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iCardiac Technologies, a global provider of cardiac safety assessment services to the pharmaceutical industry, announced the acquisition of the clinical trials division of nSpire Health. No financial terms of the deal were disclosed, and the transaction is effective immediately. nSpire provides centralized spirometry, pulmonary diagnostics, challenge testing, eDiary and data management services for Phase I-IV studies.
Alex Zapesochny, president & CEO of iCardiac told Applied Clinical Trials that the acquisition was a natural part of the company’s evolution. Starting as a small company nine years ago, focusing on early phase studies, which shifted to the company servicing larger CRO trials about five years ago. “In the past year, over half of our revenues now come from late phase studies,” said Zapesochny.
Five years ago is also when the relationship between iCardiac and nSpire began, and the two companies have worked as closely-integrated partners on over 20 clinical trials in that time. Last year, California- based Norwest Venture Partners purchased a majority equity stake in iCardiac, and that infusion led to the nSpire purchase.
Zapesochny believes that pharma, historically a risk averse industry, is now in a perfect place to take full advantage of the offerings the new entity now offers. “We are seeing something happening in the industry where innovation is not equated with risk,” he said. The trends of Bring Your Own Device (BYOD), patient centricity, adaptive designs, and more new techniques, are facilitating the industry’s newfound confidence in innovation. “We are well-positioned to respond to the change in the industry,” said Zapesochny.
iCardiac will focus on getting larger through potential additional acquisitions, as well as developing improved devices, take home devices, as well as the accompanying software. The company is also exploring a name change or rebranding to reflect its combined direction.
With the sale of its clinical trials division, nSpire Health will focus on developing and expanding its commercial healthcare business and will also serve as an equipment supplier to iCardiac for clinical trials applications.
Read the full release.