Philips Acquires Therapeutic Hypothermia Company InnerCool Therapies
July 15, 2009 – Royal Philips said today it reached an agreement to acquire the assets of InnerCool Therapies Inc., a pioneer in the field of therapeutic hypothermia.
InnerCool, a wholly-owned subsidiary of Cardium Therapeutics Inc., will be acquired in an asset purchase transaction for $11.25 million as well as the transfer of approximately $1.5 million in trade payables. Philips said the transaction will reinforce the company’s leadership position in the emergency care market by adding body temperature management solutions to its existing product offering in this field.
The new product line will enable Philips to broaden its offerings in emergency care, and to eventually expand to future applications for acute myocardial infarction and stroke to help preserve heart and brain tissue.
Therapeutic hypothermia solutions aim to safely induce, maintain and reverse hypothermia or maintain normal body temperature, to preserve organs such as the heart and brain in the event of sudden cardiac arrest (SCA). This rapidly-advancing technology has been recognized by the American Heart Association and the International Liaison Committee on Resuscitation as crucial in improving the survival and neurological recovery for SCA patients.
InnerCool Therapies will position Philips for continued growth in the cardiology care cycle by enhancing its industry-leading emergency care solutions offered globally. Today this includes comprehensive patient monitoring, clinical decision support tools, defibrillation therapy, CPR measurement and feedback and medical consumables. Philips expects to see continued growth in emergency care as medical systems and hospitals invest in innovative technologies that can significantly impact the outcome for patients who experience life-threatening emergencies.
With this acquisition, Philips becomes the only company that offers a comprehensive suite of both surface (external) and endovascular (internal) body temperature management solutions in a market currently experiencing double digit growth. More than 10 years of extensive research and development by InnerCool will also provide Philips with a rich patent portfolio and pipeline of future products, Philips said.
For more information: www.philips.com, www.innercool.com
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