Uscom Limited today announced completion of the purchase of all assets of Pulsecor Limited in exchange for 5m fully paid ordinary shares of Uscom Limited (UCM).
The Appendix 3B released to market values the issue price of the transaction at $0.50 AUD per UCM share. The acquired assets include the BP+ suprasystolic central blood pressure device, the CardioReporter pulse pressure wave analysis software, and 34 blood pressure measurement and analysis patents, and 4 trademarks.
Pulsecor Limited was valued at approximately $2.9million NZD at its last capital raising in May 2011 prior to regulatory approvals, and is Uscom's first international corporate acquisition. Pulsecor's BP+ product, currently being sold internationally, has US Food and Drug Administration (FDA) 510k, European CE mark and Australian Therapeutic Goods Administration (TGA) approval. Distribution of the BP+ device will be through Uscom's growing global distribution network plus a network of new distribution partners.
The BP+ device uses patent protected "suprasystolic oscillometry" to measure simply and noninvasively central blood pressure at the heart, while older methods measure the pressure in the arm or hand. The unique BP+ measurements provide sensitive information about the health of the heart and vessels and are used to improve management of hypertension. These measurements are an improvement on conventional blood pressure measurements and can be applied in all research and clinical environments. Hypertension affects approximately 25% of all adults worldwide, and the hypertension market is thought to be in excess of $15billion US.
Professor Nigel Sharrock, a Professor of Anesthesiology at the Weill Cornell Medical College and anesthetist at The New York Hospital for Special Surgery, and inventor of the Pulsecor devices has now joined the Uscom medical advisory board as a specialist in cardiovascular medicine and anesthesia. Professor Sharrock believes that the combination of the USCOM and BP+ products can potentially change global hypertension practice.
Executive Chairman of Uscom, Rob Phillips said,"This is the holy grail of cardiovascular medicine; combining noninvasive cardiac output with central blood pressure to provide accurate measurements otherwise only available with invasive cardiac catheters, puts Uscom a long way ahead of current clinical practice. This acquisition changes the game for Uscom and has significantly grown the opportunity of the company. The combined Uscom and Pulsecor patent portfolio also creates a product pipeline well into the future."
Combining accurate measurements of heart and vessel function using the Uscom products, USCOM 1A and the BP+, it is planned to create a new generation of noninvasive cardiovascular monitors. These devices will have application in the ICU, the ED, paediatrics, military and retrieval applications, general ward, medical clinics, research applications and home care, and improve management in hypertension, sepsis, heart failure and fluid management.
K&L Gates (Australia) and BDO have advised Uscom Limited in the transaction.
References:
Roman MJ, Devereaux RB, Kizer JR, Okin PM, Lee ET, Wang W, Umans JG, Calhoun D, Howard BV. High Central Pulse Pressure is Independently Associated With Adverse Cardiovascular Outcome. The Strong Heart Study. Journal of the American College of Cardiology 2009;15(18):1730-1734. Doi:10.1016/j.jacc.2009.05.070.
Roman MJ. Central blood pressure: A new vital sign? Artery Research 2009(3):125-127.
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