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Biotelemetry Prevails in Court, Acquires Rival

February 4, 2014 By the Associated Press

Shares of wireless medical device maker BioTelemetry jumped Monday after the company announced it had prevailed in court — and subsequently acquired — a rival wireless technology company.

The maker of remote heart monitors said it won a key victory in a patent dispute over its technology with Mednet Healthcare Technologies. Mednet and its subsidiaries entered a consent judgment, declaring that they had infringed five patents owned by Biotelemetry.

Following the judgment, Biotelemetry acquired all outstanding shares of its Melville, N.Y.-based rival for $6.3 million in cash and stock and the assumption of $9.7 million in debt.

“I believe the acquisition of Mednet is the best possible outcome for all involved,” said Biotelemetry CEO Joseph Capper, in a statement. “While an unorthodox path to such a combination, the company will benefit from Mednet’s more than $25 million in annual revenue.”

Shares of BioTelemetry Inc. rose $1.61, or 22 percent, to $8.90.

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  • Home
  • Medical Device Business
    • Mergers & Acquisitions
    • Financial
    • Regulatory
  • Applications
    • Cardiovascular
    • Devices
    • Imaging
    • Implantables
    • Medical Equipment
    • Orthopedic
    • Surgical
  • Technologies
    • Contract Manufacturing
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    • Extrusions
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    • Motion Control
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  • 2022 Leadership in MedTech
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