Wednesday, July 15, 2009

InnerCool Therapies Acquired By Philips

San Diego-based InnerCool, a wholly owned subsidiary of Cardium Therapeutics, has been acquired by Royal Philips, Philips said Wednesday. According to Philips, it will pay $11.25M in an asset purchase transaction, plus the transfer of approximately $1.5M in trade payables. InnerCool Therapies will become part of Philips' Clinical Care Systems. InnerCool was acquired by Cardium Therapeutics in March of 2006 for around $6M, and develops and manufactures disposable catheter systems.