"We are committed to offering patients premium patient care,” said Susan Curry, M.D., founder and medical director, Women's Center for Radiology (Orlando, FL, USA). "To ensure patients receive the best chance at earlier detection and treatment, it is vital that we provide patients with access to the most innovative technology available for medical imaging. As a long-time customer of both Merge Healthcare and Confirma, we are ecstatic that the two companies have joined forces and CADstream will now be included in Merge's suite of offerings. Merge Healthcare continues to redefine the medical imaging community, focusing on integrations that provide standard of care technology for improved quality, workflow, and economics--all important elements in today's healthcare community.”
As part of the transaction, Merge issued approximately 5.4 million shares of Merge Healthcare common stock. In addition, Merge will add approximately US$2 million to Confirma's existing cash balance in order to retire the outstanding debt and fund transaction-related costs. Confirma shareholders approved the merger on August 28, 2009.
Confirma will be renamed Merge CAD and operated as a business unit of Merge led by Paul Budak, a four-year Confirma veteran who most recently served as the vice president of research, development, and operations. Prior to joining Confirma, Mr. Budak started and managed a number of technology companies in the Seattle (WA, USA) area. "Customers like Dr. Curry have welcomed this new step for Merge and Confirma,” remarked Mr. Budak, now president of Merge CAD, "because they understand the benefit of combining capabilities. CAD is an incredible workflow tool for improving the standardization, efficiency, and economics of MRI studies; however, but it can go only so far as a standalone application. Merge's connectivity experience and leading-edge interoperability solutions will bring CAD to a whole new level of adoption.”
"This has been a straightforward transaction with a clear value proposition,” stated Justin Dearborn, Merge CEO. "The Merge and Confirma teams both understand medical imaging technology at a very granular level and have a shared vision in ensuring that clinicians use it for faster and more efficient decision making. All stakeholders are anticipating that positive results will flow quickly from this newly combined business.”
Merge Healthcare develops systems that automate healthcare data and diagnostic workflow to enable a better electronic record of the patient experience, and to enhance product development for health IT, device, and pharmaceutical companies. Merge products, ranging from standards-based development toolkits to advanced clinical applications, have been used by healthcare providers, vendors, and researchers worldwide for over 20 years.
Confirma develops and markets CADstream, an MRI-CAD system that revolutionizes MRI study analysis and reporting. CADstream automates the analysis and interventional guidance of MRI studies, providing higher quality imaging studies, lower costs for radiology practices, and improved communication tools for physicians and patients.
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