Bittium and Technomed Signed a New Distributor Agreement Concerning Bittium Faros™ ECG and Bittium Respiro™ Sleep Apnea Measuring Devices and Cancelled the Planned Minority Shareholding Transaction
Press release
Free for publication on February 10, 2022, at 8.00 a.m. (CET +1)
Bittium and Technomed Signed a New Distributor Agreement Concerning Bittium Faros™ ECG and Bittium Respiro™ Sleep Apnea Measuring Devices and Cancelled the Planned Minority Shareholding Transaction
Oulu, Finland, February 10, 2022 – Bittium Biosignals Ltd and British ECG service provider Technomed Limited have signed a distributor agreement concerning Bittium Faros™ ECG measuring devices and Bittium Respiro™ sleep apnea measuring devices and software. The agreement defines the distribution rights for both devices. According to the agreement, Technomed gets sole rights to use Bittium Faros™ ECG measuring devices to provide cardiology diagnostic services in the UK. In other respects, the agreement does not define sole rights related to sales rights. Under the agreement, Technomed will commit to minimum purchase amounts of both devices for the period 2022–2024.
The agreement between Bittium Biosignals Ltd and Technomed Ltd according to which Bittium planned to acquire a 25 percent stake in Technomed's shares, will not be fulfilled. The technical conditions required for the share purchase were not met, and Bittium has terminated the agreement. The companies announced the planned share purchase in a press release on September 1, 2021.
It has been agreed that the close cooperation between the companies will continue without Bittium's share ownership, and the distribution agreement described above has been signed. Technomed has been using Bittium Faros™ ECG measuring devices in its service offering for several years, and the goal is to intensify the cooperation in the introduction of Bittium sleep apnea measurement technology.
“Despite the cancellation of the share ownership agreement, there is a strong will to continue good cooperation between the companies. Technomed is our long-term partner, and collaboration in the measurement and monitoring of biosignals and the development of analysis software is important to us in advancing the technologies needed for the medical services business,” says Antti Näykki, Senior Vice President of Bittium's Medical Technologies Product and Service Area.
Further information:
Antti Näykki
Senior Vice President, Medical Technologies
Tel. +358 40 344 3507
Distribution:
Main media
Bittium
Bittium specializes in the development of reliable, secure communications and connectivity solutions, leveraging its 35-year legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and services, customized solutions based on its product platforms and R&D services. In the field of healthcare technology, Bittium offers solutions for the measurement and monitoring of biosignals in the areas of cardiology, neurophysiology, rehabilitation, occupational health, and sports medicine. Net sales in 2021 were EUR 86.9 million and operating profit was EUR 3.2 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com
Technomed
Technomed is a UK CQC inspected healthcare provider that uses a hybrid approach of Machine Learning (A.I.) and human expertise to deliver high-end arrhythmia diagnostic testing at point-of-care or by mail-order facility. The first NHS Digital assured, HSCN connected ECG monitoring service that affords customers flexible and interchangeable service solutions that meet the challenges of diagnostic delivery in today’s changing healthcare landscape. http://www.ecg-od.com