Apollo Light Systems Acquired by Respironics
The remaining shares outstanding of Apollo Light Systems, Incorporated were purchased by Respironics, Incorporated. Apollo Light Systems manufactures light therapy systems used to treat patients with circadian rhythm sleep disorders and to suppress melatonin, as detailed by a Respironics press release.
The base price of the cash purchase is around $6.5 million. Respironics agreed to additional provisions for payments in light of future performance of the Apollo product line during the forthcoming year. Annual revenues for Apollo are estimated at $5 million.
Light therapy products from Apollo include small, handheld devices and tabletop units. The products available include light boxes which deliver specific light wavelengths to patients for control of circadian response without hazards associated with UV light, the briteLite Series Light Boxes. Also available are handheld devices which deliver wavelengths in the natural sunlight spectrum containing a small range of blue light, the goLITE Series Handheld Light Therapy Devices.
The product line meshes nicely with the offerings from Respironics, which provides products for circadian rhythm and sleep disorders. Respironics has tools primarily targeted to healthcare clinicians; including sleep clinicians, psychiatrists, and homecare providers. Additional products are sold directly to consumers.
The therapeutic value of light therapy for a number of conditions has been validated including jet lag, mood disorders, and chronic insufficient sleep. It is additionally used by individuals who want to manage their internal body clock and improve daytime performance.
October 5, 2007 Related topics: Mergers & Acquisitions, Corporate Financials