philips thought to be isonea's partner

Philips thought to be iSonea's partner
Jared Lynch September 02, 2011

Philips rumoured to have partnered with iSonea.

ELECTRONICS company Philips appears to have its eyes set on commercialising a fledgling Melbourne biotech's asthma treatment.
iSonea, formerly KarmelSonix, has signed a memorandum of understanding with a Fortune 500 healthcare company that industry sources say is Philips.

iSonea would not reveal the company it hopes to enter a full agreement with by the end of the month, saying only that the arrangement came after a year of ''careful negotiations''. Philips could not be contacted for comment.

The market appeared to be betting that Philips would unmask itself yesterday as iSonea's new partner, with the shares rising 16.7 per cent on Wednesday.

But after investors digested the company's ASX statement and found no mention of Philips, the shares fell 0.1?, or 4.8 per cent, to 2?.
iSonea hopes to list on the US Nasdaq this month.