Royal Philips announced 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., will be acquired in an asset purchase transaction for US $11.25M, as well as the transfer of approximately US $1.5M in trade payables.
Steve Rusckowski, chief executive officer of Philips Healthcare said, This acquisition is another example of our continuous strategy to focus on a patient’s cycle of care. With InnerCool, Philips is acquiring a true innovator in the field of temperature management.
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.
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.