CLEVELAND, Nov. 11, 2013 /PRNewswire-USNewswire/ -- CardioInsight Technologies, Inc., a leading developer of non-invasive electrocardiographic mapping technology, announced today that it has completed a long-term strategic financing that provides the Company with an initial investment of $15 million. This financing provides CardioInsight with the capital necessary to complete ongoing multi-center clinical studies in Europe, further advance product development programs, and secure regulatory clearance for the Company's technology in the United States.
"This is an important financing transaction for the Company as it provides the resources necessary to accelerate and achieve key milestones in the continued evolution of the Company's revolutionary non-invasive, multiple chamber cardiac mapping technology," said Patrick Wethington, President and CEO of CardioInsight. "The ability to complete this transaction is further validation of the strength of the Company's clinical experience with its technology, and a representation of the broad potential this platform offers patients suffering from cardiac arrhythmias and other electrical disorders of the heart."
To date, CardioInsight's electrocardiographic mapping platform has been utilized in over 800 patients in multiple centers and multiple arrhythmia types. Results of these studies have generated nearly 100 publications and presentations in peer-reviewed journals and at international clinical conferences. This includes recent publications in the Journal of the American College of Cardiology (JACC) and presentations during the 2013 Heart Rhythm Society Scientific Sessions describing the Company's recent multi-center, multi-rhythm mapping studies.
Commenting on the transaction, Jay Katarincic, Managing Director of Draper Triangle Ventures, stated, "Not only does this financing support CardioInsight's continued growth, but more importantly is a testament to its ability to develop a world-class product which will change the standard of care in cardiac mapping."
About CardioInsight Technologies Inc.
CardioInsight is a Cleveland, Ohio based medical device company developing a breakthrough platform to improve the mapping of electrical disorders of the heart. The Company's ECVUE™ system non-invasively generates real-time, whole heart images of the electrical activity on the surface of the heart by combining body surface electrical data with 3D anatomical data. It then reconstructs and displays 3D maps and other useful measures of cardiac electrical activity as if the measurements were taken directly from the surface of the heart.
For more information, visit CardioInsight's website at www.cardioinsight.com.
Piper Jaffray acted as the exclusive financial adviser to CardioInsight Technologies, Inc., with Oppenheimer, Wolff and Donnelly LLP serving as legal advisor.
SOURCE CardioInsight Technologies Inc.