August 30, 2013
ITC Acquires Accumetrics to Form Leading POC Cardiovascular Diagnostics Business
PISCATAWAY, N.J. and SAN DIEGO, Aug. 30, 2013 /PRNewswire/ -- ITC Nexus Holding Company (ITC), a global leader in hemostasis management and Point-of-Care (POC) testing, today announced it has acquired Accumetrics, a global leader in assessing patient response to all major antiplatelet therapies. Terms of the transaction were not disclosed.
ITC develops, manufactures, and markets the Hemochron® product line, a market-leading POC system used to measure clotting activity for patients undergoing anticoagulation therapy. Accumetrics develops, manufactures, and markets the VerifyNow® product line, a market-leading POC system used to measure platelet reactivity following antiplatelet therapies, including ADP receptor antagonists and aspirin.
"ITC has a history of innovation and leadership in Point-of-Care coagulation testing and Accumetrics is a pioneer and leader in Point-of-Care platelet function testing," said John Sperzel, Chief Executive Officer (CEO) of ITC. "The combination of ITC's Hemochron® and Accumetrics' VerifyNow® product lines creates a leading hospital-based POC cardiovascular diagnostics business."
"Accumetrics has played a leading role in the development of the antiplatelet monitoring market. The performance of the VerifyNow system has been demonstrated in numerous clinical studies, and we have thousands of satisfied customers around the world," said Accumetrics Chief Executive Officer Timothy I. Still. "I am confident that combining Accumetrics with ITC provides the best opportunity to accelerate the global adoption of the VerifyNow system."
Mr. Sperzel will serve as CEO of the combined company and Greg Tibbitts, Chief Financial Officer of Accumetrics, will serve as CFO of the combined company. Now that the transaction has closed, the process of integrating the ITC and Accumetrics businesses will begin immediately and the leadership teams will work closely to insure a seamless transition for customers.
The combined company will assume a new name, Accriva Diagnostics, and its corporate headquarters will be established in San Diego.
Jefferies LLC served as the exclusive financial advisor to Accumetrics and Cooley LLP served as its legal advisor. Willkie Farr & Gallagher LLP served as ITC's legal advisor.
ITC is a world leader in the fields of hemostasis management and POC testing with over 40 years of knowledge and experience. ITC develops, manufactures, and markets: Hemochron® and ProTime® POC coagulation systems; IRMA TruPoint® Blood Gas and Electrolyte systems; Avoximeter® CO-Oximetry systems; and Tenderfoot®, Tenderlett® and Surgicutt® skin incision products. For more product information, go to www.itcmed.com
Accumetrics is committed to advancing medical understanding of platelet function and enhancing quality of care for patients receiving antiplatelet therapies by providing industry-leading and widely accessible diagnostic tests for rapid platelet function assessment. Accumetrics' VerifyNow System® is the first rapid and easy-to-use platform to help physicians determine an individual's response to multiple antiplatelet agents. Addressing every major antiplatelet drug, including FDA-cleared products for aspirin, P2Y12 inhibitors (e.g. prasugrel (Effient®) and clopidogrel (Plavix®)), and GP IIb/IIIa inhibitors (e.g. ReoPro® and Integrilin®), the VerifyNow System® provides valuable information to help physicians make informed treatment decisions. For more information about Accumetrics and its products, visit www.accumetrics.com
Kim Ballard, ITC Nexus Dx
Tel: 1 732.548.5700 ext. 4149