Cardiak puts its assets up for sale

Asset sale

Cardiak, a spin-out from Imperial College, London and the Royal Brompton & Harefield NHS Trust, is seeking a sale of its assets, including a fully implantable heart assist device.

According to Cardiak, the device has a number of novel features, including low-trauma implantation, no direct contact with the blood, and no leads passing through the skin. Following discussion with its shareholders and advisors, Cardiak is seeking a sale of its assets via a bid process.

The technology comprises an intellectual property portfolio, including three key patents filed in many key territories covering a novel axial shift impeller pump and its associated use as an extra aortic counterpulsation device. It also includes a number of prototype implantable extra-aortic counter-pulsation devices, power supplies and driver systems. These, according to Cardiak, have demonstrated excellent haemodynamic performance in direct comparison with the current performance standard for counter-pulsation; the intra-aortic balloon pump.

Also included are technical details and specifications relating to the company’s proprietory akpulsor device and the driver technology, along with the Cardiak brand image, internet domains and trademarks. The technical and commercial advantages would be well suited to integration into a company seeking a complementary/line extension product to an existing range of cardiovascular devices or looking to access the Class III heart failure market.

Interested parties are requested to make their formal cash bids to the company by the closing date of 5pm GMT on Friday 7 November 2008.