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Medovex Corp. Closes Acquisition of Streamline, Inc.

on Wed, 11/18/2015 - 16:22

Medovex Corp.a developer of medical technology products, announced in March that it had closed the acquisition of Streamline, Inc., a Minneapolis, Minnesota-based medical technology company. Streamline shareholders approved the transaction at a meeting held March 25, 2015.

Medovex will now combine Streamline's expertise in patient safety oriented specialty medical equipment with its vision for acquiring and developing medical technology that solves significant challenges faced by health care providers. Streamline developed the IV Suspension System (ISS(TM)), 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 pole in one system.

Jarrett Gorlin, CEO of Medovex, stated, "We are pleased to have closed our first acquisition in Streamline. 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 tested. With the transaction now closed, we are already in the process of launching a U.S. marketing partnership to be followed by a full scale product launch."

Gorlin continued, "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 are moved about a hospital."

Current methods of intra-hospital transportation require cumbersome handling and control of patient beds, mobile IV stands and equipment during the transport process. It's during these transports that patient care can be compromised. The ISS also provides safety benefits to patients through reduction in IV line pull incidents.

Streamline's President, co-founder and co-inventor Peter Blankenship stated, "The acquisition is expected to support the expansion of Streamline's future product line under its current patent portfolio with the opportunity to create other products using the base technology IP offered by the ISS platform. Streamline is focused on unlocking new value within the current space. Everyone benefits when caregivers are equipped to do more with limited time and personnel. The Streamline ISS provides value in such a way that provides efficiencies while also helping to facilitate a safer environment for both the caregiver and the patient. Now as a part of the Medovex team, we expect to be able to deliver innovative equipment management solutions to hospitals in a way that actually saves them money."

A study from the Society for Academic Emergency Medicine revealed that adverse events occurred in 68% of the 340 transports observed. 49% of those events were related to the equipment, and more specifically 26% were related to equipment IV lines.

About Medovex: Medovex was formed to acquire and develop a diversified portfolio of potentially ground breaking medical technology products. Criteria for selection include those products with potential for significant improvement in the quality of patient care combined with cost effectiveness. Medovex's first pipeline product, the DenerveX(TM) device, is intended to provide long lasting relief from pain associated with facet joint syndrome at significantly less cost than currently available options. To learn more about Medovex Corp., visit www.medovex.com

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