New Device May Revolutionize the Sleep Apnea Industry
Innomed Technologies Inc, Boca Raton, Fla, recently introduced the FDA-approved Nasal Aire interface, helping the company receive sales commitments of more than $20 million. The device does not require a headgear, virtually eliminates all pressure points on the face and bridge of the nose, has one of the highest CO2 washouts, contains virtually no parts that can break from the device, and wears like an oxygen cannula.
Contracts are already signed with three distributors to market the Nasal Aire interface to the home care markets in the United States and abroad, as well as the domestic hospital market, and the company is in negotiations with numerous other international distribution networks.
According to analyst reports, the sleep apnea market is growing at a pace of 25% annually, with 40% of the market devoted to respiratory products, says Patrick Karem, CEO of Innomed Technologies. Furthermore, 150 physicians from across the country serve on Innomeds advisory board. These physicians have endorsed the product and have expressed great enthusiasm in getting this innovative device on the market and to patients in need. (800) 200-9842; www.innomedinc.com.
The Academy of Dental Sleep Medicines 11th Annual Conference will be held June 6 to 9 at the Elliott Grand Hyatt in Seattle. The meeting will feature an international gathering of leading clinicians, researchers, and academicians working in the field of dental sleep medicine. Continuing education credits are available to eligible participants.
For more information, contact Mary Beth Rogers at (724) 935-0836 or visit www.dentalsleepmed.org.
Nonin Announces Updated Web Site
Nonin Medical Inc, St Paul, Minn, updated www.nonin.com in order to provide customers, business associates, and employees with an up-to-date resource for information about the company and its products. New features include a company profile, press releases, calendar listings, and customer support to help users stay on the leading edge of technology. (800) 356-8874; www.nonin.com.
Respironics and Novametrix Sign $90-Million Merger Agreement
Respiratory care product manufacturers Respironics Inc, Pittsburgh, and Novametrix Medical Systems Inc, Wallingford, Conn, entered into a definitive merger agreement on December 18, 2001, in which Respironics will acquire Novametrix. The boards of directors of both companies unanimously approved the deal.
Novametrix is an excellent fit strategically and operationally. This is a highly synergistic transaction in terms of technology, products, and markets served, says James W. Liken, president and CEO of Respironics. In addition, our sales and marketing efforts are complementary. We expect the transaction to be accretive in the first full year following the acquisition.
Combined revenues of the two companies are approximately $490 million for the latest 12 months. This tax-free, stock-for-stock transaction is valued at $8.65 per share to the Novametrix stockholders, or $90 million, based on the assumption of approximately $6 million in debt and Respironics December 17, 2001, closing price of $34.59.
Novametrix board of directors and management team strongly endorse this tax-free transaction and believe it is an excellent opportunity for Novametrix stockholders, says William J. Lacourciere, chairman and CEO of Novametrix. As part of this acquisition, Novametrix becomes an important contributor to Respironics growth in revenues and earnings. This was an important consideration in deciding on a stock-for-stock transaction.
For more information on the acquisition, visit www.respironics.com and www.novametrix.com.
DeVilbiss and Fisher & Paykel Support ASAA
The American Sleep Apnea Association (ASAA) announced in November that DeVilbiss Inc, now Sunrise Medical, Carlsbad, Calif, has rejoined the ASAA Industry Roundtable as a Patron and that Fisher & Paykel Healthcare Inc, Laguna Hills, Calif, renewed its membership in the Roundtable at the Contributor level.
Members of the Industry Roundtable make unrestricted tax-deductible contributions to help the association aid those affected by sleep apnea.
For more information on ASAA programs and material, call (202) 293-2650 or visit www.sleepapnea.org.
New Practice Builders President
Medical World Communications Inc (MWC), Jamesburg, NJ, announces the promotion of Lonnie Hirsch to president of Practice Builders as part of an ongoing growth strategy for the subsidiary company of MWC. Practice Builders is a professional-practice health care marketing firm specializing in the design and implementation of private-practice growth and marketing plans. Hirsch will assume immediate responsibility for national operations, including sales, marketing, support services, and product development.
Medwave Collaborates with LDS Hospital
Medwave Inc, St Paul, Minn, will participate in a clinical study titled Sleep Apnea and Left Ventricular Hypertrophy in the Obese; Prevalence and Relationship, in cooperation with the Intermountain Sleep Disorders Center at LDS Hospital, Salt Lake City. The principal investigators believe that unrecognized nocturnal hypertension, which may develop through episodes of sleep apnea, may be a significant contribution to heart disease.
It is anticipated that the study may be complete enough to present data at the European Respiratory Society meeting in August 2002 and the American College of Chest Physicians meeting in November 2002. (800) 894-7601.