CardioNet Raises an Additional $13 Million of Venture Capital.Business Editors & Health/Medical Writers BIOWIRE2K SAN DIEGO--(BUSINESS WIRE)--Jan. 9, 2003 CardioNet Inc., a private company headquartered in 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. , today announced that it had raised a total of $13 million in an expansion of its C round of venture financing, bringing the total amount raised in that round to $32 million. Participants in the financing expansion included Hambrecht & Quist Capital Management, Sanderling BioMedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. Venture Capital, Biofrontier Partners, and Guidant Corp., all of whom are existing CardioNet investors. IDEO and Inglewood Ventures are also investors in CardioNet. The company is also engaged in discussions with potential new investors. CardioNet's board of directors has authorized the company to raise up to an additional $5 million before closing the C Round. CardioNet said that it would use the proceeds of the financing to expand its services to new markets. "We are delighted by our investors' continued support for our company," said James M. Sweeney, CardioNet's 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. , CardioNet's real-time 24/7/365 wireless 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. is producing extraordinary clinical results -- in supporting speedy diagnosis and effective therapy management. In August we began monitoring patients through our Patient Services Center in Philadelphia. Both physician support and payor support have been outstanding. Our diagnostic yield has been remarkable, and we have detected several potentially life-threatening problems that would not have been found with conventional cardiac monitoring. "The next year will be a very exciting one for CardioNet," Sweeney added. "We have validated the value of our technology and service and are eager to make this unique, potentially life-saving diagnostic and patient management resource available to patients and clinicians across the country." CardioNet is the first company to develop and introduce mobile cardiac outpatient 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. services -- allowing heart-beat-by-beat ECG ECG electrocardiogram. ECG abbr. 1. electrocardiogram 2. electrocardiograph ECG Also called an electrocardiogram, it records the electrical activity of the heart. monitoring of patients as they go about their daily activities. The company is currently focused on helping physicians detect and treat cardiac arrhythmias cardiac arrhythmia n. See cardiac dysrhythmia. Cardiac arrhythmia An irregular heart rate or rhythm. Mentioned in: Holter Monitoring, Stress Test cardiac arrhythmia , which often occur too infrequently to be diagnosed by testing in the Emergency Room or the physician's office. CardioNet received 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. approval for its core technologies on Feb. 1, 2002 and began serving patients in Pennsylvania in August of 2002. |
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