Observe Medical announces Letter of Intent with Medical Imaging Company to explore Strategic Partnership for Biim Ultrasound
Oslo, 29 July 2024 – Observe Medical ASA ("the Company" or "Observe Medical") today announces a non-binding Letter of Intent (“LOI”) to explore a strategic partnership with a leading American medical imaging company (the "Partner Company"). The potential strategic partnership will contain a joint effort to develop and market handheld ultrasound-based solutions for the dialysis market and explore a potential distribution partnership within the EU.
The Partner Company specializes in portable medical imaging solutions, backed by top-tier American Venture Capital and Investment Managers. Their portfolio includes ultrasound devices, device-agnostic workflow software, and AI-based analysis tools for various medical applications. This partnership aims to leverage these technologies with Observe Medical's Biim ultrasound technology, with a particular focus on supporting the existing Fresenius contract opportunity.
The LOI signifies a shared interest in leveraging both companies' expertise and technologies. This involves joint development efforts in the dialysis market, a revenue-sharing agreement based on net sales of solutions, and potential exploration of a distribution partnership within the EU. Final terms of any definitive agreement will be subject to due diligence and further negotiations.
"Observe Medical is enthusiastic about the potential of this collaboration to deliver a powerful solution for Fresenius Medical Care and potentially expand our reach to other dialysis providers. We believe that by combining Observe Medical's and Biim's expertise with the Partner Company's innovative ultrasound technology, we can create a best-in-class solution for the dialysis market," said Jørgen Mann, Interim CEO of Observe Medical.
For further information, please contact:
Jørgen Mann, Interim CEO Observe Medical
Mobile: +45 408 67 558
E-mail: jorgen.mann@observemedical.com
Rune Nystad, CDO Observe Medical
Mobile: +47 916 24 683
E-mail: rune.nystad@observemedical.com
About Observe Medical
Observe Medical is a Nordic medtech company that develops, markets and sells innovative medtech products for the global market. The Company is committed to improving patient welfare and patient outcomes, improving clinical data accuracy and promoting positive health economics.
The Company seeks to drive growth by leveraging its expertise in sales and commercialization of its broad portfolio of medical technology products, mainly in urine measurement and ultrasound, in combination with targeted M&A and distribution. Observe Medical is working with a network of leading distributors to provide outstanding solutions for healthcare professionals globally.
The Company is headquartered in Oslo, Norway.
Further information is available at www.observemedical.com.