Cardiac Science Sells Off Monitoring Unit
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Irvine biomedical company Cardiac Science Inc. said it sold assets of its diagnostic monitoring unit to Biosensor Corp. of North Carolina.
Cardiac is selling off the unit, which makes devices that measure and monitor heart rhythms, to focus on producing another device that automatically delivers therapeutic shocks to an irregularly beating heart, said Brett L. Scott, chief financial officer. The unit being sold provided all of the company’s estimated revenue of $1.4 million for last year, he added.
Biosensor will issue 1.44 million shares of its stock to Cardiac Science, giving the Irvine company a 7.7% stake. In the last two weeks, Biosensor’s stock, which trades over the counter, has ranged between 6 cents and 19 cents a share.
Biosensor will also assume liabilities worth $110,000.
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