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PMCF Advises RespirTech in Sale to Royal Philips

October 27, 2017

Chicago, Illinois — P&M Corporate Finance (“PMCF”) is pleased to announce that it served as the exclusive financial advisor to Respiratory Technologies, Inc. (“RespirTech” or the “Company”) in its sale to Royal Philips (NYSE: PHG, AEX: PHIA) (“Philips”). RespirTech, based in St. Paul, Minnesota, manufactures the inCourage® System, an innovative airway clearance solution for patients with chronic respiratory conditions such as chronic obstructive pulmonary disease (COPD) and cystic fibrosis.

RespirTech was founded in 2004 based on proprietary technology initially developed at the University of Minnesota. The Company was majority owned by WhiteCliff Capital Partners, which was active with the oversight of RespirTech including strategic planning, budgeting, and executive recruitment. In 2007, Dr. James Ehlen transitioned from RespirTech’s board to the role of CEO, and together with other key managers, created a health-and-commercial winner with the patented inCourage® System. RespirTech currently has approximately 220 employees and is well-positioned to continue its remarkable growth trajectory. “We’re only scratching the surface in market penetration,” said Robert Buehler, RespirTech’s Chief Commercial Offer, “Philips’ resources will help us grow even more.”

As a global leader in sleep and respiratory care, Philips offers a broad range of care solutions to manage COPD, asthma and other respiratory conditions at home or in the hospital. Philips has said that the addition of RespirTech’s portfolio will allow Philips to “accelerate its growth in respiratory care,” specifically for COPD patients with bronchiectasis. The acquired portfolio includes a clinical support program for managing respiratory patients in the home-care setting, a platform that Philips plans to augment with their own clinically focused service plans.

PMCF was hired to serve as the Company’s exclusive investment bank and lead the sale process. Dr. Ehlen noted, “PMCF demonstrated consistent professional and practical guidance and counsel. Their service and expertise has been characterized by responsive and creative solutions throughout the entire period of our transaction process. The shareholders of RespirTech are grateful and deeply appreciate the professional capabilities demonstrated by PMCF and its team.”


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