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Healthy.io to snap up Inui: CNBC
Posted on Monday, 29 June 2020 10:26
Israel’s Healthy.io has agreed to pick up US-based consumer medical devices company Inui Health for around USD 9.00 million, CNBC reported.
The acquiror told the broadcaster the purchase price is dependent on certain milestones being achieved by the target.
As a result of the transaction, Healthy.io will be able to move more quickly into the US market and use its system to identify the early signs of kidney disease and urinary tract infections, CNBC noted.
The broadcaster stated the acquisition would also support the buyer’s plans to roll out monitoring services to help detect possible complications during pregnancy.
Formerly known as Scandau, Inui’s diagnostic platform allows customers to track and record their health and share the information with healthcare providers and professionals.
The group’s technology mainly focuses on patients with metabolic disorders, such as diabetes and hypertension, and can screen for opioid and substance use, sexually transmitted infections and kidney function, among others.
Headquartered in California, the company received the green light from the US Food and Drug Administration in 2018 to launch smartphone-based at-home urine tests, which provide immediate test lab results for customers and physicians from a single phone scan.
Following the transaction, Inui will continue to operate from its current location and its chief executive, Jamie Tenedorio, will join Healthy.io’s team, CNBC observed.
According to the broadcaster, both businesses are expected to do well during the ongoing global coronavirus pandemic, as people continue to avoid laboratories and doctor’s surgeries.
Established in 2013, Healthy.io provides home-based urine test kits for customers worldwide.
Its products include ACR, a urinalysis kit that allows people with diabetes or high blood pressure to screen themselves for kidney disease with a smartphone scan.
Healthy.io technology also tests for urinary tract infections and helps to monitor and track the progression of chronic wounds.
In September 2019, the company raised USD 60.00 million through a Series C funding round led by Corner Ventures.
© Zephus Ltd