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.
"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