Cardium Therapeutics Acquires InnerCool Therapies
Cardium Therapeutics announced today the acquisition of InnerCool Therapies, a company specialized in therapeutic hypothermia technology. InnerCool manufactures endovascular, catheter-based Celsius Control systems designed to quickly cool the human body while controlling the hypothermia process. These products are used for neurosurgical and cardiac patients, both in surgery and in recovery or intensive care. They also serve as adjunctive treatment for fever control in patients with cerebral infarction and intracerebral hemorrhage.
Under the terms of the transaction, which is structured as an asset purchase, Cardium will issue to InnerCool 2.5 million shares of Cardium common stock (which represents less than 8% of the company’s outstanding shares after giving effect to the acquisition) and will assume certain outstanding liabilities (totaling approximately five hundred sixty thousand dollars plus transaction costs and vacation accrual). InnerCool investors would also be entitled to a one-time product success payment of $5 million upon full calendar year revenues from the commercial sale of InnerCool products exceeding $20 million.
March 10, 2006 Related topics: Mergers & Acquisitions, Surgery, Cardiology