Cardioinsight completes long-term strategic financing to conclude multi-center clinical studies in Europe

Nov 11 2013

CardioInsight Technologies, Inc., a leading developer of non-invasive electrocardiographic mapping technology, announced today that it has completed a long-term strategic financing that provides the Company with an initial investment of $15 million. This financing provides CardioInsight with the capital necessary to complete ongoing multi-center clinical studies in Europe, further advance product development programs, and secure regulatory clearance for the Company's technology in the United States.

"This is an important financing transaction for the Company as it provides the resources necessary to accelerate and achieve key milestones in the continued evolution of the Company's revolutionary non-invasive, multiple chamber cardiac mapping technology," said Patrick Wethington, President and CEO of CardioInsight. "The ability to complete this transaction is further validation of the strength of the Company's clinical experience with its technology, and a representation of the broad potential this platform offers patients suffering from cardiac arrhythmias and other electrical disorders of the heart."

To date, CardioInsight's electrocardiographic mapping platform has been utilized in over 800 patients in multiple centers and multiple arrhythmia types. Results of these studies have generated nearly 100 publications and presentations in peer-reviewed journals and at international clinical conferences. This includes recent publications in the Journal of the American College of Cardiology (JACC) and presentations during the 2013 Heart Rhythm Society Scientific Sessions describing the Company's recent multi-center, multi-rhythm mapping studies.

Commenting on the transaction, Jay Katarincic, Managing Director of Draper Triangle Ventures, stated, "Not only does this financing support CardioInsight's continued growth, but more importantly is a testament to its ability to develop a world-class product which will change the standard of care in cardiac mapping."