Advion Acquires the Assets of its BioSystems Manufacturing Partner
Ithaca, NY, March 12, 2008 – Advion BioSciences, Inc., through its BioSystems subsidiary, announces it has acquired certain assets of its long-standing out-sourced production supplier, Washburn Manufacturing Technologies Inc., located near the company’s headquarters in Ithaca, NY . Under the terms of agreement, Advion BioSystems will absorb nearly the entire manufacturing operation and employees of Washburn Manufacturing into its business effective immediately, including the founder of the production company, Tom Washburn.
The transaction immediately increases Advion’s gross margins and brings vital skill sets to the Company including quick turn development prototyping, machining, injection molding capabilities, and enhanced assembly, test & quality functions. In addition, by bringing the manufacturing in-house allows the Company to better streamline its processes across current and future product lines. This results in increased flexibility and responsiveness to market demands.
Thomas Washburn commented on the acquisition, “I’ve worked with Advion for many years, and this acquisition is a natural fit. This will enhance the products we deliver.” Commenting on the transaction, Advion’s CEO David B. Patteson stated, “Advion is devoted to providing the highest quality products to its customers, and this acquisition places us in a better position to accomplish this goal. Advion’s growth profile has been notable over the past several years. We needed a more fully developed operations base to flex upward with our current systems platforms and those which are planned for launch over the next 18 months.”
Continuing, Timothy McGrath, Advion’s Senior Vice President of Operations stated, “In-sourcing our production is a key element in our ability to continue to provide world class delivery in support of significant future growth initiatives. We are fortunate to have the local skill sets which allow for this transition. It is envisioned that over the next 12 months all of Advion’s product platforms will be produced by the company’s employees in New York , including the NanoTek clinical diagnostic products, currently produced in Knoxville , TN. ”
About Advion BioSystems, Inc.
Advion is the scientific leader in micro-fluidics systems. The company’s scientific knowledge base creates unique nanotechnologies delivering speed, flexibility, and exceptional data quality. Advion is the micro-fluidics supplier of choice for customers demanding scientific excellence that provides better synthesis, accurate mass analysis, higher yields and greater throughput. More information about the company can be found on their website at www.advion.com.
For Advion:
Timothy McGrath
Senior Vice President of Operations
Advion BioSciences, Inc.
P: 607.266.0665 ext. 318
TMcGrath@advion.com