Cardiac Science Acquires Defibrillator Maker

Cardiac Science Inc., an Irvine marketer of external cardiac defibrillators, said Thursday that it has acquired a privately held Massachusetts company that makes a cell-phone size defibrillator for mobile cardiac patients.

Cardiac Science issued 4.5 million shares worth $22.5 million to acquire Cadent Medical Corp. in Bedford, Mass.

Cardiac Science plans to integrate its software into the new device to assure that a patient, whether in a hospital or at home going about daily activities, automatically receives an immediate defibrillation shock should he suffer a life-threatening heart rhythm.

Cadent Medical also offers additional technology for use in Cardiac Science’s existing and planned product lines.

“This acquisition extends our product reach beyond the hospital to the emerging at-home market,” said Raymond W. Cohen, Cardiac Science’s president.

Cohen said the market for such wearable devices includes about 4.8 million cardiac patients who are discharged from U.S. hospitals each year and who face the temporary risk of suffering life-threatening heart rhythms.

He said the company will complete the product development, gain regulatory clearance and begin selling the device within 18 months.

The company, which lost $7.7 million last year on revenue of $103,000, recently sold 2.15 million shares to raise $9.7 million through a private placement. Last month, it licensed its technology to Medtronic Physio-Control, one of the largest manufacturers of external defibrillators.

Cardiac Science’s stock gained 9 cents a share Thursday to close at $5.50 a share in over-the-counter trading.