CardioInsight Technologies, Inc., a new bioscience start-up company, will commercialize a distinctive technology known as electrocardiographic imaging that was developed by Case Western Reserve University, in association with University Hospitals of Cleveland. The partners announced the launch of the new high-tech business today.
This collaborative enterprise recently closed an initial round of financing. CardioInsight is funded by Draper Triangle Ventures, JumpStart Inc. and Case. The investment of $750,000 will be used to construct an advanced prototype of the company's device, to conduct additional clinical studies and to advance the company's business plan.
"We're pleased at the validation of our technology as represented by this investment," said Warren Goldenberg, CardioInsight's chief executive officer. "The funding will allow us to conduct additional clinical trials and to map out a strategy for regulatory approval and market entry."
Jay Katarincic, a managing director at Draper Triangle, praised the CardioInsight technology as innovative and effective. "The CardioInsight technology has the potential to enable physicians to diagnose and treat arrhythmias and other heart problems related to electrical function without performing an invasive procedure," Katarincic said. "The current gold standard for gathering this type of data is an electrophysiology study, which is invasive, expensive, time-consuming and risky. CardioInsight's approach offers a more effective option and addresses a potentially significant market."
CardioInsight represents an extensive collaboration among company founders Charu Ramanthan and Ping Jia, who both earned doctorates in biomedical engineering from Case, and several Cleveland-area research institutions. This new technology was developed in the laboratory of Yoram Rudy, formerly a professor of biomedical engineering at Case who now is the Fred Saigh Distinguished Professor of Engineering and director of the Cardiac Bioelectricity & Arrhythmia Center at Washington University in St. Louis.
Initial human trials of the device were conducted at University Hospitals of Cleveland. Case and JumpStart, a venture development organization that assists high-growth start-ups within the region, collaborated to refine the company's business plan, recruit Goldenberg as interim CEO and introduce Draper Triangle to the company. BioEnterprise, the region's bioscience business formation, recruitment and acceleration initiative, participated in assessing the technology and its potential market.
CardioInsight is being formed to commercialize electrocardiographic imaging technology developed at Case Western Reserve University. The CardioInsight Technology noninvasively images electrical activity on the surface of the heart. Patented algorithms are used to combine body surface electrical data and chest CT scans to noninvasively generate maps of the electrical activity of the heart during each heartbeat. Proof of concept has been demonstrated in animal studies and preliminary human studies. The company has a strong clinical advisory board, including Dr. Albert Waldo (University Hospitals of Cleveland); Dr. Jayakumar Sahadevan (University Hospitals of Cleveland); Dr. Yoram Rudy (Washington University in St. Louis); Dr. William Stevenson (Brigham and Women's Hospital, Boston); and Drs. David Wilber and Niraj Varma (Loyola, Chicago).
Draper Triangle Ventures is the Midwestern-based fund of Draper Fisher Jurvetson (DFJ), the leader in seed and early-stage venture capital. Draper Triangle is a premier source of funding for high-technology start-up companies in the Pennsylvania and Ohio region.
JumpStart accelerates the growth of early-stage businesses and ideas into venture-ready companies by delivering vital, focused resources to entrepreneurs in Northeast Ohio. JumpStart identifies and invests in early-stage companies that have strong potential in the marketplace, solid prospects for high growth, and are likely to qualify for later-stage funding. Beyond investing, the JumpStart team provides a continuum of business development services to its client companies to help ensure their success.
BioEnterprise is a business formation, recruitment and acceleration initiative designed to grow health care companies and commercialize bioscience technologies. Based in Cleveland, BioEnterprise's founders and partners are The Cleveland Clinic, University Hospitals Health System, Case Western Reserve University and the Summa Health System. Companies include emerging medical device, biotechnology and health care services firms.
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