Cardiac rhythm diagnostics device maker iRhythm Technologies has raised $17 million, according to a company statement, as providers try to keep patients out of the hospital, but keep an eye on warning signs of worsening conditions. That trend will help drive the remote patient monitoring market to a projected $5.1 billion by 2020.
Its ZIO Service uses an FDA-approved, noninvasive cardiac monitoring patch — ZIO Patch — to improve the ability to detect arrhythmias and diagnose them. It is designed to do continuous monitoring for up to 14 days, according to the company. The fresh capital will help the company market its cardiac rhythm service and expand technology capabilities for the patch. Novo A/S led the Series E round with participation from NorWest Partners, which led its Series D round last year.
The company has sought to prove that its device has applications beyond cardiology. Earlier this year, the company’s ZIO Service was evaluated in a study to support its use to identify underlying cardiac arrhythmias in patients who have had a stroke or transient ischemic attack. A presentation of the findings at the International Stroke Conference described how Stanford researchers analyzed data for 1,171 patients who wore the ZIO Patch to detect potential heart arrhythmias following a stroke or TIA. They found that patients wore the monitor for an average of 10.9 days, significantly more than the 24 hours to 48 hours for which the traditional Holter monitor is typically worn, according to a company statement.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
The U.S. Food and Drug Administration gave 510(k) clearance to iRhythm’s Zio Patch in 2009, and it was introduced commercially in 2011.
