Palo Alto, CA – March 6, 2014 — iCardiac Technologies, Inc., a leading global provider of cardiac safety assessment services, today announced a partnership transaction with Norwest Venture Partners (NVP), a global, multi-stage investment firm with $3.7 billion in capital under management. iCardiac will leverage the extensive strategic resources NVP has to offer to aggressively pursue significant growth opportunities and serve the rapidly growing needs of its pharmaceutical and medical device clients worldwide. Also as part of today’s announcement, two of NVP’s healthcare investment leaders, Dr. Ryan Harris and Dr. Robert Mittendorff, will join the Company’s board of directors.
The average cost to develop a new drug is about $1.2B and requires 10 to 15 years of development time.* iCardiac’s unique and proprietary technology allows CROs and pharmaceutical sponsors to obtain cardiac safety assessment results with less variance, resulting in smaller sample sizes and less development time. iCardiac is the world’s largest dedicated ECG core laboratory serving the pharmaceutical industry. It currently serves seven of the world’s 10 largest pharmaceutical companies, as well as numerous medium and small biotech, pharmaceutical and medical device clients.