Sep 10 2014
Preventice, developer of the PatientCare™ Platform and the BodyGuardian® Remote Monitoring Sensor and an innovator in software solutions for remote patient care, and eCardio Diagnostics® LLC, a leading provider of remote cardiac monitoring products and services, announced today a strategic combination of Preventice and eCardio to drive innovation and growth in remote monitoring systems and mobile health applications.
The two companies will now operate as wholly-owned subsidiaries of a newly formed holding company, Preventice, Inc.
The strategic combination strengthens eCardio's ten-year history as a leader in remote cardiac monitoring with the addition of Preventice's first-in-class, commercially available wireless remote cardiac monitoring system. It also provides Preventice with a national sales force and an award-winning monitoring center to allow for on-going market expansion of remote monitoring systems and mobile health applications.
Operating and corporate functions of the new holding company will be managed from eCardio's corporate headquarters in Houston, while clinical research and product development activities will remain at Preventice's Rochester, Minn., location. eCardio's two Independent Diagnostic Testing Facilities will continue to monitor patients from Houston and South San Francisco.
Larry Lawson, founder and chief executive officer of eCardio, will serve as chairman and chief executive officer of the new holding company, Preventice, Inc. Jon Otterstatter, co-founder, president and chief executive officer of Preventice, has been appointed as president and global strategy officer of the holding company. eCardio's chief operating officer, John Untereker, will serve as executive vice president and chief operating officer of the holding company.
"This strategic combination with Preventice will provide physicians with even greater access to products and services in the emerging market of cardiac remote patient care - one of the fastest growing segments in telehealth," said Larry Lawson, the new chief executive officer of Preventice, Inc. "eCardio has focused on providing physician practices, academic medical centers and hospitals with the value-add tools they need to diagnose patients. In addition to mobile cardiac telemetry monitoring, streamlined reports via customized web portals, and successful EMR integrations, our customers can now look forward to a more robust and cost-effective offering."
"We are excited about the opportunities that the combination with eCardio brings to accelerate, expand and leverage our shared values related to remote cardiac patient care," said Jon Otterstatter, the new president and global strategy officer of Preventice, Inc. "The Merck Global Health Innovation Fund, LLC (GHIF), and Mayo Clinic have been exemplary partners. I am pleased that they will continue to partner with the new holding company."
GHIF and Mayo Clinic were instrumental in the funding and development of Preventice's BodyGuardian system. The Preventice-eCardio combination, of which GHIF is the primary stockholder, will continue to leverage the expertise of GHIF and the clinical insights of Mayo Clinic.
"Together, Preventice and eCardio create a strong and innovative player in the cardiac patient monitoring market, and provide differentiating opportunities to expand further in remote cardiac patient monitoring," said Joseph Volpe, managing director of GHIF.
"These types of collaborations are how Mayo Clinic is extending its reach well beyond Rochester and we are pleased to see BodyGuardian take another step in its success story – invented by Mayo Clinic physicians, licensed and developed by Preventice, and now positioned to support patients globally," said James Rogers, chair, Mayo Clinic Ventures.
About Preventice
Preventice, Inc., is a privately owned company and a leading solutions provider of remote monitoring systems and mobile health applications that enable the clinical and cost effective management of patients outside of the hospital. Preventice is headquartered in Minneapolis, with offices in Rochester, Minn. To learn more about Preventice, visit www.preventice.com.
About PatientCare Platform and BodyGuardian Remote Monitoring Sensor
Preventice, Inc., has licensed the remote monitoring algorithms for the PatientCare™ Platform and the BodyGuardian® Remote Monitoring Sensor from Mayo Clinic. Preventice received 510(k) clearance from the U.S. Food and Drug Administration (FDA), enabling the company to market BodyGuardian for use in detecting and monitoring non-lethal cardiac arrhythmias for ambulatory patients. The company has also received ISO 13485: 2003 certification, and CE Mark approval. Royalties Mayo receives are used to support its not-for-profit mission in patient care, education and research.
The BodyGuardian detects, records and wirelessly transmits physiological data to support remote monitoring of non-lethal, cardiac arrhythmias in ambulatory patients. Data is transmitted to Preventice's mHealth PatientCare platform, where it can be stored for later retrieval. The BodyGuardian sensor adheres to the patient's skin and is smaller than a cell phone, giving patients complete mobility and freedom to go about their normal lives without restriction. Physicians and medical professionals can securely view the captured medical information anytime, anyplace on devices such as the iPad®, or online. Physicians can retrieve patient data and reports, or choose to receive alerts based on changes in select biometrics.
About eCardio Diagnostics, LLC
eCardio is a leading partner in the delivery of optimal patient care by offering the complete wireless monitoring solution for physicians needing accurate and timely arrhythmia detection in the outpatient setting. Winner of numerous awards from the technology, health, and business sectors, eCardio provides a vast array of products including mobile cardiac telemetry (MCT) and cardiac event monitors. The eCardio Verité monitor is a revolutionary single component, dual-mode device that utilizes advanced algorithms to auto-detect arrhythmias and transmit recordings in near, real time to state-of-the-art web platforms. Our leading-edge diagnostic innovations and digital solutions, combined with our award-winning Monitoring Centers provide physicians and their patients with flexible, fast, and accurate arrhythmia monitoring solutions. For more information, visit www.ecardio.com.
About Mayo Clinic
Recognizing 150 years of serving humanity in 2014, Mayo Clinic is a nonprofit worldwide leader in medical care, research and education for people from all walks of life. For more information, visit 150years.mayoclinic.org, http://www.mayoclinic.org and newsnetwork.mayoclinic.org.
About Merck Global Health Innovation Fund, LLC
Merck Global Health Innovation Fund, LLC (GHIF) invests in emerging companies that deliver breakthrough health care solutions, which advance Merck's mission to discover, develop and provide innovative products and services that save and improve lives. For more information, visit http://www.merck.com/ghi.