InnerCool Therapies, Inc., a San Diego-based medical technology company focused on the emerging field of therapeutic hypothermia has been recently acquired by Cardium Therapeutics, Inc.
InnerCool Therapies, Inc. is a developer, manufacturer and marketer of endovascular, catheter-based therapeutic systems designed to rapidly and controllably cool the body. Its Celsius Control System™ is currently being used in surgical and intensive care hospital units. This endovascular catheter-based Celsius Control System has received FDA 510(k) clearance for use in inducing, maintaining and reversing mild hypothermia in neurosurgical patients, both in surgery and in recovery or intensive care and has also received FDA clearance for use in cardiac patients in order to achieve or maintain normal body temperatures during surgery and in recovery / intensive care, and as an adjunctive treatment for fever control in patients with cerebral infarction and intracerebral hemorrhage.
The terms of the transaction, which is structured as an asset purchase, Cardium will issue to InnerCool 2.5 million shares of Cardium common stock (which represents less than 8% of the company’s outstanding shares after giving effect to the acquisition) and will assume certain outstanding liabilities (totaling approximately five hundred sixty thousand dollars plus transaction costs and vacation accrual).
Read the complete press release.
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