MIAMI—IVAXDiagnostics Inc. reported net revenues of $4.1 million in the first quarter of2011, down from $4.65 million last year. The company's gross profit was $2.1million, and operating expenses dropped from $3.36 million to $3.1 million. Thecompany's net loss for the quarter was $1.02 million. Kevin D. Clark, CEO,chief operating officer and president of IVAX Diagnostics, noted that decreasedrevenues meant the company's cash and cash equivalents decreased by $899,000,adding that "we do not believe that our existing cash and cash equivalents willbe sufficient to meet our anticipated cash requirements over the next 12months." In an effort to combat cash losses, IVAX Diagnostics entered into astock purchase agreement with ERBA Mannheim Diagnostics GmbH to sell 20 millionshares of IVAX Diagnostics common stock for $15 million, or 75 cents per share.