WALTHAM, Mass.- Inverness Medical Innovations (Amex: IMA) today announced that its previously announced acquisition of Matria Healthcare, Inc. was successfully completed and effective prior to the opening of business today. Matria, headquartered in Marietta, Georgia, provides comprehensive, integrated health management services particularly in the areas of women's and children's health, cardiology and oncology. The final purchase price consisted of approximately $143.9 million, and approximately 1.8 million shares of Inverness Series B Convertible Perpetual Preferred Stock (Amex: IMA.PR.B).

Each outstanding share of Matria common stock, not owned by Matria or its affiliates and not subject to appraisal rights, has been automatically converted into the right to receive (i) $6.50 in cash, without interest, and (ii) a portion of a share of Series B Preferred Stock of Inverness. Inverness expects that the shares of Series B Preferred Stock will begin trading on the American Stock Exchange LLC as of the opening of the market today, May 9, 2008.

Maren Group, LLC acted as exclusive advisor to Matria Healthcare, Inc.