Bardy Diagnostics Announces Growth Capital Funding
CHARLOTTE, N.C., Jan. 5, 2017 /PRNewswire/ -- Bardy Diagnostics, Inc. ("BardyDx" or "the Company"), which has developed and is commercializing the Carnation Ambulatory Monitor ("CAM™"), the world's smallest and lightest P-wave centric™ ambulatory cardiac monitor and arrhythmia detection device, today announced that it has raised a significant round of growth capital from experienced healthcare investors SV Life Sciences Advisers ("SVLS"), Health Enterprise Partners ("HEP"), Ascension Ventures ("AV") and Square 1 Bank, a division of Pacific Western Bank ("Square 1"). The capital will be used to support continued development as well as sales and marketing of CAM™ in the U.S. and Europe.
"Through its clinically superior P-wave centric™ data capture, ergonomic engineering and design, and its flexibility to fit within varied healthcare workflows and business models, we're confident that CAM™ will be rapidly adopted as a standard of care and that it will further our mission of improving the clinical efficacy of ambulatory monitoring and patient health," said Gust Bardy, M.D., founder of BardyDx. "We're very excited to add the expertise and capital of SVLS, HEP, AHV and Square 1 to our team and look forward to their support and assistance in executing the next phase of growth for the Company."
Paul LaViolette, Managing Partner at SVLS, added, "It's a privilege to partner with Dr. Bardy on another of his compelling innovations in the diagnosis and treatment of cardiovascular disease. The Carnation Ambulatory Monitor represents a significant improvement over current technologies in how physicians diagnose and manage arrhythmias of all types."
Incorporating the extensive research, clinical expertise and intellectual property of Dr. Bardy, CAM™ is a non-invasive cardiac monitor worn by patients to record heart rhythms for extended periods of time. Due to its novel engineering and design, unique data capture and presentation capabilities and improved patient compliance, CAM™ improves the prospects for clinically actionable arrhythmia diagnoses and timely interventions. The earlier intervention and proper treatment of arrhythmias has the potential to drastically reduce their long-term complications and related costs. The CAM™ data file can be quickly downloaded for analysis at a hospital or clinic or at a third-party reading site, whichever the customer prefers. CAM™ is approved for use in the U.S. and Europe and fits within existing reimbursement codes in each region.
"CAM™ addresses a true market need for a comfortable, clinically effective monitoring solution, and we look forward to working with our new investors to accelerate the Company's market penetration and future development of CAM," said BardyDx CEO, Jon Hunt, Ph.D.
About Bardy Diagnostics
Bardy Diagnostics, Inc. ("BardyDx") develops and markets the Carnation Ambulatory Monitor, a non-invasive P-wave centric™ ambulatory cardiac monitor and arrhythmia detection device that generates superior clinical data, improves patient compliance and fits within varied hospital and cardiology workflows and reimbursement concerns.
About SV Life Sciences Advisers
SV Life Sciences Advisers, LLC ("SVLS") is a global leader in healthcare and life sciences investing. SVLS affiliated funds have been investing in such companies since the early 1980s, forming its first dedicated healthcare fund in 1994. Today, SVLS manages five funds with approximately $2.0 billion of capital commitments under management. The firm has invested in over 175 companies through its venture funds, and employs a diversified investment strategy capitalizing on opportunities in the following subsectors; therapeutics, medical devices, healthcare information technology (HCIT) and healthcare services. SVLS employs a close symbiosis between operating and financial professionals which has led to significant success over five investment funds. SVLS has offices in Boston, London and San Francisco. For more information, please visit the company's website at http://www.svlsa.com.
About Health Enterprise Partners
Health Enterprise Partners invests primarily in privately held, profitable, middle market companies in the health care information technology and health care service sectors. HEP's strategy is to leverage its unique and extensive hospital system and health plan network, 26 members of which are investors in HEP's funds. HEP seeks to invest in companies that improve the quality of the patient experience, reduce the cost of health care, and improve operating margins for their customers, typically hospital systems and / or health plans. For more information, please visit http://www.hepfund.com.
About Ascension Ventures
Ascension Ventures (www.ascensionventures.org) is a strategic healthcare venture firm with four funds and more than $800 million in capital under management. The firm is a wholly owned subsidiary of Ascension, the nation's largest Catholic and non-profit health system. Ascension Ventures' role is to construct and manage a strategic portfolio of investments that deliver venture-level investment returns, have the potential to transform the healthcare industry, and significantly enhance the experience for patients, their families and their caregivers. Its health system limited partners operate 474 hospitals, have 578,000 employees and generate $88 billion in annual revenue.
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp. For more information, visit www.square1bank.com.
Contact:
Bardy Diagnostics, Inc.
Jon Hunt, PhD
President and CEO
949-636-5835
[email protected]
SOURCE Bardy Diagnostics, Inc.
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