Cardiac Science (Irvine, California) reported amending the terms of its agreement to purchase Survivalink (Minneapolis, Minnesota), extending the terms of a $25.8 million note to be payable in 24 months rather than nine months and fixing the number of Cardiac Science common shares to be issued at 18.15 million. In addition, a payment of $10.5 million in cash is payable at the close of the transaction. Cardiac Science also said that it plans a fundraising effort through a stock issue, priced at $2 per share. The company said that the Securities and Exchange Commission has completed its review of the company's filings related to the acquisitions of Survivalink and Artema Medical AB. As previously announced, Cardiac Science intends to make a tender offer for all the outstanding shares of Artema Medical AB for approximately 4.4 million shares of Cardiac Science common stock. It was anticipated that the acceptance period in Sweden was to run from Aug. 31 through Sept. 28. The offer is conditioned upon, among other things, the tender of at least 90% of the issued and outstanding Artema shares representing at least 90% of the voting power. Cardiac Science makes external cardiac defibrillator devices that monitor a patient's heart activity externally, identify sudden cardiac arrest and immediately administer defibrillation without human intervention. Survivalink is a provider of portable automated external defibrillators.

MicroHeart (Mountain View, California) has acquired certain assets of Angiosense (Cupertino, California), a privately held company developing needle-free injection technology for cardiovascular and cancer treatment applications. The company said the acquisition adds to MicroHeart's portfolio of devices and technology for needle-free or jet delivery of drugs, biotherapeutics and cells to different organs in the body for therapeutic and diagnostic applications. MicroHeart said it also will benefit by assuming Angiosense's responsibilities under an exclusive relationship with Bioject (Portland, Oregon), a developer of needle-free injection technology. MicroHeart makes surgical, minimally invasive and catheter-based delivery devices for the delivery of therapeutic agents directly to the heart, coronary vessels and other organs.

Syncor International (Woodland Hills, California) has acquired privately held InteCardia (Chapel Hill, North Carolina), a provider of cardiac imaging services and equipment to cardiologists. According to Syncor, the acquisition, which is expected to be immediately accretive to earnings, will expand the range of services it makes available to cardiologists. InteCardia will continue to operate independently as a part of Syncor.

No Comments