A Medical Device Daily

Inverness Medical Innovations (Waltham, Massachusetts) reported signing a letter of intent with Procter & Gamble (P&G; Cincinnati) to form a joint venture to develop and market consumer diagnostic products.

Inverness said the collaboration would combine its experience in the manufacturing of consumer diagnostics with P&G's expertise in the marketing of consumer healthcare products. Inverness will retain all rights with respect to the development and sale of cardiology diagnostic products and its non-consumer diagnostic businesses.

Inverness in a statement said that “detailed planning” to reach a final agreement will take “several months” and specifics of a potential agreement are not now available.

Inverness develops diagnostic devices and said it is presently exploring opportunities for its electrochemical and other technologies in a variety of diagnostic and consumer-oriented applications, including immunodiagnostics with a focus on women's health, cardiology and infectious disease.