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Under the terms of the non-binding 'letter of intent', both companies areexpected to conduct their due diligence review within the next 60-90 days.The terms of the agreement were not disclosed.
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"Similar in size to an MP3 player, patients find the POCKETECG easy to use24-hours-per-day in the comfort of their homes and when going about theirnormal activities," said Dr. Marek Dziubinski, co-founder and Chief TechnologyOfficer, MEDICALGORITHMICS.
POCKETECG connects to the patient via two or three electrodes andwirelessly transmits real time data 24-hours-per-day directly to the physicianor a monitoring center so that long-term outpatient monitoring can beconducted over days or weeks. This constant monitoring outside of a hospitalenvironment provides peace of mind for both physicians and patients that thepatient can be reliably cared for outside of the hospital environment.Additionally, use of this monitoring device for at-home disease management maypositively impact health care costs by minimizing emergency hospital stays.
"We expect major growth in the outpatient cardiac monitoring marketglobally," said Dr. Richard Stokvis, Europa Partners, London, who has beenadvising MEDICALGORITHMICS.
POCKETECG's automated analysis allows physicians to monitor large numbersof patients simultaneously and saves time by eliminating the need to analyzeECG tracings once the device reports that an abnormal event has taken place.
"We believe the merger of these two companies would create importantsynergies in the diagnosis, monitoring and potential treatment of heartfailure patients, specifically in the area of arrhythmias and A-Fib," saidHoward J. Leonhardt, Chairman, CEO and Chief Technology Officer, Bioheart."The monitoring and management of patients experiencing arrhythmias and A-Fibrepresents one of the fastest-growing segments of the treatment market."
"We believe this acquisition, if completed, will deliver significant valuefor patients, physicians, and both companies," says Dr. Marcin Szumowski, CEO,MEDICALGORITHMICS.
ABOUT ELECTROCARDIOGRAMS (ECG)
An electrocardiogram (ECG) is a diagnostic test that measures theelectrical activity of the heartbeat. Every time the heart beats, anelectrical impulse called a wave travels through the heart, causing it tocontract and pump blood flow through the heart muscle.
An ECG provides physicians with two critical pieces of information theycan use to diagnose heart health. First, by measuring time intervals on theECG, doctors can determine how long the electrical wave takes to pass throughthe heart, which indicates whether the electrical activity is normal or slow,fast or irregular. Second, ECGs enable physicians to measure the amount ofelectrical activity that passes through the heart muscle, which may indicatethat parts of the heart muscle are too large or are being overworked.
ABOUT MEDICALGORITHMICS, LTD.
MEDICALGORITHMICS, Ltd. is a privately held high-technology company,established in 2005. The Company is focused on development of innovativesolutions and systems for signal and data processing in cardiac monitoring,heart sounds and electrophysiology of the heart. POCKETECG is its firstproduct that received CE mark. Other products in the pipeline includeHeartSOUNDS(TM) and CoperniQs(TM). The Company has extensive expertise indigital signal processing, software
