Inverness Medical Technology, Inc. Completes Acquisition of LXN Corporation

WALTHAM, Mass., March 29 -- Inverness Medical Technology, Inc. announced today that it has completed its acquisition of LXN Corporation in San Diego, California.  The transaction will be accounted for using the purchase method of accounting.  Inverness Medical Technology issued approximately 795,000 shares of its common stock as consideration in the acquisition and paid approximately $5.0 million of transaction expenses and employee benefits of LXN in connection with the closing.

"This acquisition marks a significant milestone for Inverness Medical as we continue to expand our array of diabetes self-management products to serve an ever broader spectrum of the diabetes population," stated Ron Zwanziger, CEO of Inverness Medical.  "This provides us with the opportunity to combine our advanced blood glucose monitoring sensor technology with LXN's 'GlucoProtein' technology in an effort to establish a new standard of care for diabetes self-management."

Inverness Medical Technology, Inc. develops, manufactures and markets innovative products focused primarily on diabetes self-management.  The Company's proprietary glucose monitoring systems are marketed worldwide by LifeScan, a Johnson & Johnson company.  Inverness also markets other diabetes products as well as a line of women's health products to consumers through its own established retail distribution networks including Wal-Mart, CVS and Walgreens.  Inverness Medical Technology, Inc.'s manufacturing facilities are located in Inverness, Scotland; Galway, Ireland; and Yavne, Israel, along with a European sales office in Munich, Germany.  The corporate headquarters are located in Waltham, Massachusetts.

For more information about Inverness Medical Technology, Inc. please visit our website at www.invernessmedical.com. Press releases, including the February 20, 2001 release announcing the planned LXN acquisition, are also available via fax by calling toll-free 888-872-8769.

This press release contains forward-looking statements.  Actual results may differ materially due to numerous factors, including the risks and uncertainties described in Inverness Medical Technology's reports filed with the Securities and Exchange Commission under the federal securities laws including without limitation those risks and uncertainties described under "Certain Factors Affecting Future Results" beginning on page 16 of the Quarterly Report on Form 10-Q for the quarter ended September 30, 2000 filed by Inverness on November 1, 2000 and "Risk Factors" beginning on page 17 of the Registration Statement on Form S-4 filed by Inverness on December 15, 2000.

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