St. Jude Medical and iRhythm Technologies Enter into Partnership to Co-Market Novel Cardiac Rhythm Monitor
DENVER, May 13 /PRNewswire/ -- 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.
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"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.
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.
SOURCE St. Jude Medical, Inc.; iRhythm Technologies, Inc.