Arrhythmia Research Technology (ART) has purchased RMDDx, a Prince Edward Island development stage company, through the company's newly formed US subsidiary, RMDDxUSA.
RMDDx is expected to develop and offer Mobile Cardiac Telemetry diagnostic monitoring services across the US. RMDDx also expects to develop a premier monitoring platform to address multiple clinical indications for diagnostics and clinical trial support, as well as continuous or episodic long term care monitoring.
ART had issued an aggregate of 115,033 shares of its unregistered common stock and five year options to acquire an aggregate of 60,000 shares of common stock, exercisable at $4.76 per share, in the transaction in exchange for the entirety of the outstanding shares and options of RMDDx.
James Rouse, president and CEO of ART, said: “The acquisition of RMDDx represents a strategic step into the medical device and service sectors to complement ART’s SAECG software and our component manufacturing through our wholly-owned subsidiary, Micron Products.
“We believe that RMDDx will not only establish a place for ART in the medical device and diagnostic services market, but also provide a solid platform for further development and application of ART’s software.
“This acquisition is an important step for us in our quest to build on our strong foundation as we seek to achieve sustained growth and increase stockholder value over the long term through diversification, product development and acquisition.”
Headquartered in the Atlantic Canada Province of Prince Edward Island, RMDDx was formed to develop and commercialize medical devices, medical information technology, medical diagnostics, and remote patient monitoring through advanced sensor, wireless, internet, and telecommunication technologies.