CAESAREA, Israel, January 12, 2021 -- Itamar Medical Ltd. (NASDAQ and TASE: ITMR), a leading medical device and digital health company focused on the integration of sleep apnea management into the cardiac patient care pathway, today announced that it has entered into a definitive agreement to acquire technology and assets of Spry Health for an undisclosed cash amount. Spry, based in the San Francisco Bay area, develops a wrist based medical grade remote patient monitoring (RPM) solutions.
"As we sought opportunities to build on our vision of expanding sleep apnea diagnostics from a single-night test to continuous remote patient monitoring, we identified the technology commercialized by Spry Health as a perfect fit," said Gilad Glick, President and Chief Executive Officer of Itamar Medical. "The acquisition of their FDA-cleared, wrist-worn technology and the addition of a knowledgeable pool of selected talented engineers, led by Spry co-founder and CTO Elad Ferber, provides an excellent platform for us to jump start our development initiatives to bring to market a continuous sleep apnea monitoring device to further support chronic disease management, particularly as it contributes to the added burden on cardiovascular disease.
"While finger-based monitoring yields the highest accuracy, it is currently not suitable for longer-term wear. A device that is designed for the wrist, while potentially less accurate for precise disease diagnostics, is more suitable for monitoring the continuous accumulated burden of sleep apnea and its potential impact on other diseases, such as cardiovascular conditions, due to its wearability over weeks or months," added Glick.
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Spry's patented technology is delivered through a watch-like home-based monitoring medical device called the Loop™ System. The Loop System is FDA-cleared and based on an extensive set of sensing technologies and algorithms that contextualize real-time, continuous physiologic data to flag signs of patient deterioration using bio-markers such as SpO2, respiration rate, and heart rate. These three signals, combined with Itamar's core expertise in the Peripheral Arterial Tonometry (PAT®), form the foundation for continuous sleep apnea monitoring. Itamar anticipates commencing development of a new wrist-worn device immediately, with initial market launch timing anticipated in 2022.
The total global RPM market in 2019 was estimated to be approximately $800 million and expected to reach approximately $2 billion in 2027. North America represented the largest share of the global market at approximately 38%, primarily attributed to rising cardiovascular disease1.