Cardinal Health will continue to distribute the SurgiCount Safety-Sponge System of Patient Safety Technologies that uses bar code technology to track the use of sponges and towels during surgery.
Dublin, Ohio-based Cardinal Health and Temecula, Calif.-based Patient Safety Technologies first entered into the arrangement in 2006. The new contract expands the arrangement for another five years.
Under the contract, Cardinal Health has issued a $10 million purchase order for SurgiCount products over the next year. As part of the order, Patient Safety Technologies has issued Cardinal Health warrants to purchase 1.25 million shares of Patient Safety Technologies common stock at $2 per share, and 625,000 shares of common stock at $4 per share.
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