ResMed has acquired BiancaMed, an Irish medical technology company. ResMed purchased all of BiancaMed's outstanding shares with cash. BiancaMed has developed and is marketing an innovative, convenient, non-contact device to monitor sleep and breathing in the home and hospital. BiancaMed's SleepMinder is an accurate, touch-free device that measures sleep and breathing with sophisticated biometric software. The core of BiancaMed's proprietary technology is a motion sensor that can detect respiration and movement without physical contact with the human body. The company is developing a number of other applications for the technology, across a range of medical and consumer settings. BiancaMed will become a part of ResMed's newly-created Ventures and Initiatives unit. ResMed estimates the acquisition will dilute ResMed's earnings per share by approximately $0.04 in fiscal year 2012, excluding amortization of intangibles and one-time acquisition related costs.
"We are committed to innovation in sleep and respiratory medicine and the related co-morbidities by commercializing products incorporating novel technologies," commented Dr. Peter Farrell, ResMed's chairman and chief executive officer. "We have worked closely with BiancaMed for many years and have been investors since their inception in 2003. BiancaMed has exciting technology and a world-class team. We believe there are many opportunities for BiancaMed's applications that will provide future growth, and we look forward to maintaining and building the BiancaMed team."
Welcoming this announcement, Dr. Conor Hanley, BiancaMed's chief executive officer, said,"This acquisition will broaden the use of BiancaMed's unique technology and build on BiancaMed's momentum. As part of ResMed, we will continue to support our existing customers. The successful completion of this transaction was attributable to the dedication and talent of the BiancaMed team and the invaluable support received from all our investors and shareholders."
JC Kyrillos, president of ResMed Ventures and Initiatives, stated, "In May of this year, we created ResMed Ventures and Initiatives to focus on opportunities in chronic disease states related to sleep-disordered breathing and other market opportunities. BiancaMed represents the type of investment we are pursuing because it has current applications in our core sleep market, and several potential future applications in chronic diseases such as heart failure and chronic obstructive pulmonary disease."
BiancaMed, a University College Dublin spin-out company, was co-founded in 2003 by Dr. Philip de Chazal, Dr. Conor Hanley and Professor Conor Heneghan to commercialize research undertaken in University College Dublin's School of Electrical, Electronic and Mechanical Engineering. BiancaMed is headquartered in NovaUCD, the Innovation and Technology Transfer Centre, and currently employs 29 people. ResMed plans to retain BiancaMed's employees, and the office in Dublin will remain active.
Source: ResMed Inc.