Cyber-Care Inc has reached an agreement with CardioCommand Inc, Florida, to purchase the CloseTouch COMPANION home workstation technology. The acquisition is valued at $3.2 million.
The CloseTouch COMPANION is an eighteen-pound portable workstation that will accommodate Cyber-Care's peripheral devices and will operate using a variety of telecommunication technologies including standard telephone lines and broadband telecommunication. CardioCommand agreed that it would adapt the CloseTouch COMPANION to operate Cyber-Care's proprietary software and operate on Cyber-Care's network. Under the agreement, the consideration will be held in escrow during the adaptation period. Adaptation will result in the CloseTouch COMPANION being compliant with Cyber-Care's previous Food and Drug Administration (FDA) clearance for Class II 510-k medical devices.
"We look forward to working closely with Cyber-Care to optimise the COMPANION as a fundamental platform for delivering telehealth service worldwide," said Maynard Ramsey, CardioCommand's chief executive and chief science and technical officer. "Cyber-Care's selection of our product further validates CardioCommand's efforts to create small, powerful and user-friendly third-generation home workstations."
With cardiovascular disease topping the nation's list of leading killers, Mike Lemnitzer, vice president of business development for Cyber-Care, expressed appreciation for CardioCommand's anticipated contributions to combating this illness through the collaboration. "The CloseTouch COMPANION further enhances the Electronic HouseCall System and advances our telehealth initiatives to a whole new level," Lemnitzer said. "This agreement demonstrates how telemonitoring companies can effectively collaborate and adapt their products to Cyber-Care's proprietary software and networking capabilities."