Mentice to acquire assets of health technology startup EQIP, Inc., adding technology for logging and analysis of clinical procedures
Mentice AB (publ) has today signed an agreement to acquire all substantial assets of EQIP, Inc. (EQIP), a startup medtech company based in Jacksonville, Florida. The purchase price amounts to 180 KUSD (approx. 1.6 MSEK) with a possible additional purchase price of maximum 70 KUSD (approx. 0.6 MSEK). Purchase price will be paid with a directed new shares issue in Mentice AB and cash payment.
EQIP is a health technology startup in the field of cloud services and data analytics. Its flagship online service, myIRlog™ (www.myIRlog.com), currently provides US based health providers and physicians with the possibility to easily and securely log and track a wide range of interventional radiology procedures. To date, myIRlog™ has logged over 120,000 cases performed by close to 1,000 interventional radiologists. The myIRlog™ service allows physicians in training to monitor their own case volumes per procedure type and create reports for submission to board certification and accreditation programs. MyIRlog™ also provide analytics services for health providers, assisting them in monitoring case volumes and credentialing requirements for practicing physicians.
The EQIP acquisition is the first for Mentice within the area of web services and data analytics, and will enhance the existing Mentice Live™ cloud platform with capabilities to help establish the link between simulation training and actually performed cases in the clinical practice, eventually leading to comprehensive training and performance programs consisting of both e-learning, hands-on simulation and the first real procedures done on a patient.
Mentice intends to initially add the myIRlog™ services to its Mentice Live™ cloud offering and over time to roll out corresponding logbook services to all specialties within the endovascular and interventional fields.
“The link between simulated cases and real cases is essential for us”, says Göran Malmberg, the CEO of Mentice, “if we can integrate functionality for acquisition and maintenance of skills with benchmarking of performance during real procedures, we have come very close to establishing the much needed bridge between simulation training and training on real patients”.
EQIP was founded in late 2016 by two interventional radiologists, Dr. Travis Meyer and Dr. Ryan Braun, to design, develop and market innovative, web-based solutions for physicians. The Company’s flagship product is focused on the field of Interventional Radiology (IR) and offers a proprietary, data entry application unique to the specialty. The application allows physicians to record key aspects of the procedures they complete in a secure manner. Offering quality improvement feedback and patient management tools, EQIP aims to improve postoperative patient outcomes and patient safety while concurrently enhancing resident and fellow education.
“We are strong believers in the power of tailored medical education and personalized quality improvement”, say Dr. Travis Meyer and Dr. Ryan Braun, founders and owners of EQIP, “Our vision has always been to design and develop software which helps mold the knowledgeable and successful interventional physicians of the future. Combining forces with Mentice, we will now be able to accelerate that journey and quickly roll out this solution to other specialties and regions, to the great benefit of physicians and patients alike”.
Financing and conditions
Completion of the acquisition is expected to take place in the beginning of October 2020 and is subject to customary closing conditions. Payment will be made in cash (90 KUSD) and remaining 90 KUSD through by an off-set issuance of new shares in Mentice corresponding to the agreed purchase price which will be issued based on the authorization for the board to resolve on new issuance of shares given at the annual shareholders’ meeting on May 27 2020. The price per share will be stipulated to the average share price for the company’s shares during a ten day period occurring prior to completion of the acquisition.
For more information, please contact:
Göran Malmberg, CEO, Mentice
US Mobile. +1 (312) 860 5610
Sweden Mobile +46 (0) 703 09 22 22
Mentice is the world leader in software and hardware simulation solutions for endovascular therapies. Our solutions help healthcare professionals acquire, retain, and enhance their procedural skills driving improved productivity and outcomes. Mentice solutions are scientifically validated and have been specifically developed for healthcare providers and the medical device industry. Neurovascular, cardiovascular and peripheral interventions are just some of the clinical areas covered by our solutions. More information on www.mentice.com
This information is information that Mentice AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person, at 08.00 on October 8, 2020.
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