Cardiac to Renegotiate Acquisition

Irvine-based Cardiac Science Inc. said Tuesday that it is terminating its agreement to acquire HeartSine Technologies, a privately held research and development firm in Northern Ireland, but will seek to renegotiate a deal that offers more favorable terms to Cardiac.

Cardiac, a biomedical company, was to have paid 1 million shares of stock to HeartSine.

At the time the deal was announced early in March, Cardiac’s shares were trading at about $2, making the value of the deal around $2 million Since then, however, the stock has moved above $4, more than doubling Cardiac’s purchase price.

Cardiac, which makes cardiac defibrillator devices and software, said HeartSine’s expertise and defibrillation technology would enable Cardiac Science to bring new products to market that offer cardiac arrest victims lifesaving defibrillation therapy without human intervention.