ANN ARBOR, Ml / ACCESSWIRE / May 8, 2023 / Zomedica Corp. (NYSE American:ZOM) ('Zomedica' or the 'Company'), today announced it has exercised its option to move forward with the acquisition of Structured Monitoring Products, Inc. (SMP), the makers of VetGuardian™ zero-touch vital signs remote monitoring system, at a previously negotiated purchase price. Exercising this option began a period where the companies have agreed to work together to complete due diligence and negotiate a definitive acquisition agreement.
The VetGuardian system improves the quality of care of pets during recovery from surgery, and for those staying in clinic overnight by providing real time remote monitoring of the pet's vital signs with the ability to alert staff if the vital signs exceed preset ranges. Its unique patented doppler technology allows the VetGuardian system to read vital signs in real time without wired leads, or a harness on the pet, thus allowing the pet to rest comfortably during recovery.
Zomedica has been distributing the VetGuardian system since January 2023 through its direct sales force and is currently in the process of extending its launch through U.S. animal health distributors.
The acquisition is rooted in the original convertible note investment made by Zomedica in SMP in May 2022 followed by subsequent investments in January and March of 2023. As it exercised its acquisition option, the Company paid SMP a non-refundable deposit of $250 thousand and will now conduct diligence and expects to finalize a definitive agreement which will include the price set according to the terms negotiated as part of the original investment agreement.
"Deciding to exercise the option to move forward with an acquisition of SMP is the culmination of years of work by the dedicated team at SMP, and the breakthrough technology that they have delivered for veterinarians across the country," stated Larry Heaton, Chief Executive Officer of Zomedica. "We have been pleased with being part of launching this product into the marketplace and are excited to lead the remote, wireless monitoring animal health industry. The VetGuardian system provides for improved quality of care for pets, relief for staffing challenges faced by veterinarians, and a new revenue stream for their practices, all of which are needed by the veterinarian community," continued Heaton.
Vik Ramprakash, Founder and CEO of Structured Monitoring Products commented, "We're thrilled to join forces with Zomedica Corp. and see this as an opportunity to expand the reach of our technology, providing pet owners and veterinarians with even more innovative solutions to improve the quality of care for animals."
About Structured Monitoring Products
Based in Elyria, Ohio, Structured Monitoring Products, Inc. is committed to commercialize innovative remote sensing technology solutions to improve the quality and efficiency of animal care. SMP's zero-touch vital signs remote monitoring platform provides veterinarians the ability to monitor stressed or aggressive animal patients without wires or wearables and to become the norm of tomorrow.
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) is a veterinary health company creating products for companion animals by focusing on the unmet needs of clinical veterinarians. Zomedica's product portfolio will include innovative diagnostics and medical devices that emphasize patient health and practice health. It is Zomedica's mission to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.
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SOURCE: Zomedica Corp.