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.
“Ten years ago, CardioNet revolutionized the field of cardiac
monitoring by introducing the first mobile outpatient cardiac
telemetry system, MCOTTM. Today, CardioNet is once again pioneering
the field, by developing innovative solutions in terms of user
experience and performance,” commented Luc Van den hove, President
and CEO of IMEC. “We are delighted to see how our ultra-low power
integrated circuits translate to such system innovations, and are
excited to work with CardioNet. This collaboration is another
example of how leading companies are leveraging our technologies to
launch new products with breakthrough performance and
functionality, addressing the most pressing challenges in
healthcare.”
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.”
For more information about CardioNet or IMEC, please visit
www.cardionet.com and www.imec.be.
About CardioNet
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.
About imec
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.
About DELTA
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.
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