Arrhythmia Research Technology Inc. (NYSE:HRT) bought out the remaining shares of Prince Edward Island, Canada-based RMDDx Corp. in a stock and options swap.
The Fitchburg, Mass.-based cardiac support technology maker carried out the deal through RMDDx’s U.S.-based subsidiary RMDDxUSA Corp., according to a press release.
ART issued 115,033 shares of its unregistered common stock and five-year options to acquire 60,000 shares of RMDDx common stock, exercisable at $4.76 per share, according to the release (PDF). The company said the stock and options are subject to release from escrow and vesting based on performance targets.
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ART develops signal-averaging electrocardiography software used for detecting heart arrhythmias in addition to cardiac sensors and component parts for medical equipment through its subsidiaries. ART sees the acquisition as a way to “establish a place for ART in the medical device and diagnostic services market,” and “provide a solid platform for further development and application of ART’s software,” ART CEO James Rouse said in prepared remarks.
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
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