Deal With Animas
Animas Corp. entered into a definitive agreement to acquire certain assets of Cygnus for $10 million in cash . The assets included substantially all of Cygnus’ intellectual property rights, fixed assets, supplier, manufacturing and license agreements, inventory and tangible personal property. Animas has acquired over 237 U.S. and foreign patents in the fields of continuous glucose sensing, extraction of interstitial fluid by reverse electro-iontophoresis and electrochemical sensors. The transaction was consummated in March, 2005. Anmas Corp was acquired by Johnson and Johnson in 2006. Animas Corp. was aware that GlucoWatch was flawed in various factors that hampered its market acceptance. Some technical flaws included excessive skips, excessive warm-up time, limited wear-time, susceptibility to interference by perspiration, skin irritation, excessive bulkiness, and inaccuracy. Animas incorporated improvements in the device and evaluated the commercial and technical feasibility of implementing such improvements. They reconfigured the GW2 GlucoWatch Biographer to the third-generation GW3 GlucoWatch Biographer. The efforts by Animas Corp did not materialize into the product’s success. In July 2007, Animas ceased sale of the GlucoWatch G2 Biographer system. Sale of AutoSensors and customer support was provided till July 2008.
Read more about this topic: Cygnus Inc
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