Devices & Diagnostics

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

California 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 […]

California 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.

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A Deep-dive Into Specialty Pharma

A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.

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.