CardioNet Mobile Cardiac Monitoring Innovator Announces Pending Acquisition of PDSHeart.Merger Will Create Largest Wireless Outpatient Cardiac Monitoring Company in U.S. SAN DIEGO & WEST PALM BEACH, Fla. -- San Diego-based CardioNet, the leading provider of wireless mobile cardiac outpatient monitoring solutions, announced today that it has reached a definitive agreement to acquire Florida-based PDSHeart, Inc., a leading cardiac event monitoring company. The acquisition is expected to close in March 2007; the terms of the agreement were not disclosed. PDSHeart's line of cardiac event monitors and related services will be added to CardioNet's industry-leading real-time, wireless mobile cardiac outpatient monitoring platform, marketed as the CardioNet System. The combination will position the company as a single source for a comprehensive range of arrhythmia arrhythmia (ārĭth`mēə), disturbance in the rate or rhythm of the heartbeat. Various arrhythmias can be symptoms of serious heart disorders; however, they are usually of no medical significance except in the presence of monitoring solutions. The combined company is currently serving patients in 49 states. "The merger of CardioNet and PDSHeart will immediately create the largest U.S. company in the growing field of outpatient cardiac monitoring," said James M. Sweeney, 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. of CardioNet. "It will allow us to provide physicians with a complete continuum of cardiac monitoring solutions they need today to more rapidly and effectively diagnose and treat patients with cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease ." "We expect to fully integrate the leadership and the best practices from each organization to create the gold standard in the outpatient cardiac monitoring industry - offering a proven and complete solution for our physician-clients, with unparalleled technology and expertise," Sweeney added. PDSHeart President and CEO Sean Heyniger said, "CardioNet's technology is the next generation of remote cardiac telemetry telemetry Highly automated communications process by which data are collected from instruments located at remote or inaccessible points and transmitted to receiving equipment for measurement, monitoring, display, and recording. , representing the future of this industry. Importantly, outpatient cardiac monitoring increasingly involves the use of the latest mobile technologies to monitor heart function, and diagnose potentially serious conditions such as arrhythmias, which can lead to stroke and sudden cardiac death Sudden Cardiac Death Definition Sudden cardiac death (SCD) is an unexpected death due to heart problems, which occurs within one hour from the start of any cardiac-related symptoms. SCD is sometimes called cardiac arrest. . With our combined technology, products, and expertise, aided by PDSHeart's national reach and larger customer base, we will be the absolute leader in outpatient cardiac monitoring." PDSHeart, Inc. will operate as a subsidiary of CardioNet, with its corporate offices in West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. . CardioNet's corporate headquarters are located in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. . CardioNet's principle monitoring center is in Conshohocken, Pennsylvania. About CardioNet: CardioNet is a leading provider of ambulatory, wireless, real-time arrhythmia monitoring, having provided services to over 65,000 patients. The company has invested over $84 million and seven years developing its medical devices and 24-hour monitoring service center. Of that amount, it has invested over $40 million developing its proprietary integrated patient monitoring platform that incorporates a wireless data transmission network, internally developed software, and FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. cleared algorithms. CardioNet's initial efforts are focused on the diagnosis and monitoring of cardiac arrhythmias (heart rhythm disorders) and drug-therapy titration titration (tītrā`shən), gradual addition of an acidic solution to a basic solution or vice versa (see acids and bases); titrations are used to determine the concentration of acids or bases in solution. , with a solution providing heartbeat-by-heartbeat monitoring on a continuous basis. Since its inception, CardioNet has been able to secure reimbursement with Medicare, and by contracting with over 143 commercial insurance companies, allowing access to over 142 million individuals in the United States. CardioNet was recently named one of "50 medical companies to watch" by Medical Device and Diagnostic Industry magazine. For more information, visit www.cardionet.com. About PDSHeart: Founded in 2000, PDSHeart is a leading provider of cardiac monitoring services. It provides physician-prescribed remote and ambulatory care ambulatory care n. Medical care provided to outpatients. ambulatory care, n the health services provided on an outpatient basis to those who can visit a health care facility and return home the same day. monitoring of asymptomatic and symptomatic arrhythmia detection via landline, cellular telephone and the Internet. PDSHeart's WebHolter[R] is the industry's first web-based digital Holter monitoring Holter Monitoring Definition Holter monitoring is continuous monitoring of the electrical activity of a patient's heart muscle (electrocardiography) for 24 hours, using a special portable device called a Holter monitor. system. PDSHeart is providing monitoring services to approximately 150,000 patients in 49 U.S. states. PDSHeart currently operates monitoring centers in Minneapolis, Florida, and Georgia. For more information, visit www.pdsheart.com. SunTrust Robinson Humphrey is serving as the financial advisor to CardioNet in connection with its acquisition of PDSHeart, Inc. |
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