FINANCING
Wireless cardiac monitoring company establishes its headquarters in San Diego.
SAN DIEGO, April 18, 2000 – CardioNet, Inc.
today announced that it had closed a $5 million round of venture capital financing to support the establishment of a wireless, real-time, ambulatory, cardiac monitoring service for people with cardiovascular disease. The Series B round was led by IngleWood Ventures of San Diego, and included Sanderling of Menlo Park, and IDEO of Palo Alto, a leading industrial design firm.
The proceeds of the financing will be used to complete the development of the CardioNet System™ and get it ready to take to market.
CardioNet was founded in 1997 to develop a wireless, real-time,
ambulatory, ECG monitoring service linked to the Internet to allow physicians to more effectively monitor the status of cardiovascular patients outside the hospital. A CardioNet monitor, a pager-sized device worn
by the patient, continuously acquires and analyzes a high-resolution ECG signal. If thresholds set by the patient's physician are exceeded, the monitor alerts the patient and forwards diagnostic quality ECG data
to the CardioNet Monitoring Center. A Center operator uses the monitor to establish voice contact with the patient, while forwarding the initial ECG data and a live data stream for evaluation by the
physician.
The CardioNet System will also enable doctors to conduct "virtual office visits" through the Internet, observing the ECG status of patients on the service, and may be adapted to a number
of other disease states.
"We are very pleased to have concluded this round of financing," said James M. Sweeney, CardioNet Chairman and CEO. "This unique service will offer significant benefits to
patients and their physicians, identifying potential problems early, eliminating many unnecessary ER visits, and allowing quicker and more accurate diagnosis of intermittent problems such as cardiac arrhythmia and
transient ischemic events."
"We are delighted to be involved with CardioNet," said Daniel C. Wood of IngleWood Ventures, the lead investor in the company. "The clinical and economic benefits of the
technology are compelling, the management team is highly experienced, and there is a potential multi-billion dollar market for the company's services."
The company, which will be headquartered in San
Diego County, expects to begin field evaluations of the CardioNet system in the fourth quarter, 2000. For more information, call James M. Sweeney, 619-223-9888.
