Devices & Diagnostics

Advanced cardiac imaging company gets $1 million Ohio loan

Noninvasive cardiac imaging company CardioInsight Technologies has added another $1 million ahead of an August […]

Noninvasive cardiac imaging company CardioInsight Technologies has added another $1 million ahead of an August product launch in Europe.

The Cleveland-based developer of new innovative medical devices was awarded a $1 million loan from the state of Ohio that it will use to help commercialize its technology. CardioInsight expects to receive European regulatory clearance in August and then begin selling its technology there shortly afterwords, CEO Steve Arless said.

CardioInsight’s electrocardiographic mapping technology, which it calls ECVue, gathers electrical information about the heart from an electrode “vest” placed on a patient’s body. It combines that information with images from a CT scan to produce 3-D maps of the electrical activity of the heart. Unlike conventional methods, CardioInsight’s technology is noninvasive and provides beat-by-beat, whole-heart mapping.

The technology could help diagnose and treat electrical abnormalities of the heart, such as those associated with arrhythmia and heart failure.

The low-interest loan was approved by Ohio’s Development Financing Advisory Council. To receive the loan from the state, CardioInsight is required to contribute a $1 million match, according to a spokeswoman for the Ohio Department of Development.

CardioInsight has raised a total of about $12 million in investment funding since it was founded in 2006, Arless said. He summed up the company’s value proposition in a video made a couples years ago for one of its investors, JumpStart Ventures.

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