CHATSWORTH, Calif., July 22, 2011 (GLOBE NEWSWIRE) -- IRIS International, Inc. (Nasdaq:IRIS), a leading manufacturer of automated in-vitro diagnostics systems and consumables for use in hospitals and commercial laboratories worldwide, and a provider of high value personalized diagnostics testing services through its CLIA certified molecular diagnostics laboratory, today announced that it has issued inducement awards to four new non-executive employees.
The awards were made on July 19, 2011 under IRIS International's 2011 Inducement Incentive Plan, which provides for the granting of equity awards to new employees of IRIS International and its subsidiaries as an inducement to join the company. The inducement awards consist of options to purchase up to 3,938 shares of IRIS common stock and restricted stock units for 1,636 shares of IRIS common stock. The options have a seven year term and an exercise price of $10.24, which was the closing price of a share of IRIS common stock on the date of grant. The awards vest over four years, with the restricted stock units vesting 25% on a date which is 13 months following the employee's start date and the balance vesting thereafter in 12 equal quarterly installments, and the options vesting 25% on the first anniversary of the employee's start date and the balance vesting thereafter in 12 equal quarterly installments.
About IRIS International, Inc.
IRIS International, Inc. is a leading global in vitro diagnostics company focused on products that analyze particles and living cell forms and structures, or morphology of a variety of body fluids. The Company's products leverage its strengths in flow imaging technology, particle recognition and automation to bring efficiency to hospital and commercial laboratories. The initial applications for its technology have been in the urinalysis market and the Company is the leading worldwide provider of automated urine microscopy and chemistry systems, with an installed base of more than 3,100 systems in more than 50 countries. The Company is expanding its core imaging and morphology expertise into related markets and is developing applications in hematology and body fluids. In addition, the Company recently acquired a high complexity CLIA-certified molecular pathology laboratory offering differentiated, high value molecular diagnostic services in the rapidly growing field of personalized medicine. The laboratory provides a direct commercial channel for the Company's NADiA® ultra-sensitive nucleic acid detection immunoassay platform, with applications in oncology and infectious disease. For more information, please visit www.proiris.com.