03.11.15
Atlanta, Ga.-based Medovex Corp. has agreed to a merger deal where it will acquire 100 percent of the stocks of Streamline Inc., a Minneapolis, Minn.-based medtech company. The deal is expected to close by March 25.
Medovex plans to combine Streamline’s expertise in patient safety oriented durable medical equipment with Medovex’s vision for acquiring and developing medical technology that solves significant challenges faced by health care providers. Streamline developed the IV Suspension System (ISS), a patient equipment management device that makes the management of patients and their equipment easier, safer and more efficient within hospitals by combining the advantages of both stand-alone and bed-mounted IV (intravenous) pole in one system.
“Pending approval, Streamline will be our first merger,” said Jarrett Gorlin, CEO of Medovex. “According to Critical Care Medicine, there are roughly 100,000 critical care beds in U.S. hospitals. It is a turnkey acquisition and its product can immediately be brought to market in scale. The technology is patent protected, FDA cleared, already manufactured and extensively tested. We anticipate forming a U.S. marketing partnership in upcoming weeks followed by a full scale product launch. Streamline’s ISS technology serves a growing need for safety and efficiency for both patients and caregivers in the hospital setting. The product provides caregivers with a more efficient means of handling the growing amount of patient equipment that remains with patients as they move about a hospital.”
Current methods of intra-hospital transportation require cumbersome handling and control of patient beds and mobile IV stands during the transport process. Patient care can be compromised during these transports. The ISS is also touted to provide safety benefits to patients through reduction in IV line pull incidents.
A study from the Society for Academic Emergency Medicine revealed that adverse events occurred in 68 percent of the 340 transports observed. Forty-nine percent of those events were related to the equipment, and more specifically, 26 percent were related to equipment IV lines.
Medovex was founded to acquire and develop a diversified portfolio of medtech companies and products.
Medovex plans to combine Streamline’s expertise in patient safety oriented durable medical equipment with Medovex’s vision for acquiring and developing medical technology that solves significant challenges faced by health care providers. Streamline developed the IV Suspension System (ISS), a patient equipment management device that makes the management of patients and their equipment easier, safer and more efficient within hospitals by combining the advantages of both stand-alone and bed-mounted IV (intravenous) pole in one system.
“Pending approval, Streamline will be our first merger,” said Jarrett Gorlin, CEO of Medovex. “According to Critical Care Medicine, there are roughly 100,000 critical care beds in U.S. hospitals. It is a turnkey acquisition and its product can immediately be brought to market in scale. The technology is patent protected, FDA cleared, already manufactured and extensively tested. We anticipate forming a U.S. marketing partnership in upcoming weeks followed by a full scale product launch. Streamline’s ISS technology serves a growing need for safety and efficiency for both patients and caregivers in the hospital setting. The product provides caregivers with a more efficient means of handling the growing amount of patient equipment that remains with patients as they move about a hospital.”
Current methods of intra-hospital transportation require cumbersome handling and control of patient beds and mobile IV stands during the transport process. Patient care can be compromised during these transports. The ISS is also touted to provide safety benefits to patients through reduction in IV line pull incidents.
A study from the Society for Academic Emergency Medicine revealed that adverse events occurred in 68 percent of the 340 transports observed. Forty-nine percent of those events were related to the equipment, and more specifically, 26 percent were related to equipment IV lines.
Medovex was founded to acquire and develop a diversified portfolio of medtech companies and products.