California start-up focusing on arrhythmia diagnostics raises nearly $3.5 million

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dollars, wealthCalifornia arrhythmia diagnostic company iRhythm Technologies has raised nearly $3.5 million, by issuing debt, options and warrants, according to a recent regulatory filing.

San Francisco-based iRhythm makes the Zio Patch, a single-use, water-resistant, continuous cardiac rhythm monitoring device that can be worn for up to 14 days. It is meant to be an early diagnostic tool for patients who do not have symptoms of cardiac arrhythmia, or suffer from transient symptoms such as palpitations, dizziness, light-headedness, among others.

In May 2010, Minnesota medical device maker St. Jude Medical was the lead investor in a $10 million equity round and it also enacted a co-branding and co-marketing agreement with iRhythm. In May 2011, St. Jude reinvested in the firm in a $15 million funding round which was led by New Leaf Venture Partners. Other investors in the company include Kaiser Permanente Ventures, Mohr Davidow Ventures and Synergy Life Science Ventures.

In July, the start-up named Kevin King as successor to CEO William Willis. Before becoming president and CEO of iRhythm, King was chief executive of molecular diagnostics firm Affymetrix.

A request for information from the company’s spokeswomen regarding how the money will be used is pending.

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Arundhati Parmar

By Arundhati Parmar

Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.
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