QRS Diagnostic Acquires Ventracors Cardiac e-Health Division
With Acquisition from Australian Medical Device Company, QRS Diagnostic Secures Control of Key Technology Components for Electrocardiography Devices
MINNEAPOLIS and SYDNEY, AUSTRALIA -- January 16, 2003 -- QRS Diagnostic, leader in innovative design and development of software-based medical devices contained entirely in computer cards, and Ventracor Ltd. (ASX:VCR), leader in medical devices for heart disease, announce they have signed an asset sale agreement for QRS to acquire Ventracors Cardiac e-Health Division. The closing date was January 9, 2003.
"The assets QRS has acquired include the intellectual property rights and U.S. and foreign patents for Ventracors PC-based and pocket-size electrocardiographs as well as a license for an ECG interpretive algorithm," says Spencer Lien, chief executive officer, QRS. "Securing these assets strengthens our lead in the growing market for PC- and PDA-based medical devices."
"We can now focus on our VentrAssist(TM) artificial heart device, for which we recently received approval to conduct human clinical trials," says Michael Spooner, Ventracors managing director and chief executive officer. "We look forward to QRS Diagnostic continuing to serve the many customers of the Cardiac e-Health Division. QRS strong commitment to the market, coupled with their international distribution channels, will help make this purchase successful."
Ventracor contracted with Ernst & Young to identify potential buyers for its Cardiac e-Health Division. B. Harlow & Associates, LLC advised Ventracor on the transaction.
About Ventracor Ltd.
Ventracor (ASX:VCR), the Heart Company (Sydney, Australia), is well positioned to significantly improve the quality of life for hundreds of thousands of people worldwide suffering heart failure, by obtaining a significant share of the left ventricular assist device (LVAD) market, which is expected to grow to between $US7.5 billion and $US12 billion annually in the next few year. Additional information on Ventracor Ltd. and its VentrAssist(TM) product may be found at www.ventracor.com.
About QRS Diagnostic
Founded in 1994, QRS Diagnostic, Plymouth, Minn., uses innovative software technology to design and develop FDA-approved medical devices that simplify and reduce the costs of diagnostic testing and patient monitoring. With our patented computer card technology platform, QRS turns standard desktop, laptop, notebook and handheld PCs into modular, upgradeable medical devices and streamlines the collection and communication of precise physiological data. We enable primary care physicians to cost-effectively practice high-tech medicine while delivering the accuracy that specialists and hospitals demand. The affordability, durability and mobility of QRS devices also advance diagnostic testing and patient monitoring for disease management, home healthcare and personal health management. For more information on QRS, please visit www.QRSdiagnostic.com.
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Note to Editors: QRS Diagnostic will exhibit its complete line of computer card medical devices, and its complementary patient data management software solutions, at the Healthcare Information and Management Systems Society (HIMSS) 2003 Annual Conference & Exhibition. HIMSS will be held at the San Diego, Calif. Convention Center on February 10-13, 2003. QRS will be at booth #4851. Editorial appointments are available upon request. To schedule an appointment, members of the media should contact David Aquilina via e-mail at davidaquilina@msn.com.
QRS Media Contacts:
David Aquilina
Communications Consultant
612-922-5551
davidaquilina@msn.com
Amy Ptak
Business Manager
763-559-8492, ext. 949
amyp@QRSdiagnostic.com
Ventracor Media Contact:
Julie Meldrum
Communications Director
011-61-2-9406-3100
julie.meldrum@ventracor.com
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