 2007.

About Inverness

By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness’ products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women’s health. Inverness is headquartered in Waltham, Massachusetts.

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About Matritech
Matritech, Inc., a leading marketer and developer of protein-based diagnostic products for the early detection of cancer, is using its patented proteomics technology to develop diagnostics for the detection of a variety of cancers. The Company’s first two products, the NMP22(R) Test Kit and NMP22(R) BladderChek(R) Test, have been FDA cleared for the monitoring and diagnosis of bladder cancer. The NMP22 BladderChek Test is based on Matritech’s proprietary nuclear matrix protein (NMP) technology, which correlates levels of NMPs in body fluids to the presence of cancer. In addition to the NMP22 protein marker utilized in the NMP22 Test Kit and NMP22 BladderChek Test, the Company has discovered other proteins associated with cervical, breast, prostate, and colon cancer. Matritech is headquartered in Newton, Massachusetts.

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About Covington Associates LLC

Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country.  Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies.

To learn more about Covington Associates, visit