March 27, 2008 - GE Healthcare said yesterday it completed the acquisition of VersaMed Corp., a provider of portable critical care ventilators for respiratory care products.

GE said VersaMed’s products will expand GE Healthcare’s capabilities in respiratory care management, offering a variety of advanced life support ventilators.

The merger deal has been developed over the past year, said VersaMed CEO Jerry Korten. He said his company is delighted to be joining GE Healthcare.

The financial terms of the deal were not disclosed.

VersaMed develops portable, software-based, smart ventilators for use in a variety of settings. Its flagship product is the iVent 201, an intensive care-grade ventilator designed to be compact and portable for use in hospitals for acute and sub-acute care, in emergency transport and in the home. The iVent 201 is being used by a number of governmental and healthcare organizations as part of their pandemic and other emergency preparedness plans.

GE Healthcare’s Clinical Systems business is a provider of advanced technologies for acute respiratory care, and GE said the strong strategic fit between the two businesses will offer substantial customer benefits through complementary products and services.

Omar Ishrak, president and CEO of GE Healthcare’s Clinical Systems business unit, said VersaMed has a strong track record of customer-focused innovation and a product portfolio complementary to GE’s existing respiratory care products.

“We believe that combining the expertise and knowledge of the two businesses will create significant added value for our customers, bringing new technologies to healthcare professionals worldwide,” Ishrak said. “Respiratory care is a key area of growth for GE Healthcare and expanding our skill base and product offering in this area supports our vision of helping our customers meet a wide range of needs, wherever the care setting.”

“The combination of VersaMed with GE Healthcare’s resources and global reach will allow us to accelerate our development programs and bring our innovative products to a much wider customer base,” Korten said.

In the U.S. the iVent 201 is cleared by the FDA for use in hospitals, home, patient transport and emergency/alternate-site care venues.

VersaMed’s annual revenue for 2008 is expected to reach more than $30 million. The company said revenues have been growing at a rate of more than 30 percent a year.

VersaMed was founded in 1999 and is headquartered in Pearl River, NY. The company has about 100 employees worldwide.

For more information: www.gehealthcare.com


Subscribe Now