CardioNet Closes $5 Million Financing; Wireless Cardiac Monitoring Company Establishes Its Headquarters in San Diego.Business & Medical/Technology Editors SAN DIEGO--(BUSINESS WIRE)--April 19, 2000 CardioNet, Inc. today announced that it had closed a $5 million round of venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends to support the establishment of a wireless, real-time, ambulatory, cardiac monitoring service The general surveillance of known air traffic movements by reference to a radar scope presentation or other means, for the purpose of passing advisory information concerning conflicting traffic or providing navigational assistance. for people with cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease . The Series B round was led by IngleWood Ventures of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , 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(TM) and get it ready to take to market. CardioNet was founded in 1997 to develop a wireless, real-time, ambulatory, ECG ECG electrocardiogram. ECG abbr. 1. electrocardiogram 2. electrocardiograph ECG Also called an electrocardiogram, it records the electrical activity of the heart. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "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 cardiac arrhythmia n. See cardiac dysrhythmia. Cardiac arrhythmia An irregular heart rate or rhythm. Mentioned in: Holter Monitoring, Stress Test cardiac arrhythmia and transient ischemic Ischemic An inadequate supply of blood to a part of the body, caused by partial or total blockage of an artery. Mentioned in: Antiangiogenic Therapy, Subarachnoid Hemorrhage, Ventricular Fibrillation 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 have headquarters in San Diego County, expects to begin field evaluations of the CardioNet system in the fourth quarter, 2000. |
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