Bioheart Intends to Acquire MEDICALGORITHMICS, Pocket ECG system
August 4, 2008 - Bioheart Inc. said last week it entered into a letter of intent to acquire MEDICALGORITHMICS Ltd. and the worldwide rights to the POCKETECG, a real-time wireless beat-to-beat, intelligent heart monitor and diagnostic system, designed for long-term, fully-automated electrocardiogram (ECG) arrhythmia analysis.
The device, manufactured by MEDICALGORITHMICS in Poland recently received CE mark approval for marketing throughout Europe.
Under the terms of the non-binding letter of intent both companies are expected to conduct their due diligence review within the next 60-90 days. The terms of the agreement were not disclosed.
The POCKETECG is similar in size to an MP3 player and can be worn 24-hours a day. It connects to the patient via two or three electrodes and wirelessly transmits real time data 24-hours-per-day directly to the physician or a monitoring center so long-term outpatient monitoring can be conducted over days or weeks. This constant monitoring outside of a hospital environment provides peace of mind for both physicians and patients that the patient can be reliably cared for outside of the hospital environment. Additionally, the maker said use of the monitoring device for at-home disease management may positively impact health care costs by minimizing emergency hospital stays.
“We believe the merger of these two companies would create important synergies in the diagnosis, monitoring and potential treatment of heart failure patients, specifically in the area of arrhythmias and A-Fib,” said Howard J. Leonhardt, chairman, CEO and chief technology officer, Bioheart. “The monitoring and management of patients experiencing arrhythmias and A-Fib represents one of the fastest-growing segments of the treatment market.”
For information: www.bioheartinc.com