Cardiac Science Receives $9.7 Million in New Equity Financing.Business Editors and Health/Medical Writers BIOWIRE2K IRVINE, Calif.--(BW HealthWire)--June 29, 2000 Cardiac Science Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : DFIB), the developer of Powerheart(R), the only hospital monitor that provides life-saving defibrillation Defibrillation Definition Defibrillation is a process in which an electronic device sends an electric shock to the heart to stop an extremely rapid, irregular heartbeat, and restore the normal heart rhythm. within seconds and without the aid of hospital staff, Thursday announced it raised $9.7 million through a private placement of common stock. The company sold 2,151,111 shares of common stock at $4.50 per share to Swiss investors for a total purchase price of $9,680,000. The company is in discussions with several other investor groups and anticipates additional subscriptions to the current private placement round prior to its closing. "The proceeds from this financing are intended to fund global marketing initiatives to drive adoption of our initial commercial product, the Powerheart, to develop additional products using our core technology and to provide necessary working capital," said Raymond W. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , president and chief executive officer. ABOUT CARDIAC SCIENCE Cardiac Science develops and markets life-saving external cardiac defibrillator defibrillator, device that delivers an electrical shock to the heart in order to stop certain forms of rapid heart rhythm disturbances (arrhythmias). The shock changes a fibrillation to an organized rhythm or changes a very rapid and ineffective cardiac rhythm to a devices and proprietary tachyarrhythmia tachyarrhythmia /tachy·ar·rhyth·mia/ (tak?e-ah-rith´me-ah) any disturbance of the heart rhythm in which the heart rate is abnormally increased. tach·y·ar·rhyth·mi·a n. detection software technology that monitor and automatically treats cardiac arrest cardiac arrest n. Abbr. CA A sudden cessation of cardiac function, resulting in loss of effective circulation. Cardiac arrest A condition in which the heart stops functioning. patients. RHYTHMx ECD ECD Early Childhood Development ECD Electron Capture Detector ECD Energy Citations Database ECD Executive Creative Director (advertising) ECD Ethyl Cysteinate Dimer ECD Electron Capture Dissociation ECD Electronic Civil Disobedience (TM) tachyarrhythmia detection and defibrillation software technology, the company's core proprietary technology platform, has multiple applications including use in external defibrillators and existing standard bedside patient monitors widely used in hospitals throughout the world. Shipments of the Cardiac Science's first commercial product, the Powerheart(R), began on Dec. 31, 1999. Powerheart continuously monitors in-hospital patients at risk of sudden cardiac arrest, instantly detects the onset of a life-threatening heart rhythm Noun 1. heart rhythm - the rhythm of a beating heart cardiac rhythm regular recurrence, rhythm - recurring at regular intervals atrioventricular nodal rhythm, nodal rhythm - the normal cardiac rhythm when the heart is controlled by the , and when appropriate, automatically delivers defibrillation shocks within seconds and without human intervention to re-establish the heart's normal rhythm. The ability to respond to a life-threatening heart rhythm within seconds saves lives and minimizes a loss of oxygen to the brain, thereby eliminating potential neurological damage and a diminished quality of life that often occurs when defibrillation is withheld for even a few minutes. Cardiac Science's global network consists of prominent distributors in 41 countries encompassing Asia, the Middle East, Europe, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and North America. Cardiac Science has an exclusive agreement with Medtronic Physio-Control, a division of Medtronic Inc., the worldwide market leader in external defibrillator products, to distribute the Powerheart in the United States, Canada, and nine European countries. In June, Cardiac Science licensed its proprietary technology to Medtronic Physio-Control, the world's largest manufacturer of external defibrillators, for integration into Medtronic Physio-Control's LIFEPAK(R) products for the hospital market. For more information, visit http://www.cardiacscience.com/. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Such forward looking statements include, but are not limited to: The company's ability to raise additional funds; The Powerheart's safety and efficacy, its ability to increase survival rates for in-hospital cardiac arrest victims, its ability to improve patient-care and lessen patient debilitation debilitation being in a state of debility. ; The company's ability to successfully integrate its technology into Medtronic Physio-Control's LIFEPAK products. Cardiac Science cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. Other factors include, but are not limited to: hospital operations; market and clinical users' acceptance of new and existing products; impact of competitive products and pricing; and changing market conditions. Information on these and other factors are detailed in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ending Dec. 31, 1999 and other documents filed with the Securities and Exchange Commission. The Powerheart and RHYTHMx ECD are trademarks of Cardiac Science Inc. |
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