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| Acquiring Party | Ithaka Acquisition Corp. (OTCBB:ITHKU), a special purpose acquision corporation (SPAC). |
|---|---|
| Transferring Party | Alsius Corporation, a maker of proprietary products to control patient temperatures in hospital critical care settings. |
| Sector | Medical Devices |
| Date | June 25, 2007 |
| Analysis The reverse SPAC merger enables Alsius to go public and Ithaka to fulfill its acquistion requirements as a "blank check" company (which raised $48m to make acqisitions). Controlling body temperature is becoming a standard of care for surgical procedures. Alsius's products consist of a computer-controlled temperature regulation system that circulates cool or warm saline in a closed-loop circuit through balloons that surround catheters, achieving rapid and precise temperature management through contact with the patient's blood flow. Unlike conventional external temperature management products, such as cooling and warming blankets and ice packs, the intravascular products cool and warm the patient from the inside out. Alsius stock holders get Ithaka stock and additional performance shares upon the achievement of revenues of $14.8m, $28.0m and $47.0m for 2007, 2008 and 2009, respectively, plus more shares for 20% additional growth. | |
The Walden Group is a leading healthcare investment banking firm specializing in mergers, acquisitions and strategic transactions. It also invests its own funds and, together with its expert operational partners, provides value-added services to help special companies reach critical milestones. This information is copyright © 2004-2007 The Walden Group, Inc. This information is provided as a service to the public but remains the intellectual property of The Walden Group, Inc and may not be reproduced in any manner without the written permission of The Walden Group, Inc. The information contained in the transactions table was derived from publicly available and other sources. Transaction analysis and other information are based, in part, upon public comments, Walden Group research and judgments, and reporting and research of others. The information is not intended to be relied upon as pronouncements by the transaction participants or for any other reason. | |