iRhythm Raises Additional $17 Million for Zio™ Patch Cardiac Monitor
May 22nd 2014
iRhythm Technologies has raised an additional $17 million for their long term continuous ECG monitoring device called the Zio Patch. This round of investment funds is led by a Danish life sciences investment firm called Novo A/S. The additional investment money is designed to ‘accelerate growth’ through further development, marketing to ‘set a new standard in long-term continuous cardiac monitoring’ with the use of the Zio Patch. This additional round of investment funds combined with prior investment money totals nearly $85 million.
The Zio patch is a small ECG recording device that is worn in the form of an adhesive patch designed to capture suspected arrhythmias. The Zio Patch records continuous ECG information and stored in the device (patch) for a period of up to 14 days. The patch is then removed and sent back to the iRhythm company at the end of the monitoring period. Although which they report has been used by almost 250,000 patients at over 800 sites.
Although iRhythm is a relatively new company, the company has more than 800 individual sites with a record of monitoring nearly 250,000 patients. Among many of these sites, iRhythm has performed several clinical research studies to demonstrate the viability of their long term continuous ECG monitoring technology compared to traditional Holter Monitoring. One of these studies published in the American Journal of Medicine proves that the Zio Patch monitor detected 96 arrhythmic abnormalities over the 14 day monitoring period as compared to traditional 24 hour Holter Monitoring studies detecting only 61. Further, iRhythm claims that their Zio Patch Service identifies nearly 5x as many cases of Atrial Fibrillation as the traditional Holter Monitor in the ‘same time frame’.