Arrhythmia Research Technology Inc. (NYSE:HRT) bought out the remaining shares of Prince Edward Island, Canada-based RMDDx Corp. in a stock and options swap.
The Fitchburg, Mass.-based cardiac support technology maker carried out the deal through RMDDx’s U.S.-based subsidiary RMDDxUSA Corp., according to a press release.
ART issued 115,033 shares of its unregistered common stock and five-year options to acquire 60,000 shares of RMDDx common stock, exercisable at $4.76 per share, according to the release (PDF). The company said the stock and options are subject to release from escrow and vesting based on performance targets.
ART develops signal-averaging electrocardiography software used for detecting heart arrhythmias in addition to cardiac sensors and component parts for medical equipment through its subsidiaries. ART sees the acquisition as a way to "establish a place for ART in the medical device and diagnostic services market," and "provide a solid platform for further development and application of ART’s software," ART CEO James Rouse said in prepared remarks.