Media Contacts:
iRhythm in the News:
- Scripps Doctors Study Novel New Device to Diagnose Irregular Heart Beat, May 2012
- KNSD TV Clip: Zio® Patch at Scripps Health, San Diego, May 2012
- In Vivo: "iRhythm: Reinventing Arrhythmia Monitoring," October 2011
- "Innovation and Technology for Healthcare" White House Presentation, August 2010
- National Public Radio broadcast featuring Aneesh Chopra, U.S. Chief Technology Officer & Associate Director for Technology: "Building a Future for Technological Innovation," August 2010
iRhythm Secures $16 Million in Funding Led by Norwest Venture Partners to Fuel Continued Market and Technology Expansion
Adoption of Zio Patch System Reaches New Milestone - Greater Than 20 Million Patient Hours of Monitoring
SAN FRANCISCO – April 10, 2013 – iRhythm Technologies, Inc., a medical device, service and technology company that develops and markets simple, innovative diagnostic monitoring solutions, today announced that it closed $16 million in Series D venture financing. Norwest Venture Partners (NVP), a global venture capital and growth equity investment firm, led the round, and existing investors including New Leaf Ventures, Synergy Life Science Partners and Kaiser Permanente Ventures also participated. iRhythm will use this infusion of capital to fund commercial expansion and accelerate the development of new technologies and applications.
“We are pleased to have NVP as our lead investor in this important growth phase of the company,” said Kevin King, president and CEO of iRhythm. “Since the introduction of the Zio® System in early 2011, we have reported on over 20 million hours of patient data. Recent peer review data has demonstrated that the Zio® Patch System is helping physicians to make more informed patient treatment decisions over the gold standard method of Holter Monitoring. NVP’s interest in partnering with companies focused on products that address an unmet clinical need aligns with iRhythm’s own mission.”
iRhythm’s Zio® Patch System is comprised of the Zio® Patch and Zio® Report, which work together to provide an efficient diagnostic tool and a positive patient experience. The Zio® Patch is a single-use monitor, cleared by the FDA for up to 14 days of continuous wear, which results in uninterrupted, beat-to-beat capture when adhered to a patient. Once monitoring is complete, data from each Zio® Patch is processed and analyzed by Certified Cardiac Technicians using iRhythm’s proprietary rhythm analysis. The resulting Zio® Report is designed to streamline the diagnostic process by highlighting key findings.
A study published by Pacing and Clinical Electrophysiology Journal last month showed that the Zio® Patch System demonstrated improved clinical accuracy and detection of potentially malignant arrhythmias in AF patients when compared with 24-hour Holter monitoring of the same patient. The study resulted in a change in treatment strategy for nearly one-third of patients with paroxysmal atrial fibrillation.
iRhythm also announced that Casper de Clercq, partner at NVP, has joined the company’s board of directors. With 25 years of experience in the medical device and life sciences industry, Casper’s focus at NVP is on mid- to late-stage investments in medical devices, specialty pharmaceuticals, digital health and healthcare IT. Products that address critical unmet medical needs and lower the total cost of healthcare are of particular interest to NVP.
“By combining advances in electronics and dramatically simplified ergonomics, iRhythm has developed an FDA-cleared medical device which intuitively improves patient compliance and diagnostic utility,” said de Clercq. “iRhythm provides a comprehensive diagnostics service with computer data analytics to augment what has historically been a labor intensive interpretation process. The recent study shows that the Zio® Patch System offers a significant improvement in diagnostic accuracy over traditional ‘gold-standard’ Holter monitoring. Hospitals and payers have taken note of this solution because of the efficiency and efficacy for patients and physicians, which have the potential to reduce overall cost of care.”
About iRhythm Technologies, Inc.
iRhythm provides innovative diagnostic monitoring solutions that facilitate early diagnosis and treatment decisions, with the goal of ultimately improving patient health outcomes and reducing wasteful healthcare spending. Its flagship product, the Zio® Patch, is designed to optimize and simplify the diagnosis of cardiac arrhythmias. For more information, please visit www.irhythmtech.com. Follow iRhythm on Twitter @iRhythmTech.
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a multi-stage investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages over $3.7 billion in capital and has funded more than 500 companies since inception. Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information, please visit www.nvp.com Follow NVP on Twitter @NorwestVP
Media contact:
Christine McKeown
Norwest Venture Partners
Tel: (415) 963-4174 x11
Email: nvp@bordersgratehouse.com
iRhythm Announces Publication of Zio® Patch Study Demonstrating Superior Ability to Detect Atrial Fibrillation
March 2013 PACE Journal Study Comparing Zio Patch to 24-Hour Holter Monitor Shows Benefit of Long-Term Monitoring and Significant Impact on Treatment Strategy
SAN FRANCISCO – March 7, 2013 – iRhythm Technologies, Inc., a medical device, service and technology company that develops and markets simple, innovative diagnostic monitoring solutions, today announced clinical study findings showing that use of the Zio® Patch resulted in a change in treatment strategy for nearly one-third of patients with paroxysmal atrial fibrillation (AF). The data, which will be published in Pacing and Clinical Electrophysiology (PACE) Journal on March 12, showed that the Zio Patch ambulatory cardiac monitoring system demonstrated improved clinical accuracy and detection of potentially malignant arrhythmias in AF patients compared with a 24-hour Holter Monitor in the same patients.
The self-controlled study, conducted by Dr. Michael A. Rosenberg, Dr. Peter J. Zimetbaum and colleagues at Beth Israel Deaconess Medical Center’s Division of Electrophysiology in Boston, compared iRhythm’s Zio Patch to a 24-hour Holter monitor in 74 patients with AF who were referred for monitoring to detect and characterize their arrhythmias.
“The findings from this peer-reviewed research further validate the clinical and patient benefits of the Zio Patch and support its progression toward becoming a new standard of care for ambulatory cardiac rhythm diagnostics,” said Kevin King, iRhythm’s president and chief executive officer. “iRhythm is committed to providing high-yield diagnostic data via a very simple solution for clinicians and their cardiac patients who have not benefited from significant innovation in the field of ambulatory cardiac monitoring in many years.”
“The results of this peer-reviewed study corroborate what we consistently see in everyday practice, which is that the combination of improved patient compliance and longer-term monitoring can enable physicians to better detect episodes of paroxysmal atrial fibrillation and make more informed treatment decisions based upon this clinical information,” said Judy Lenane, chief clinical officer for iRhythm. “Patients have consistently expressed appreciation for
the low-profile, wire-free form factor of the Zio Patch, which enables them to shower and go about their daily activities without the bulk and discomfort of a traditional Holter.”
Study Results
Overall, the study results showed that the Zio Patch was superior to a 24-hour monitor in detecting AF episodes and comparable in quantifying AF burden. Specifically, the Zio Patch identified AF episodes in 35 percent of patients who were found to have no AF by the Holter monitor. The Zio Patch also provided the additional benefit of detecting other more malignant arrhythmias due to the longer duration of detection. These benefits led to clinically meaningful changes in the existing treatment plans for 21 of the study patients (28.4 percent of study participants).
The Zio Patch was well tolerated by a majority of the study participants, with a mean wear time of 10.8 days (range of 4-14 days overall).
The study concluded that the promising data from this pilot study suggests that the Zio Patch device may represent a more convenient and efficient method of outpatient arrhythmia detection than current methods using Holter monitors, event recorders, or mobile cardiac outpatient telemetry.
About the Zio Patch System
The Zio Patch System is comprised of the Zio Patch and Zio Report, which work together to enable cost-effective care while providing a positive patient experience. The Zio Patch is a single-use, noninvasive waterproof continuous recording ambulatory cardiac rhythm monitor that optimizes and simplifies arrhythmia diagnosis. Cleared by the FDA for up to 14 days of continuous monitoring, the Zio Patch has monitored over 100,000 patients since its commercial introduction in 2011.
About iRhythm Technologies, Inc.
iRhythm provides innovative and cost-effective diagnostic monitoring solutions that facilitate early diagnosis and treatment decisions, with the goal of ultimately improving patient health outcomes and reducing wasteful healthcare spending. Its flagship product, the Zio® Patch, is designed to optimize and simplify the diagnosis of cardiac arrhythmias. For more information, please visit www.irhythmtech.com.
iRhythm Announces $1.5 Million Investment by California HealthCare Foundation
Funding to support study and use of Zio® Patch cardiac rhythm monitoring system in
underserved populations
SAN FRANCISCO – November 19, 2012 – iRhythm Technologies, Inc., a medical device, service and technology company that develops and markets simple, innovative diagnostic monitoring solutions, today announced that the California HealthCare Foundation (CHCF) has made a $1.5 million investment in the Company to support the study and use of the Zio® Patch ambulatory cardiac rhythm monitor in public hospital, outpatient and rural settings. Alongside this investment, CHCF is also planning to fund studies at two California safety net hospital systems to research levels of patient and provider satisfaction, cost effectiveness and diagnostic efficacy of the iRhythm solution.
“iRhythm’s Zio Patch technology has the potential to increase access to timely diagnosis and care for patient populations in both rural and urban environments,” said Margaret Laws, director of the Innovations for the Uninsured Program at CHCF and manager of the CHCF Health Innovation Fund. “The simplicity of their approach to ambulatory cardiac monitoring minimizes logistics, promotes increased patient compliance, and streamlines the process for patients and clinicians.”
The Zio Patch is a breakthrough approach to cardiac monitoring that optimizes and simplifies arrhythmia diagnosis. FDA-approved for up to 14 days of continuous monitoring, the Zio Patch is the smallest, lightest, least conspicuous cardiac arrhythmia diagnostic available and has been used on more than 85,000 patients since its commercial introduction in 2011.
“The Zio Patch also has the potential to reduce the cost of cardiac rhythm testing by reducing the number of times monitoring must be done before a diagnosis is obtained, which could result in overall reduction of costs to the healthcare system,” said Laws.
“We are proud to add the California HealthCare Foundation to our list of respected venture and corporate investors, which includes Kaiser Permanente Ventures, and look forward to working with CHCF to demonstrate the access improvement and cost-savings potential of our solution,” said Kevin King, president and CEO of iRhythm. “Their support will enable us to further develop our products and service offerings to meet the needs of underserved populations in California and beyond.”
About iRhythm Technologies, Inc.
iRhythm provides innovative and cost-effective diagnostic monitoring solutions that facilitate early diagnosis and treatment decisions, with the goal of ultimately improving patient health outcomes and reducing wasteful healthcare spending. Its flagship product, the Zio® Patch, is designed to optimize and simplify the diagnosis of cardiac arrhythmias. Zio® Patch is the smallest, lightest, least conspicuous cardiac arrhythmia diagnostic available and is indicated for up to 14 days of monitoring. For more information, please visit www.irhythmtech.com.
About the California HealthCare Foundation
The California HealthCare Foundation works as a catalyst to fulfill the promise of better health care for all Californians. It supports ideas and innovations that improve quality, increase efficiency, and lower the costs of care.
iRhythm Announces Appointment of Kevin King as President, CEO and Member of the Board of Directors
SAN FRANCISCO – July 31, 2012 – iRhythm Technologies, Inc., a medical device and service company that develops and markets simple, innovative diagnostic monitoring solutions, today announced that the Company's Board of Directors has appointed Kevin King to succeed Bill Willis as President, Chief Executive Officer and member of the Board of Directors, effective July 30, 2012.
King brings nearly three decades of experience in leadership roles at Hewlett Packard, General Electric, Thomson Corporation and, most recently, Affymetrix to iRhythm.
“Kevin is a seasoned CEO with a track record of success across the healthcare industry. His direct leadership experience in cardiology diagnostics and previous successes executing on complex service and IT business models will be of great value as we seek to continue to expand iRhythm’s business,” said William N. Starling, iRhythm’s Chairman of the Board. “Bill Willis did a tremendous job of leading the Company from a revolutionary concept to a commercial company that has benefited more than 70,000 patients to date. We are excited to now bring in Kevin to lead us through this next stage of growth.”
“iRhythm is at a key inflection point, having amassed an impressive body of clinical experience with the Zio® Patch, and is rapidly becoming the new standard of care for cost-effective cardiac rhythm diagnoses and timely patient care,” stated King. “There is now a significant opportunity for rapid expansion and I’m looking forward to working with and supporting the strong team at iRhythm as we set our sights on the future.”
King most recently served as President and CEO of Affymetrix, where he defined and led a new growth strategy into the multi-billion dollar market for downstream validation and molecular diagnostics. Previously, King was President and CEO of Thomson Healthcare, a $400M+ information services business focused on a range of healthcare-related information services businesses. King has also held leadership roles at GE Healthcare, where he led the several-fold increase of the Clinical Systems Business. Separately, he also held key leadership positions within Hewlett Packard’s Medical Products Group including R&D, Sales, Marketing and Business Development.
King earned his B.A. from the University of Massachusetts and an M.B.A. from New Hampshire College.
About iRhythm Technologies, Inc.
iRhythm provides innovative and cost-effective diagnostic monitoring solutions that facilitate early diagnosis and treatment decisions, with the goal of ultimately improving patient health outcomes and reducing wasteful healthcare spending. Its flagship product, the Zio® Patch, is designed to optimize and simplify the diagnosis of cardiac arrhythmias. Zio® Patch is the smallest, lightest, least conspicuous cardiac arrhythmia diagnostic available and is indicated for up to 14-day monitoring. For more information, please visit www.irhythmtech.com.iRhythm Announces Upcoming Presentations of Zio® Patch Data at Heart Rhythm Society’s Annual Scientific Session
Company to Exhibit at HRS in Booth #1007
BOSTON – May 9, 2012 – iRhythm Technologies, Inc., a medical device and service company that develops and markets simple, innovative diagnostic monitoring solutions, today announced that two studies of its Zio® Patch cardiac rhythm monitoring system will be presented at the Heart Rhythm Society (HRS) 33rd Annual Scientific Sessions in Boston. The first study evaluated the use of iRhythm’s Zio® Patch by discharged emergency department patients and the second study looked at usage of the Zio® Patch in elite athletes. Additionally, the company will showcase its Zio® Patch ambulatory cardiac rhythm monitor at HRS in the booth of its marketing partner, St. Jude Medical, Inc. (Booth #1007).
The oral presentation will take place during the Autonomic Nervous System and Syncope session on Friday, May 11 from 2:15 to 2:30 pm ET at the Boston Convention and Exhibition Center Room 257B. The poster presentation will take place during Poster Session III on Thursday, May 10 from 2:00 to 5:00 p.m. ET at the Boston Convention and Exhibition Center, Exhibit Hall.
Oral Presentation: Title: Use of a Novel Ambulatory Cardiac Monitor to Detect Arrhythmias in Discharged ED Patients
Session Number: AB38, Autonomic Nervous System and Syncope
Presenter: Steven Higgins, MD, Scripps Memorial Hospital, San Diego, Calif.
Poster: Title: Dynamic Heart Rate Behavior of Elite Athletes during Football
Poster Session Number: PO3-31
Presenter: Leslie A. Saxon, MD, FACS, University of Southern California (USC) Keck School of Medicine, Los Angeles, Calif.
About iRhythm Technologies, Inc.
iRhythm provides innovative and cost-effective diagnostic monitoring solutions that facilitate early diagnosis and treatment decisions, with the goal of ultimately improving patient health outcomes and reducing wasteful healthcare spending. Its flagship product, the Zio® Patch, is designed to optimize and simplify the diagnosis of cardiac arrhythmias. Zio® Patch is the smallest, lightest, least conspicuous cardiac arrhythmia diagnostic available and is indicated for up to 14-day monitoring. For more information, please visit www.irhythmtech.com.
iRhythm Announces National Registry Data Demonstrating that Zio®
Patch Increases Diagnostic Yield in Arrhythmia Detection
Additional Study Demonstrates Zio® Patch Monitoring Initiated in Emergency Department
Successfully Facilitates Diagnosis
Data Presented at American College of Cardiology’s 61stAnnual Scientific Session
SAN FRANCISCO – March 26, 2012 – iRhythm Technologies, Inc., a medical device and
service company that develops and markets simple, innovative diagnostic monitoring solutions,
today announced that positive clinical results regarding its Zio® Patch cardiac rhythm monitoring
system were presented at the American College of Cardiology’s 61st Annual Scientific Session
(ACC.12) in Chicago.
An analysis of ambulatory ECG data from a national patient registry showed that extended
monitoring with the Zio® Patch for up to 14 days can increase the diagnostic yield of arrhythmia
detection, regardless of the type of arrhythmia experienced by the patient. A separate clinical
study conducted in three emergency departments (ED) found that the Zio® Patch facilitated the
diagnosis of patients presenting with acute symptoms. Both sets of data were presented during
the ACC.12 Moderated Poster Contributions Session titled “Monitoring Arrhythmia Patients:
Externally, Via Implanted Devices and Wearable Defibrillators.”
“The findings presented at ACC.12 provide additional evidence of the clinical benefits and
potential cost-effectiveness of the Zio® Patch cardiac monitoring system,” said Judy Lenane,
RN, MHA, chief clinical officer of iRhythm. “The results from the national registry, as well as
findings from the ED study, are important because they show that longer-duration ECG
monitoring beyond 48 hours should be recommended to adequately diagnose arrhythmias,
particularly in those in whom the arrhythmias may be causing symptoms. Results of the ED
study further demonstrated that the Zio® Patch resulted in accurate arrhythmia detection due to
the product’s ease of use, which resulted in improved patient compliance. By facilitating the
testing for arrhythmias at the point of care, use of the Zio® Patch in the ED may potentially
eliminate duplicate testing and reduce healthcare costs.”
Poster #1: Clinical Experience and Diagnostic Yield from a National Registry of 14-Day
Ambulatory ECG Patch Monitoring
In order to determine the clinical experience and diagnostic predictive value associated with
extended-duration ambulatory ECG patch monitoring, Mintu P. Turakhia, M.D., Director of
Cardiac Electrophysiology, Palo Alto Veterans Affairs Health Care System, and Instructor of
Medicine, Stanford University School of Medicine, and colleagues analyzed data from a national
registry of 26,751 patients who wore the Zio® Patch monitor consecutively for up to 14 days.
According to the results of their analysis, the Zio® Patch captured at least one arrhythmia in 60.3
percent of all patients. Average wear time of the device was 7.6 days and the vast majority of
patients (95.9 percent) wore it longer than the current standard Holter device (24 to 48 hours).
Additionally, in 51.1 percent of patients, their first documentation of symptomatic arrhythmia
occurred beyond 48 hours from the start of monitoring. Overall, the analysis showed that
extended (up to14-day) monitoring with the Zio® Patch can increase diagnostic yield, regardless
of the type of arrhythmia.
Poster #2: Prevalence of Arrhythmias in ED Patients Discharged Using a Novel
Ambulatory Cardiac Monitor
In order to determine the prevalence of arrhythmias among discharged ED patients, Ayesha
Sattar, D.O., Clinical Instructor, Surgery-Emergency Medicine, Stanford University School of
Medicine, and colleagues at Stanford Hospital and physicians from Scott & White Memorial
Hospital and Scripps Memorial Hospital applied the Zio® Patch cardiac monitor to 285 ED
patients with suspected arrhythmias at discharge. Patients wore the Zio® Patch for up to 14
days.
Analysis of the devices showed that ED personnel could successfully initiate Zio® Patch
monitoring and that ED patients were successfully able to utilize the Zio® Patch. Correlation of
symptoms with an arrhythmia was able to be made in 7.7 percent of patients and correlation
with normal baseline rhythm (rule-out) in an additional 59 percent. By ruling out arrhythmic
reasons for symptoms, these patients may not need further arrhythmia testing, thereby
potentially averting the need for additional diagnostic testing.
iRhythm Technologies, Inc. Raises Additional $7 Million in Series C Equity Round
Funding to enable rapid national ramp of the Zio® Patch cardiac rhythm monitoring system
SAN FRANCISCO – October 17, 2011 – iRhythm Technologies, Inc., a medical device company that develops and markets simple, innovative diagnostic monitoring solutions, announced it has raised an additional $7 million in its Series C private equity financing, led by new investor Kaiser Permanente Ventures. The Company also announced that Sam Brasch, Director of Kaiser Permanente Ventures, has joined iRhythm’s Board of Directors.
“Kaiser Permanente Venture’s mission to partner with entrepreneurial companies to advance clinical quality, service and affordability closely matches with iRhythm’s own goals to make the diagnostic process cost-effective, efficient and far simpler for patients,” said Bill Willis, Chief Executive Officer of iRhythm. “We are privileged to have access to the valuable opinions and perspectives of Kaiser Permanente Ventures and look forward to leveraging KPV’s organizational expertise and resources to help build iRhythm.”
The Zio® Patch, introduced commercially in the United States earlier this year, has been prescribed to more than 20,000 patients and is available in over 30 states. It is an easy-to-wear, single-use, ambulatory cardiac rhythm monitor capable of continuous monitoring for up to 14 days. The simplicity of the Zio® Patch significantly improves patient compliance while gathering comprehensive, high-quality ECG data enabling physicians to diagnose arrhythmias more efficiently, often eliminating the need for multiple or more expensive tests.
“We continue to be excited by what the management team at iRhythm has accomplished in bringing this innovative technology to the market. We see Kaiser Permanente Ventures’ investment as further validation that we are positively impacting care for patients, doctors and the healthcare system,” said Bill Starling, Chairman of iRhythm’s Board of Directors. “Furthermore, Sam’s experience as a health care investor and as an executive in medical device and payor/provider organizations adds tremendous value to our Board as we continue to grow the Company.”
About Kaiser Permanente Ventures
Kaiser Permanente Ventures, the corporate venture capital arm of Kaiser Permanente, makes investments in medical device, diagnostics, healthcare services and information technology companies that advance the quality and affordability of health care. Since its inception in 1997, Kaiser Permanente Ventures has invested in more than 40 venture-capital backed companies at all stages of development, and contributed organizational expertise, time and resources to the success of these companies. For additional information please visit www.kpventures.com.
About iRhythm Technologies, Inc.
iRhythm develops and markets simple, elegant and innovative diagnostic monitoring solutions supported by comprehensive clinical services in order to make the diagnostic process cost-effective, efficient and simpler for patients. The Company’s Zio® devices are easy-to-wear, single-use monitors designed to enhance a patient’s monitoring experience and improve compliance, while maximizing diagnostic yield. iRhythm has headquarters in San Francisco, an independent diagnostic testing facility near Chicago, and a manufacturing facility in Huntington Beach, CA. For more information, please visit www.irhythmtech.com.
iRhythm Technologies, Inc. Raises $15 Million Series C Equity Round
Funding will support expanded commercialization of the Zio® Patch cardiac rhythm monitoring system
SAN FRANCISCO – May 4, 2011 – iRhythm Technologies, Inc., a medical device company that develops and markets simple, innovative diagnostic monitoring solutions, announced it has raised $15 million in a Series C private equity financing, which was led by new investor New Leaf Venture Partners (NLV Partners). The company also announced that Vijay Lathi, Managing Director of NLV Partners, has joined iRhythm's Board of Directors. Existing investors Mohr Davidow Ventures, Synergy Life Science Partners, St. Jude Medical and all other current investors also participated in this financing round.
“We are pleased to have NLV Partners as our lead investor given their familiarity with and commitment to the cardiac and diagnostic sectors, and their deep operating experience in the medical device field,” said Bill Willis, President and Chief Executive Officer of iRhythm. “This funding will enable iRhythm to rapidly expand our commercial efforts given the high demand for the Zio® Patch. This will benefit both physicians and patients by facilitating earlier diagnosis and treatment.”
The Zio® Patch is an easy-to-wear, single-use, ambulatory cardiac rhythm monitor capable of continuous monitoring for up to 14 days. The simplicity of the Zio® Patch significantly improves patient compliance while gathering comprehensive, high-quality ECG data enabling physicians to diagnose arrhythmias more efficiently. iRhythm has received FDA 510(k) clearance for both the Zio® Patch, and the companion ZEUS algorithm and software system, and commenced commercial distribution in the United States earlier this year. “
Through its substantial improvement in diagnostic yield over more expensive legacy technologies, iRhythm’s Zio® Patch should result in significant cost savings to the healthcare system while also providing increased clinical benefit,” said Lathi. “These are themes we look for in all our diagnostic investments.”
Arrhythmias affect millions of Americans each year and, if left untreated, may lead to serious consequences including stroke or sudden cardiac death. iRhythm, with its partners, seeks to create a new paradigm by bringing together innovative diagnostic devices and services with proven and effective device-based therapies, which together will streamline the referral process, improve the patient experience, and promote timely access to specialty care and treatment.
About New Leaf Venture Partners
New Leaf Venture Partners is a leader in healthcare technology venture investing. NLV Partner’s investment professionals bring a unique blend of technological, clinical and operational experience to their investments. They work closely with their entrepreneurs to help build successful portfolio companies. They focus primarily on later-stage biopharmaceutical products, medical devices, diagnostics and laboratory infrastructure technologies.
New Leaf currently manages $1.1 billion in assets. This includes the newest fund, New Leaf Ventures II, L.P., which closed with commitments of $450 million in October 2007, New Leaf Ventures I, L.P. and the healthcare technology portfolio of the Sprout Group, one of the oldest U.S. venture capital fund groups. For more information please visit www.nlvpartners.com.
About iRhythm Technologies, Inc.
iRhythm develops and markets simple, innovative diagnostic monitoring solutions supported by comprehensive clinical services in order to make diagnosing patients more accessible, cost-effective and efficient. The Company’s Zio® devices are easy-to-wear, single-use monitors designed to enhance a patient’s monitoring experience and improve compliance, while maximizing diagnostic yield. iRhythm has headquarters in San Francisco, an independent diagnostic testing facility near Chicago, and a manufacturing facility in Huntington Beach, CA. For more information, please visit www.irhythmtech.com.
St. Jude Medical and iRhythm Technologies, Inc. enter into partnership to co-market novel cardiac rhythm monitor
Corporate Partners Aim to Improve the Diagnosis of Arrhythmias with the Zio® Patch,
a Simple Single-Use Continuous Ambulatory Cardiac Rhythm Monitor
DENVER – May 13, 2010 – St. Jude Medical, Inc. (NYSE:STJ) and iRhythm Technologies, Inc., a privately-held company, announced today they have entered into partnership with a focus on iRhythm’s Zio® Patch. iRhythm also announced closure of a $10 million private equity round of financing, which was led by St. Jude Medical and included existing investors Mohr Davidow Ventures and Synergy Life Science Partners. Proceeds will be used to support the commercial launch of the Zio Patch. The announcement was made concurrent with Heart Rhythm 2010, the Heart Rhythm Society's 31st Annual Scientific Sessions, in Denver.
“As a global leader in the treatment of cardiovascular disorders, St. Jude Medical has developed many important innovations to improve patient care,” said Bill Willis, President and Chief Executive Officer of iRhythm. “We’re pleased to begin this partnership which aims to identify patients with arrhythmias earlier, ultimately improving outcomes.”
The co-marketing partnership, which also includes iRhythm’s Zio® Event Card, a cardiac rhythm event monitor, will enable the rapid adoption of iRhythm’s products and services by cardiologists and cardiac electrophysiologists.
The Zio® Patch is an easy-to-wear, single-use continuous ambulatory cardiac rhythm monitor that yields high-quality diagnostic information while providing greater patient comfort and improved compliance. iRhythm has received FDA 510k clearance for the Zio® Patch and is preparing for its commercial distribution in the U.S.
“With their breakthrough technology, iRhythm aims to simplify the complexities of cardiac rhythm monitoring in order to streamline the referral process and promote timely access to specialty care and treatment,” said Michael Rousseau, Group President of St. Jude Medical. “Through this partnership with iRhythm, St. Jude Medical will provide physicians a way to more easily and cost-effectively triage and diagnose patients potentially experiencing arrhythmias.”
Arrhythmias affect millions of Americans each year and left untreated, may lead to serious consequences, including stroke or sudden cardiac death. St. Jude Medical and iRhythm seek to create a new paradigm by bringing together innovative diagnostic devices and services with proven and effective device-based therapies, which together will streamline the referral process, improve the patient experience, and promote timely access to specialty care and treatment.
About St. Jude Medical, Inc.
St. Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide. The company is dedicated to advancing the practice of medicine by reducing risk wherever possible and contributing to successful outcomes for every patient. St. Jude Medical is headquartered in St. Paul, Minn. and has four major focus areas that include: cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit sjm.com.
About iRhythm Technologies, Inc.
iRhythm develops and markets simple, innovative diagnostic monitoring solutions supported by comprehensive clinical services in order to make diagnosing patients more accessible, cost-effective and efficient. The company’s Zio® devices are easy-to-wear, single-use monitors designed to enhance a patient’s monitoring experience and improve compliance, while maximizing diagnostic yield. iRhythm, a privately-held company, has headquarters in San Francisco, and an independent diagnostic testing facility near Chicago. For more information, please visit www.irhythmtech.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings and market shares. The statements made by the Company are based upon management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control and the risk factors and other cautionary statements described in the Company's filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended April 3, 2010. The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.