CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--CardioNet, Inc. (NASDAQ:BEAT), the leading wireless medical technology and research services company with a current focus on the diagnosis and monitoring of cardiac arrhythmias, today announced a multi-year development agreement with the Belgium-based nanoelectronics research center IMEC and its Dutch affiliate Holst Centre. Over the next 18 months, the Companies will work to develop two revolutionary cardiac monitoring products.
The new products are expected to greatly improve the patient experience during monitoring, and to be a major advance in the field of remote cardiac monitoring. CardioNet expects the development project to build on its proprietary algorithms and back-end infrastructure, and IMEC’s world-leading expertise in ultra-low power ECG readout ASIC (application specific integrated circuit) with integrated motion artifact reduction. The project will also leverage Denmark-based Delta's development of the world's smallest ECG electrode patch.
Joe Capper, President and CEO of CardioNet, commented: “We are excited to join forces with IMEC to develop the next generation of cardiac monitoring devices. In selecting IMEC as our development partner, we were extremely impressed with IMEC’s proven track record of developing innovative products for a distinguished group of global partners. This collaboration will further advance the use of remote technology to improve the quality of patient care.”
CardioNet is the leading provider of ambulatory, continuous, real-time outpatient management solutions for monitoring relevant and timely clinical information regarding an individual’s health. CardioNet’s initial efforts are focused on the diagnosis and monitoring of cardiac arrhythmias, or heart rhythm disorders, with a solution that it markets as Mobile Cardiac Outpatient TelemetryTM (MCOTTM). More information can be found at http://www.cardionet.com.
Imec performs world-leading research in nanoelectronics. Imec leverages its scientific knowledge with the innovative power of its global partnerships in ICT, healthcare and energy. Imec delivers industry-relevant technology solutions. In a unique high-tech environment, its international top talent is committed to providing the building blocks for a better life in a sustainable society. Imec is headquartered in Leuven, Belgium, and has offices in Belgium, the Netherlands, Taiwan, US, China, India and Japan. Its staff of close to 2,000 people includes more than 600 industrial residents and guest researchers. In 2011, imec's revenue (P&L) was about 300 million euro. Further information on imec can be found at www.imec.be.
Imec is a registered trademark for the activities of IMEC International (a legal entity set up under Belgian law as a "stichting van openbaar nut”), imec Belgium (IMEC vzw supported by the Flemish Government), imec the Netherlands (Stichting IMEC Nederland, part of Holst Centre which is supported by the Dutch Government), imec Taiwan (IMEC Taiwan Co.) and imec China (IMEC Microelectronics (Shangai) Co. Ltd.) and imec India (Imec India Private Limited).
About Holst Centre
Holst Centre is an independent open-innovation R&D centre that develops generic technologies for Wireless Autonomous Transducer Solutions and for Systems-in-Foil. A key feature of Holst Centre is its partnership model with industry and academia around shared roadmaps and programs. It is this kind of cross-fertilization that enables Holst Centre to tune its scientific strategy to industrial needs.
Holst Centre was set up in 2005 by imec (Flanders, Belgium) and TNO (The Netherlands) with support from the Dutch Ministry of Economic Affairs and the Government of Flanders. It is named after Gilles Holst, a Dutch pioneer in Research and Development and first director of Philips Research.
Located on High Tech Campus Eindhoven, Holst Centre benefits from the state-of-the-art on-site facilities. Holst Centre has over 180 employees from around 28 nationalities and a commitment from more than 45 industrial partners. Visit us at www.holstcentre.com.
DELTA - Danish Electronics, Light & Acoustics is an independent technology service organization for private enterprises and public authorities. DELTA's mission is to help businesses and society in general create value through innovative use of new technology in products, processes and environment. DELTA is among Europe's leading international test, design, service, consulting and education organizations within electronics, microelectronics, software technology, light, optics, acoustics and vibration. Further information on DELTA can be found at http://www.madebydelta.com/.
CardioNet, Inc. Cautionary Statement Regarding Forward-Looking Statements
This document includes certain forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our growth prospects, the prospects for our products and our confidence in the Company’s future. These statements may be identified by words such as “expect,” “anticipate,” “estimate,” “intend,” “plan,” “believe,” “promises” and other words and terms of similar meaning. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including important factors that could delay, divert, or change any of these expectations, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, the effect of the Cardiocore acquisition on our business operations and financial results and our ability to successfully integrate its operations into our business, the national rate set by the Centers for Medicare and Medicaid Services (“CMS”) for our mobile cardiovascular telemetry service, effects of changes in health care legislation, effectiveness of our cost savings initiatives, relationships with our government and commercial payors, changes to insurance coverage and reimbursement levels for our products, the success of our sales and marketing initiatives, our ability to attract and retain talented executive management and sales personnel, our ability to identify acquisition candidates, acquire them on attractive terms and integrate their operations into our business, our ability to collaborate and develop next generation cardiac monitoring products with IMEC, Holst Centre and Delta Danish, the commercialization of new products, market factors, internal research and development initiatives, partnered research and development initiatives, competitive product development, changes in governmental regulations and legislation, the continued consolidation of payors, acceptance of our new products and services, patent protection, adverse regulatory action, and litigation success. For further details and a discussion of these and other risks and uncertainties, please see our public filings with the Securities and Exchange Commission, including our latest periodic reports on Form 10-K and 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.