A Medical Device Daily
SPO Medical (Woodland Hills, California), a developer of biosensor and microprocessor technologies for use in portable monitoring devices, reported completing its reverse acquisition of United Diagnostic and is now listed under the symbol SPOM.PK.
SPO Medical develops pulse oximetry technology, an optical technique that enables the continuous measurement of blood oxygen saturation and heart rate. The company’s technology is based on reflectance pulse oximetry, which it said enables it to develop affordable, portable devices using very small sensors that require a fraction of the power of currently available commercial systems.
Product applications are for professional and consumer products within four markets: medical care, home and remote care, sports and wellness, and safety and security.
“Becoming a publicly traded company is an important milestone for SPO Medical,” said Michael Braunold, company CEO.
Innocoll (Ashburn, Virginia) has signed an agreement with Essex Chemie (Lucerne, Switzerland), an affiliate of Schering-Plough (Kenilworth, New Jersey), under which it will obtain marketing rights to the Gentamicin Surgical Implant. Financial terms were not disclosed.
The implant product – developed using Innocoll’s collagen-based technology, CollaRx – is indicated for the treatment and prevention of post-operative acquired infection.
Innocoll said it initiated its own sales and marketing of the product in its approved territories. In addition, the company said it will seek entry into new markets, including the U.S. Innocoll will also develop new indications for the product including a topical application for the treatment of at-risk or infected leg ulcers.
The transaction took effect July 1.
The Gentamicin Surgical Implant is a biodegradable leave-behind implant impregnated with the broad spectrum aminoglycoside antibiotic, gentamicin, and is indicated as an adjunct to the treatment and prevention of post-surgical acquired infection in both hard and soft tissues.
CollaRx technology can locally deliver a wide variety of drug products, and can be formulated for implantable or topical application as a lyophilized sponge or as a cast film.
“This acquisition represents a key step in our transformation to a fully integrated specialty pharmaceutical company,” said Dr. Michael Myers, president and CEO of Innocoll. “This product will provide a platform for our newly formed sales and marketing division, Innocoll Pharmaceuticals, while we make progress with our exciting portfolio of pipeline products focused on the local treatment of infection, pain and wound healing.”
In other dealmaking activity:
• HealthTronics (Austin, Texas) reported acquiring a 33% interest in Cascade Urological Services and Cascade Laser Services (both Mount Vernon, Washington). Terms of the transaction were not disclosed.
Cascade is owned by urologists who provide lithotripsy and prostate laser services to the greater Seattle and northern Washington State areas. Cascade reported that in 2004 it performed more than 1,400 procedures, generating about $3 million in revenues.
The Cascade buy collectively adds about 50 more urologists to HealthTronics’ network of more than 3,000 physicians nationwide, it said.
HealthTronics provides healthcare services, primarily to the urology community, and manufactures medical devices as well as specialty vehicles used for the transport of high-tech medical and broadcast and communications equipment.