Inverness Medical Innovations and Procter & Gamble to jointly develop consumer diagnostics products

4 August 2006

Waltham, Mass., Inverness Medical Innovations, Inc. (AMEX:IMA) and The Procter & Gamble Company (NYSE:PG) have signed a non-binding letter of intent to form a joint venture to develop and market consumer diagnostic products.

This collaboration will bring Inverness' expertise in the development and manufacture of consumer diagnostics together with P&G's expertise in the marketing and selling of consumer health care products. Inverness will retain all rights with respect to the development and sale of cardiology diagnostic products and its non-consumer diagnostic businesses.

The detailed planning to reach a final agreement will take several months and specifics of a potential agreement are not available. Any final agreement reached will be subject to certain closing conditions and applicable regulatory approvals.

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