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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on Their Investment in Venaxis, Inc. of Class Action Lawsuit and Upcoming Deadline -- APPY

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NEW YORK, March 20, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against Venaxis, Inc. ("Venaxis" or the "Company") (Nasdaq: APPY) and certain of its officers.   The class action, filed in United States District Court, The District of Colorado, and docketed under 15-cv-00222, is on behalf of a class consisting of all persons or entities who purchased Venaxis securities between March 13, 2014 and January 28, 2015, inclusive (the "Class Period").  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act"). 

If you are a shareholder who purchased Venaxis securities during the Class Period, you have until April 3, 2015 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

Venaxis is a Colorado-based in vitro diagnostic company focused on developing and commercializing its lead product candidate, the APPY1 diagnostic test.  The APPY1 test is designed to aid in the identification of patients at low risk for acute appendicitis.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the APPY1 510(k) submission and the Company's future prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the APPY1 test failed to meet the criteria for "substantial equivalence" based upon data and information submitted by Venaxis in its 510(k) submission; (2) the Company lacked a reasonable basis to conclude that the results from the APPY1 pivotal study were sufficient to support FDA clearance; and as a result of the foregoing, (3) Venaxis' public statements pertaining to the expected FDA clearance of its 510(k) submission were materially false and misleading at all relevant times.

On January 29, 2015, Venaxis issued a press release disclosing that "the United States Food and Drug Administration ("FDA") has determined that the APPY1 Test does not meet the criteria for substantial equivalence based upon data and information submitted by Venaxis in its 510(k) submission."

As a result of this news, shares of Venaxis fell $1.49, or more than 73%, on extremely heavy volume, to close at $0.55 on January 29, 2015.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
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