San Jose, CA, July 06, 2011 --(PR.com
)-- ePlanet Capital announced today that BiancaMed Ltd, a DFJ ePlanet Ventures I L.P investment and leading Irish medical technology company, has been acquired by ResMed Inc. (NYSE: RMD and ASX:RMD), a leading developer, manufacturer and distributor of medical equipment for treating, diagnosing and managing sleep-disordered breathing and other respiratory disorders. ResMed purchased all of BiancaMed’s outstanding shares with cash.
BiancaMed has developed and is marketing a novel, convenient, non-contact device to monitor sleep and breathing in the home and hospital. BiancaMed’s SleepMinder™ is an accurate, touch-free device that measures sleep and breathing with sophisticated biometric software. The core of BiancaMed’s proprietary technology is a motion sensor that can detect respiration and movement without physical contact with the human body. The company is developing a number of other applications for the technology, across a range of medical and consumer settings and will become a part of ResMed’s newly-created Ventures and Initiatives unit.
“We are committed to innovation in sleep and respiratory medicine and the related co-morbidities by commercializing products incorporating novel technologies,” commented Dr. Peter Farrell, ResMed’s chairman and chief executive officer. “We have worked closely with BiancaMed for many years and have been investors since their inception in 2003. BiancaMed has exciting technology and a world-class team. We believe there are many opportunities for BiancaMed’s applications that will provide future growth, and we look forward to maintaining and building the BiancaMed team.”
Welcoming this announcement, Dr. Conor Hanley, BiancaMed’s chief executive officer, said, “This acquisition will broaden the use of BiancaMed’s unique technology and build on BianceMed’s momentum. As part of ResMed, we will continue to support our existing customers. The successful completion of this transaction was attributable to the dedication and talent of the BiancaMed team and the invaluable support received from all our investors and shareholders.”
As the largest investor in BiancaMed, ePlanet Capital will see a significant return on its investment in and support of BiancaMed. Dennis Atkinson, Managing Partner of ePlanet Capital, said, “We are proud of the achievements of the BiancaMed team and believe this acquisition is testament to both the unique and powerful technology and the strength and commitment of the team. ResMed will be an excellent home for the next phase of BiancaMed’s growth.”
JC Kyrillos, President of ResMed Ventures and Initiatives, stated, “In May of this year, we created ResMed Ventures and Initiatives to focus on opportunities in chronic disease states related to sleep-disordered breathing and other market opportunities. BiancaMed represents the type of investment we are pursuing, because it has current applications in our core sleep market, and several potential future applications in chronic diseases such as heart failure and chronic obstructive pulmonary disease.”
BiancaMed, a University College Dublin spin-out company, was co-founded in 2003 by Dr. Philip de Chazal, Dr. Conor Hanley and Professor Conor Heneghan to commercialize research undertaken in University College Dublin’s School of Electrical, Electronic and Mechanical Engineering. BiancaMed is headquartered in NovaUCD, the Innovation and Technology Transfer Centre, and currently employs 29 people. ResMed plans to retain BiancaMed’s employees, and the office in Dublin will remain active. For more information, visit biancamed.com.
About ePlanet Capital
ePlanet Capital, founded by Asad Jamal, is the first venture/growth capital firm to utilize a global model with offices in Asia, Europe and the United States. ePlanet pioneered venture capital investing in non-U.S. markets, including Europe and China, Korea and India. Since then, ePlanet has developed a successful track record in making growth and venture investments on a global basis, with a particular focus on emerging markets and Asia. ePlanet was awarded the Asia VC of the Year 2009, the China Exit of the Year award for the No. 1 search engine Baidu’s IPO in 2005 and the Europe Exit of the Year award for the No.1 VoIP Company Skype in 2005. ePlanet has been consistently ranked amongst the Top 20 venture capital firms by FORBES for 2007–2009 and has also been called the ‘Pioneer of Global Venture Capital’ by FORBES in 2007. ePlanet’s portfolio companies have achieved a market cap in excess of $50 billion, and ePlanet’s funds are considered amongst the most successful in their vintages. For more information, visit eplanetcapital.com
ResMed is a leading developer, manufacturer, and distributor of medical equipment for treating, diagnosing, and managing sleep-disordered breathing and other respiratory disorders. We are dedicated to developing innovative products to improve the lives of those who suffer from these conditions and to increasing awareness among patients and healthcare professionals of the potentially serious health consequences of untreated sleep-disordered breathing. For more information, visit www.resmed.com.