|Minicare I-20--Courtesy of Philips|
Royal Philips ($PHG) has made moves on a couple of fronts this week. It launched its heart attack test for its handheld diagnostic device after gaining a CE mark. And it also successfully executed an IPO for its lighting business that valued the company at almost $4 billion.
Philips sold 25% of Philips Lighting in the IPO to raise $839 million. The IPO also rose 8% in early trading, suggesting there may be enough investor demand that Philips may be able to cash out of more of its remaining position. It's the largest European IPO this year.
The Dutch company has been working for almost two years to transition from a conglomerate with Lighting, Healthcare and Consumer businesses into one that's solely devoted to HealthTech. Executing this IPO--as well as exiting its Lumileds business--are key to shedding its non-core businesses and doing so. Philips has said it will update Wall Street on its Lumileds plans next half.
Toward that aim, Philips has launched in Europe the first test for its hand-held acute care diagnostic device, Minicare I-20, after it received a CE mark. It's also developing other tests for the system including for neuropsychiatric disorders with Johnson & Johnson ($JNJ) and a concussion test with San Diego, CA-based startup Banyan Biomarkers.
The first Minicare I-20 test measures the level of cardiac troponin I (cTnI), a protein that is excreted by the heart after a heart attack. It delivers test results that are comparable to lab testing, but in less than 10 minutes at the point of care. That's expected to offer a faster route for physicians to determine treatment.
"The commercial launch of the Minicare I-20 system for cardiac troponin I testing represents a major milestone for us," said Philips Handheld Diagnostics CEO Marcel van Kasteel in a statement. "Minicare I-20 is designed to help care providers reduce both the time-to-treatment and time-to-discharge of patients, thereby helping to reduce crowding in emergency departments and improve the utilization of hospital resources."
The system includes a handheld analyzer, dedicated software, and a single-use disposable cartridge with an application specific test. Philips Minicare I-20 analyzer and Minicare cTnI test cartridges are sold in European countries including Austria, Belgium, Denmark, Germany, the Netherlands, Norway, Sweden, UK and Switzerland. Other European countries are expected to follow. The system or its cartridges are not FDA-approved for marketing in the U.S.
"Blood samples are usually analyzed in the hospital laboratory, and it can easily take more than an hour to get the result back to the emergency department physician," said Dr. Paul Collinson, Consultant Chemical Pathologist at St George's University Hospitals NHS Foundation Trust (U.K.). "Point-of-care testing can significantly help to reduce the turnaround time."