Biosign Flips its Medical Device Line to Global Life Safety Group
Canadian healthcare software company Biosign Technologies on Monday announced the sale of its Pulsewave medical device line to Vancouver, British Columbia-based Global Life Safety Group for $1,830,873.
Prior to the agreement, Global President and CEO Robert Kaul resigned from Biosign, where he also served as CEO. Biosign Chairman Michael Gross will serve as interim CEO of the Mississauga, Ontario company.
Biosign management will consult with a business controlled by Kaul to ensure a smooth transition, the company said.
Global’s purchase of the Pulsewave line includes assets, intellectual property and other intangible assets. Global will also shoulder the division’s operating costs, which include real estate, facilities, employees, R&D and manufacturing expenses. Payments will accelerate after certain unspecified milestones, the companies said.
The divestiture allows Biosign to focus on providing healthcare IT solutions through its Germany-based AioMed GmbH and other software divisions, Gross said.
The deal is expected to close around Aug. 15. — Kellen Owings
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