Philips expands emergency healthcare offering with acquisition of InnerCool Therapies; a leader in body temperature management
Amsterdam, the Netherlands and San Diego, USA – Royal Philips (AEX: PHI, NYSE: PHG) announced today that it has reached an agreement to acquire the assets of InnerCool Therapies Inc., a pioneer in the field of therapeutic hypothermia, which involves the management of a patient’s body temperature. InnerCool, a wholly-owned subsidiary of Cardium Therapeutics, Inc. (NYSE Amex: CXM), will be acquired in an asset purchase transaction for US $11.25 million, as well as the transfer of approximately US $1.5 million in trade payables. The transaction will reinforce Philips’ leadership position in the emergency care market by adding body temperature management solutions to its existing product offering in this field.
“This acquisition is another example of our continuous strategy to focus on a patient’s cycle of care.” said Steve Rusckowski, chief executive officer of Philips Healthcare. “With InnerCool, Philips is acquiring a true innovator in the field of temperature management. This will allow us to broaden our offering in emergency care now, and also enable us to provide leadership in promising future applications such as acute myocardial infarction and stroke, which could further 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 which 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. Headquartered in San Diego, California, InnerCool Therapies was founded in 1998 and will be integrated into Philips’ Clinical Care Systems business.
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