Zynex, a provider and developer of non-invasive medical devices for electrotherapy and stroke rehabilitation, neurological diagnosis and cardiac monitoring, announced that it entered into an exclusive letter of intent, through its subsidiary Zynex NeuroDiagnostics, to acquire substantially all of the assets of NeuroDyne Medical, subject to certain conditions, including satisfactory completion of due diligence and final documentation.
NeuroDyne Medical, located in Cambridge, Massachusetts, USA, is an 18 year old FDA-GMP compliant manufacturer of advanced medical devices for non-invasive measurement of sEMG and autonomic nervous systems. The devices are 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. The products are sold worldwide and are used by healthcare providers, educators and researchers. NeuroDyne has over 2,000 customers that include companies such as the US Air Force, Harvard University Health Services, MIT, Mayo Clinic, Procter and Gamble and Johnson and Johnson.
Thomas Sandgaard, CEO of Zynex, commented, “This potential acquisition is strategic for us, as we believe it will provide us a rapid entrance into the neurodiagnostic market and will allow us to diversify our current product offerings. NeuroDyne also has established global sales channels that should help our international sales growth. Tahir Chaudhry, founder and CEO of NeuroDyne, has built a good business and we are excited to work with him to finalise the acquisition and integration into Zynex NeuroDiagnostics.”
Tahir Chaudhry, CEO of NeuroDyne, commented, “I believe Zynex offers the ideal platform to further advance the already proven NeuroDyne product mix and accelerate the global reach into the neurodiagnostic market. Zynex has a proven track record of high growth and I believe that the addition of NeuroDyne will be a good strategic fit.”