Posted 07 July 2011
Sweet dreams: US sleep therapy group ResMed buys UCD start-up BiancaMed
ResMed (NYSE: RMD and ASX: RMD), a leading developer, manufacturer and distributor of medical equipment for treating, diagnosing, and managing sleep-disordered breathing and other respiratory disorders, has acquired the UCD start-up company BiancaMed Ltd ("BiancaMed"). ResMed has acquired all of BiancaMed's shares for cash.
BiancaMed sells an innovative, convenient, non-contact device for the monitoring of sleep and breathing in the home and hospital markets. The core of BiancaMed's proprietary technology is a sensitive motion sensor that can detect respiration and movement without being connected to the human body.
Pictured far right (l-r): JC Kyrillos, President of ResMed Ventures and Initiatives Unit, and Dr Conor Hanley, CEO and co-founder of the UCD medical technology spin-out company, BiancaMed at NovaUCD, University College Dublin
ResMed is committed to advancing innovative technology in sleep and respiratory medicine and commercialising innovative products incorporating these technologies on a global basis.
ResMed, which has a long-standing relationship with BiancaMed having provided seed investment in 2003, is seeking to expand its diagnostic range and patient reach through this strategic acquisition.
BiancaMed, a University College Dublin spin-out company, was co-founded in 2003 by Dr Philip de Chazal, Dr Conor Hanley and Professor Conor Heneghan to commercialise research undertaken in the UCD School of Electrical, Electronic and Mechanical Engineering. BiancaMed is headquartered in NovaUCD, the Innovation and Technology Transfer Centre, and currently employs 29 people.
Announcing the acquisition, Peter Farrell, ResMed's chairman and chief executive officer said: "We are committed to innovation in sleep and respiratory medicine and the related co-morbidities by commercialising products incorporating novel technologies. We have worked closely with BiancaMed for many years and have been investors since their inception in 2003."
"BiancaMed has exciting technology and a world-class team. We believe there are many opportunities for BiancaMed's applications that will provide future growth, and we look forward to maintaining and building the BiancaMed team."
Through this acquisition ResMed intends to grow and develop the exciting connected health sector in Ireland.
Welcoming the announcement Dr Conor Hanley, BiancaMed's chief executive officer said: "This acquisition will result in broadening the use of BiancaMed's unique technology and will further build on the momentum achieved by BiancaMed to date. As part of ResMed Inc., we will continue to support our existing customers."
"The successful completion of this transaction was in large part attributable to the dedication and talent of the BiancaMed team and the invaluable support received from all our investors and shareholders."
BiancaMed's shareholders include Enterprise Ireland, DFJ ePlanet Ventures, Invest Northern Ireland, ResMed, Seventure Partners and University College Dublin.
Dennis Atkinson, Managing Partner of DFJ ePlanet Capital, said: "We are proud of the achievements of the BiancaMed team and believe this acquisition is testament to both the unique and powerful technology and the strength and commitment of the team. ResMed will be an excellent home for the next phase of BiancaMed's growth."
Iain Wilcock, who represented Seventure on BiancaMed's Board, commented: "BiancaMed operates at the interface between the consumer wellness and medical device sectors.
We have made an excellent return on our investment and we are sure that Conor and his team will be able to build a substantial business faster with the extra resources that ResMed can provide to the business at this critical stage in its development."
(Produced by UCD University Relations)
