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SpectRx gets $1.5 million final payout from Respironics for Bilichek
By E. Janene Geiss
Philadelphia, Nov. 1 - SpectRx, Inc. said Tuesday that it received $1.5 million from Respironics, Inc. for the remaining potential earnout from the 2003 sale of the Bilichek product line.
SpectRx sold the BiliChek line to Respironics in March 2003 for $5 million and $6.25 million in potential additional earnouts based on achievements of certain operating results, according to a company news release.
Along with the $1.5 million payment, Respironics released SpectRx from any liability for repayment of an earlier advance of $1.3 million on potential earnouts, officials said.
In total, SpectRx has received $9.5 million for the product line.
"We believe that this non-dilutive funding will provide us with the capital necessary to continue the launch of our new SimpleChoice twist insulin pump infusion set and increase sales of our existing products," Mark A. Samuels, chairman and chief executive officer of SpectRx, said in the release.
Samuels said the funding should also help the company move toward completing the separate funding of its non-invasive cervical cancer detection technology development.
BiliChex was developed as a replacement for the painful blood test for newborns suffering from infant jaundice. Elements of this technology, including several patents, are being used to develop the non-invasive cervical cancer detection device, which is currently in pivotal clinical trials necessary for regulatory approvals, officials said.
SpectRx is a Norcross, Ga.-based diabetes management company developing and providing innovative solutions for insulin delivery and glucose monitoring.
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