Irvine-based medical device maker Cardiac Science Inc. said on Monday it has expanded its distribution deal with General Electric Co.’s GE Healthcare unit.
The news sent Cardiac Science shares up 35.8% Monday. The company’s market value is about $100 million.
The deal calls for GE Healthcare to market Cardiac Science’s Powerheart automated external defibrillators on an “exclusive basis” to hospitals in the U.S. and Canada.
Besides Powerheart defibrillators, which send tiny shocks to the hearts of people in cardiac arrest, GE also plans to market Cardiac’s new “crash-cart” defibrillator for hospitals.
The device is awaiting regulatory approval and is expected to be released this summer.
The GE pact is set to continue after the pending combination of Cardiac and Quinton Cardiology Systems Inc. of Bothell, Wash.
Cardiac and Quinton agreed to combine in late February., under the Cardiac Science name.
Under the deal, Quinton shareholders are getting about three-quarters of a share in the new company for each share of Quinton stock.
Cardiac shareholders are about to get a tenth of a share in the new Cardiac Science for every share of the old Cardiac stock.
When the deal is done, Orange County is set to lose Cardiac’s corporate headquarters, which is moving to Washington.
Cardiac said it plans to retain research and development, along with sales and marketing, in Lake Forest.
