CardioNet
This article was originally published in The Gray Sheet
Executive Summary
The firm's first mobile outpatient cardiac telemetry service center will open for full commercial operation in Philadelphia in June. The facility will offer monitoring, reimbursement, physician in-service, sales and patient home hook-up services for Cardionet's ambulatory monitor, which was 510(k)-cleared in February for continuous outpatient monitoring to detect infrequent cardiac arrhythmias. The San Diego company sells the device and full monitoring service directly to cardiologists, focusing on electrophysiologists. Eventually, the company plans to have a service center in every major metropolitan area, but chose Philadelphia for its first center because of the relatively high Medicare reimbursement for "around-the-clock" cardiac telemetry that is available in Pennsylvania...
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Financings In Brief
CardioNet raises $110 mil. for wireless monitoring: Wireless outpatient cardiac arrhythmia monitoring product and service provider raises $110 million in a private placement, completed March 26. The funding follows San Diego-based CardioNet's acquisition of West Palm Beach-based heart monitoring service provider PDS Heart on March 12 for undisclosed terms. The purchase of PDS Heart makes CardioNet the largest U.S. provider of "wireless, remote outpatient cardiac monitoring, event Holter and pacer services," the firm says. Privately held CardioNet has raised nearly $200 million in private debt and equity over the past seven years. CardioNet gained 510(k) clearance in 2002 for its core technology for continuous outpatient monitoring to detect infrequent cardiac arrhythmias (1"The Gray Sheet" May 27, 2002, In Brief)...
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