CardioNet heads for potential $150m IPO (initial public offering):
This article was originally published in Clinica
Heart monitor developer CardioNet has filed for an initial public offering which the company claims could have a maximum price offering approaching $150m. The San Diego, California-based firm did not disclose the expected number of shares to be offered but did state that it would use the proceeds to pay an outstanding term loan and a success fee connected to the IPO to Silicon Valley Bank. Funds will also be channelled towards increasing sales and marketing capabilities for the company's CardioNet System, which monitors and diagnoses heart rhythm disorders. Over the last three years, the company has cut its net loss considerably, posting a deficit of $6.7m in 2006, down 68% from a loss of $21m in 2004. CardioNet plans to list on the Nasdaq under the ticker symbol "BEAT".