ABAXIS 8-K 2009
Date of Report (Date of earliest event reported): May 1, 2009
Registrants telephone number, including area code: (510) 675-6500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On May 1, 2009, Abaxis, Inc. (the Company) entered into an Exclusive Agreement (the Agreement) with Abbott Point of Care Inc. (Abbott). Pursuant to the Agreement, Abbott granted to the Company the right to sell and distribute Abbotts i-STAT 1 handheld instrument and associated consumables in the animal health care market worldwide.
The Companys right to sell and distribute these products is initially non-exclusive, but becomes exclusive in all countries of the world, except for Japan, on November 1, 2009. The Companys rights in Japan remain non-exclusive for the term of the Agreement. The initial term of the Agreement ends on December 31, 2014, and after this initial term, the Agreement continues automatically for successive one-year periods unless terminated by either party.
Under the Agreement, the Company will be responsible for marketing and promoting the i-STAT 1 products and providing customer service and technical support. Additionally, the Agreement imposes on the Company certain minimum purchase and sales requirements. The Company anticipates that its i-STAT cartridge marketing and sales activities will commence on or around June 1, 2009, and that it will launch an Abaxis-branded version of the i-STAT 1 instrument as part of its VetScan line on or around August 1, 2009.
This report includes statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. Specific forward-looking statements contained in this report may include, but are not limited to, risks and uncertainties related to the market acceptance of the Companys products and the continuing development of its products, risks associated with manufacturing and distributing its products on a commercial scale, risks associated with entering the human diagnostic market on a larger scale, risks involved in carrying of inventory, risks from unexpected problems or delays in the Companys manufacturing facility, risks associated with the ability to attract and retain competent sales personnel, general market conditions, competition, risks and uncertainties related to its ability to raise capital in order to fund its operations and other risks detailed from time to time in the Companys periodic reports filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 6, 2009
By: Alberto Santa Ines