Deltex acquires Medicina's TECO

The UK's Deltex Medical Group, an Altenative Investment Market-listed hemodynamic monitoring company, says that it has acquired the TECO esophageal Doppler monitor business from Medicina for an undisclosed sum.

Medicina Limited is a UK medical device company focused on marketing enteral feeding equipment. Since the early 1990s, it has developed and marketed an esophageal Doppler monitor system, the TECO. This uses a re-usable ultrasound probe, which is covered by a disposable single-use sheath. Up to three hundred TECO monitors have been installed in hospitals around the world, with the largest bases established in Ireland, China, the UK and India.

Deltex Medical has agreed to acquire the intellectual property rights to the TECO system together with all stocks of devices and accessories. To meet the cost of the acquisition and to provide finance for the subsequent integration of the TECO system, the company has placed with institutional and other investors 1,030,000 new ordinary shares of 1 pence each at 20 pence per share to raise L200,000 of cash after expenses. Application will be made for the new shares to be traded on the AIM and it is expected that dealings will commence on February 14.