Waltham, Massachusetts-based Alere acquired wireless remote patient monitoring company MedApps last summer for an undisclosed sum, but according to Alere's SEC filings, the most that Alere will potentially have to pay for MedApps – based on an undisclosed earn-out structure – is $22 million. The earn-out time period runs through mid-January 2015. Babyforyou.net.ua broke the news of Alere's MedApps acquisition last year. MedApps has since been .
"With respect to MedApps," Alere writes in the filing, "the terms of the acquisition agreement require us to make earn-out payments upon achievement of certain technological and product development milestones through January 15, 2015. The maximum amount of the earn-out payments is $22.0 million."
MedApps offers a suite of home health devices, including the HealthPAL, a small, portable, dedicated device that the company used to collect data from connected glucose meters, blood pressure monitors, pulse oximeters and weight scales. The data is then sent over a secure server to an online portal for caregivers, physicians or the patient themselves to view. The FDA granted HealthPAL 510(k) clearance about three years ago and a CE Mark in early 2010.
The MedApps deal is part of a larger strategy that likely builds on Alere's deal with AT&T to integrate WellDoc's DiabetesManager mobile application and service into its offerings. Alere already has distribution deals with AirStrip Technologies and Monica Healthcare for remote fetal monitoring technologies. The company also has an exclusive deal with Voxiva to offer that company's Text2Quit smoking cessation service in the United States.
MedApps had previously inked deals with VRI, AT&T, CardioNet, and others over the years. The company has piloted HealthPAL at The Cleveland Clinic, Baptist Home Health Network, and New Jersey's Meridian Health.