IVAX Diagnostics, Inc. (NYSE Amex: IVD) reported the results of its 2011 Annual Meeting of Stockholders, which was held earlier today, and announced that today it has entered into a credit facility with a third party lender.

Results of 2011 Annual Meeting of Stockholders

Earlier today, IVAX Diagnostics held its 2011 Annual Meeting of Stockholders. The voting results from the Annual Meeting were as follows:

Proposal #1: Approved. IVAX Diagnostics’ stockholders approved the sale and issuance to ERBA Diagnostics Mannheim GmbH of 20,000,000 shares of IVAX Diagnostics’ Common Stock for an aggregate purchase price of $15,000,000 and warrants to purchase an additional 20,000,000 shares of IVAX Diagnostics’ Common Stock pursuant to the previously announced stock purchase agreement entered into between IVAX Diagnostics and ERBA Diagnostics Mannheim on April 8, 2011. This investment was required to be, and was, approved under Section 203 of the Delaware General Corporation Law by holders of at least 66-2/3% of the issued and outstanding shares of IVAX Diagnostics’ Common Stock (excluding any shares beneficially owned, directly or indirectly, by ERBA Diagnostics Mannheim) and under Section 713 of the NYSE Amex Company Guide by holders of at least a majority of the issued and outstanding shares of IVAX Diagnostics’ Common Stock.

Proposal #2: Approved. IVAX Diagnostics’ stockholders approved an amendment to IVAX Diagnostics’ Amended and Restated Certificate of Incorporation increasing the number of authorized shares of IVAX Diagnostics’ Common Stock from 50,000,000 shares to 100,000,000 shares.

Proposal #3: Approved. IVAX Diagnostics’ stockholders approved, solely under Section 203 of the Delaware General Corporation Law, certain future transactions between IVAX Diagnostics and ERBA Diagnostics Mannheim and its affiliates and associates. This proposal was required to be, and was, approved under Section 203 of the Delaware General Corporation Law by holders of at least 66-2/3% of the issued and outstanding shares of IVAX Diagnostics’ Common Stock (excluding any shares beneficially owned, directly or indirectly, by ERBA Diagnostics Mannheim).

Proposal #4: Approved All Nominees. IVAX Diagnostics’ stockholders elected all five of the nominees for director to IVAX Diagnostics’ Board of Directors.

Kevin Clark, President, Chief Executive Officer and Chief Operating Officer of IVAX Diagnostics, said, “Our executive management team and our Board of Directors would like to express our sincere appreciation for our stockholders’ continued support of IVAX Diagnostics. As a result of our stockholders having approved the investment contemplated by Proposal #1 at the Annual Meeting, we now expect to consummate the initial transactions contemplated by the previously announced stock purchase agreement with ERBA Diagnostics Mannheim as promptly as practicable.”

Credit Facility

In order to address certain liquidity needs, Diamedix Corporation, a wholly-owned subsidiary of IVAX Diagnostics which is located in Miami, Florida, entered into a loan agreement, dated June 10, 2011, with City National Bank of Florida which provides for a secured, revolving credit facility of up to $975,000. Under the terms of this credit facility: (i) amounts outstanding will bear interest at an annual rate equal to the 30-day LIBOR plus 4.00%; (ii) amounts outstanding will be secured by all of the assets of Diamedix Corporation, including, without limitation, the company’s headquarters located in Miami, Florida; and (iii) IVAX Diagnostics and its two other wholly-owned subsidiaries – ImmunoVision, Inc. and Delta Biologicals, S.r.l. – have guaranteed the repayment of amounts outstanding under this credit facility.

About IVAX Diagnostics, Inc.

IVAX Diagnostics, Inc. (www.ivaxdiagnostics.com), headquartered in Miami, Florida, is a fully integrated in vitro diagnostics company that develops, manufactures and distributes in the United States and internationally, proprietary diagnostic reagents, test kits and instrumentation, primarily for autoimmune and infectious diseases, through its three subsidiaries: Diamedix Corporation (U.S.), Delta Biologicals S.r.l. (Europe), and ImmunoVision, Inc. (U.S.).

Safe Harbor Statement

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of IVAX Diagnostics, Inc., including, without limitation, the risks and uncertainties associated with: IVAX Diagnostics’ ability to generate positive cash flow or otherwise improve its liquidity, whether from existing operations, strategic initiatives or other sources of liquidity, including, without limitation, from the investment described above or the credit facility described above; the investment described above may not be consummated on the contemplated terms, in the time frame anticipated, or at all; the net proceeds of the investment described above, whether or not the warrants are exercised, may not provide adequate cash resources to fund IVAX Diagnostics’ operations or liquidity needs for the reasonably foreseeable future; the warrants may not be exercised, in whole or in part; the decision to exercise the warrants will be made by ERBA Diagnostics Mannheim based upon considerations it deems appropriate, which may include, among other things, the future market price of IVAX Diagnostics’ common stock, which is subject to volatility and a number of other factors, many of which may be beyond IVAX Diagnostics’ control; ERBA Diagnostics Mannheim’s interests in deciding whether or not to exercise the warrants may conflict with IVAX Diagnostics’ interests; the dilutive impact to existing IVAX Diagnostics stockholders of any issuance of equity securities, or securities convertible into shares of common stock, including the investment described above; voting control of IVAX Diagnostics’ common stock by ERBA Diagnostics Mannheim; conflicts of interest with ERBA Diagnostics Mannheim and with IVAX Diagnostics’ officers, employees and directors, including, without limitation, IVAX Diagnostics’ directors that are also executive officers of ERBA Diagnostics Mannheim; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risks and uncertainties set forth above, investors should consider the economic, competitive, governmental, technological and other risks and uncertainties discussed in IVAX Diagnostics’ filings with the Securities and Exchange Commission, including, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in such filings.

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