Zynex, a provider and developer of non-invasive medical devices for electrotherapy and stroke rehabilitation, neurological diagnosis and cardiac monitoring, announced the acquisition of substantially all the assets of NeuroDyne Medical, through its subsidiary Zynex NeuroDiagnostics, with an effective date of 9 March 2012.
Zynex acquired substantially all of NeuroDyne’s assets for US$320,000 payable at closing (US$145,000 in cash and US$175,000 in restricted common stock), and an additional US$100,000 in cash payable sixty days from the closing date. The transaction also includes a seven year earn-out incentive, based on a percentage of net revenue generated by NeuroDyne products. NeuroDyne’s CEO was appointed as VP of Technical Support for the Zynex NeuroDiagnostics subsidiary.
NeuroDyne Medical is an 18 year old manufacturer of advanced medical devices for non-invasive measurement of sEMG and autonomic nervous systems. The devices can be used for evaluation and treatment of neurological and neuromuscular disorders as well as education and research. NeuroDyne’s products include medical instruments, sensors, disposable electrodes and software that offer sEMG, EKG, EEG, respiration, skin temp, EDR, EDL, peripheral blood flow, IBI, heart rate, and heart rate variability.
Thomas Sandgaard, CEO, Zynex, commented: “This acquisition is important for us as it adds established product lines and sales channels that we expect will fuel growth in our NeuroDiagnostics division. Our long-term goal is to generate sales and profits in our NeuroDiagnostics division that will match our electrotherapy division, Zynex Medical.”
Tahir Chaudhry, CEO, NeuroDyne, commented: “We are excited to join the Zynex team and leverage their existing sales, marketing and operations infrastructure to propel the growth of the NeuroDyne products. We very much look forward to serving NeuroDyne and Zynex customers with our current line of advanced medical devices that have helped thousands of healthcare providers provide healthcare to their patients.”