Abaxis history

Abaxis filed a registration statement with the Securities and Exchange Commission (SEC) at the end of 1991, revealing its intention to sell 1.75 million shares in anticipation of raising roughly $19 million.

The IPO, completed in early 1992, exceeded expectations, raising $27 million that gave the company the financial resources to fund its development.

In September 1994, Abaxis entered into a supply agreement with Becton Dickinson to provide them with immunochemical reagents in the Orbos format.

The Piccolo analyzer was introduced to the market in November 1995 with two reagent discs; Primary Health Panel, a nine-test reagent disc and a General Health Panel, a 12-test reagent disc.

With the 510(k) clearance of the GGT test from the FDA, the Liver Panel Plus disc was introduced in November 1996.

In March 1997, Abaxis was awarded a contract to provide the United States Navy and the United States Marine Corp with 345 Piccolo systems.

The first years of profitability represented a milestone in the company's history, but the true turning point occurred in 2003, when an increase in the number of tests the Piccolo system could perform made the analyzer a worthwhile investment for most doctors and hospitals.