Royal Philips Electronics has reached an agreement to acquire the assets of InnerCool Therapies, a therapeutic hypothermia company, which involves the management of a patient's body temperature. The San Diego-based InnerCool, a wholly-owned subsidiary of Cardium Therapeutics, will be acquired in an asset purchase transaction for $11.25M, as well as the transfer of approximately $1.5M in trade payables.
With this transaction, Philips is seeking a stronger foothold in the emergency care market by adding body temperature management solutions to its existing product offering. Therapeutic hypothermia solutions aim to induce, maintain and reverse hypothermia or maintain normal body temperature, to preserve organs such as the heart and brain in the event of sudden cardiac arrest.
This will allow Philips to provide future applications for acute MI and stroke, which could further preserve heart and brain tissue, according to Steve Rusckowski, CEO of Philips Healthcare.