Cardiac Science Acquires Cadent Medical Corp.; Wearable Defibrillator Promises Life-Saving Protection to Heart Patients At Home.Business Editors/Health and Medical Writers BIOWIRE2K IRVINE, Calif.--(BW HealthWire)--July 6, 2000 Cardiac Science Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : DFIB), Thursday announced it has acquired Cadent ca·dent adj. 1. Having cadence or rhythm. 2. Archaic Falling, as water or tears. [Latin cad Medical Corp. of Bedford, Mass., a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that has developed a cell phone size defibrillator defibrillator, device that delivers an electrical shock to the heart in order to stop certain forms of rapid heart rhythm disturbances (arrhythmias). The shock changes a fibrillation to an organized rhythm or changes a very rapid and ineffective cardiac rhythm to a designed to be worn by mobile cardiac patients. Cardiac Science plans to integrate its proprietary software into the new device to assure that a patient, whether in a hospital or at home going about daily activities, automatically receives an immediate defibrillation Defibrillation Definition Defibrillation is a process in which an electronic device sends an electric shock to the heart to stop an extremely rapid, irregular heartbeat, and restore the normal heart rhythm. shock should he suffer a life-threatening heart rhythm. Cadent Medical also offers additional technology for use in Cardiac Science's existing and planned product line. As consideration, Cardiac Science issued 4.5 million shares of restricted common stock to Cadent Medical shareholders for a total purchase price of $22.5 million. "This acquisition extends our product reach beyond the hospital to the emerging at-home market. The wearable device can provide protection for the 4.8 million cardiac patients discharged from U.S. hospitals each year who are at temporary risk for a period of days to weeks of suffering life-threatening heart rhythms," said Raymond W. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , president and chief executive officer. "We intend to complete the product development, gain regulatory clearance and have the device to market within 18 months." About Cadent Medical Corp. Cadent Medical Corp. was founded in 1996 and financed by medical technology venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] Domain Associates, Coral Ventures, Boston Medical Investors and more recently, Hunt Financial Corp. Cadent's intellectual property, in addition to the wearable device, includes patent filings, proprietary mini-defibrillation electrodes effective for multiple-day monitoring and for reducing skin irritation skin irritation, n reaction to a particular irritant that results in inflammation of the skin and itchiness. . Other innovations include impedance-compensated biphasic bi·pha·sic adj. Having two distinct phases: a biphasic waveform; a biphasic response to a stimulus. defibrillation technology, battery optimization and, component miniaturization min·i·a·tur·ize tr.v. min·i·a·tur·ized, min·i·a·tur·iz·ing, min·i·a·tur·iz·es To plan or make on a greatly reduced scale. min . Cadent's talented engineers will focus on completing the wearable defibrillator and contribute to Cardiac Science's research and development activities. About Cardiac Science Cardiac Science develops and markets life-saving external cardiac defibrillator devices and proprietary software that monitor and automatically treats cardiac arrest cardiac arrest n. Abbr. CA A sudden cessation of cardiac function, resulting in loss of effective circulation. Cardiac arrest A condition in which the heart stops functioning. patients. RHYTHMx ECD ECD Early Childhood Development ECD Electron Capture Detector ECD Energy Citations Database ECD Executive Creative Director (advertising) ECD Ethyl Cysteinate Dimer ECD Electron Capture Dissociation ECD Electronic Civil Disobedience (TM) tachyarrhythmia tachyarrhythmia /tachy·ar·rhyth·mia/ (tak?e-ah-rith´me-ah) any disturbance of the heart rhythm in which the heart rate is abnormally increased. tach·y·ar·rhyth·mi·a n. detection and defibrillation software, the company's core proprietary technology platform, has multiple applications including use in bedside external defibrillators, wearable defibrillators and standard patient monitors that are widely used in hospitals throughout the world. Shipments of the Cardiac Science's first commercial product, the Powerheart(R), began on Dec. 31, 1999. Powerheart is currently used to save lives in hospitals worldwide. Powerheart continuously monitors in-hospital patients at risk of sudden cardiac arrest, instantly detects the onset of a life-threatening heart rhythm, and when appropriate, automatically delivers defibrillation shocks within seconds and without human intervention to re-establish the heart's normal rhythm. The ability to respond to a life-threatening heart rhythm within seconds saves lives and minimizes a loss of oxygen to the brain, thereby eliminating potential neurological damage and a diminished quality of life that often occurs when defibrillation is withheld for even a few minutes. Cardiac Science's global network consists of prominent distributors in 41 countries encompassing Asia, the Middle East, Europe, South America and North America. Cardiac Science has an exclusive agreement with Medtronic Physio-Control, a division of Medtronic Inc., the worldwide market leader in external defibrillator products, to distribute the Powerheart in the United States, Canada, and nine European countries. In June of 2000 Cardiac Science licensed its proprietary technology to Medtronic Physio-Control, the world's largest manufacturer of external defibrillators, for integration into Medtronic Physio-Control's LIFEPAK(R) products for the hospital market. For more information, visit http://www.cardiacscience.com/. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Such forward-looking statements include, but are not limited to: The company's ability to complete the development of the wearable defibrillator and to receive regulatory clearance and bring the wearable defibrillator to market within 18 months; The safety and efficacy of the Powerheart and the wearable defibrillator, its ability to increase survival rates for in-hospital cardiac arrest victims, its ability to improve patient-care and lessen patient debilitation debilitation being in a state of debility. ; The company's ability to successfully integrate its technology into Medtronic Physio-Control's LIFEPAK products. Cardiac Science cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. Other factors include, but are not limited to: hospital operations; market and clinical users' acceptance of new and existing products; impact of competitive products and pricing; and changing market conditions. Information on these and other factors are detailed in the company's Form 10-K for the year ending Dec. 31, 1999 and other documents filed with the Securities and Exchange Commission. The Powerheart and RHYTHMx ECD are trademarks of Cardiac Science Inc. |
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