TORONTO, Oct. 21 /PRNewswire-FirstCall/ - Biosign Technologies Inc. ("Biosign") (TSXV: BIO) has completed the acquisition of substantially all of the assets of Healthanywhere Inc. ("HA"), a privately-held eHealth solutions provider. Consideration paid to HA was comprised of an aggregate of 3,500,000 common shares of Biosign, which shares will be subject to a hold period of four months under applicable securities laws.
The allocation of the purchase price was approximately $3,400,000 for the intellectual property/software acquired and approximately $900,000 for current and capital assets. The HA intellectual property includes a 510k clearance from the U.S. Food and Drug Administration for the HA solution as a Class II medical device and 8 patent applications. Biosign has assumed the existing client base of HA with deployments within Canada, the United States and the UK.
HA provides software solutions addressing the continuum of care from wellness promotion and self-managed care to chronic disease management. The HA solution has proven its ability to improve outcomes. A recent project that included 98 patients in Northern Ontario reported outcomes that include a 50 percent reduction in events/incidences resulting in emergency room visits, while falls decreased by 85 percent.
Radu Leca, Biosign's CEO, noted: "This acquisition pleases us on several fronts. Adding HA solutions to the Biosign UFIT® non-invasive measurement platform creates a wholly innovative, scalable, end-to-end health monitoring solution that solves persistent problems for providers and payers in several vertical markets. For example, legislation changes in the Unites States mandate a shift in patient monitoring costs from 'administration' to 'medical provision' (or from 'inhouse' to 'outsourced') in order for insurers to comply with the recently enacted Patient Protection and Affordable Care Act. This change creates a brand new, multi-billion dollar market for reliable telemetric patient monitoring that Biosign can immediately address."
About Biosign Technologies Inc.
Biosign Technologies Inc. (TSXV: BIO) provides biomedical systems. Key applications include intelligent systems for noninvasive monitoring of common health risks associated with blood pressure, glucose, and medication. The core technology combines measurement, analysis, and rapid knowledge formation to support health monitoring across global markets. The UFIT® medical device technology powers quality data collection and analytics for clinical diagnostics, self-care, wellness, disease state evaluation & management, and remote patient monitoring. For more information on Biosign, please visit www.biosign.com.
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and Biosign's actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in, Biosign's filings with Canadian securities regulators (www.sedar.com).
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SOURCE Biosign Technologies Inc.