Aug 16, 2005
Rhyhmia Medical, Inc. Closes Series A Financing Round
Funding to accelerate R&D for advanced treatment of arrhythmias
August 16, 2005 - Boston, Massachusetts - Rhythmia Medical, Inc. announced it has completed a two million dollar Series A financing round from a group of institutional and individual investors. The funds raised will enable the company to accelerate its research and development efforts, increase its workforce and reach in-vivo trials which are expected in 2006.
"I am enthusiastic and confident about the opportunities that lie ahead for Rhythmia Medical," said Edward B. Roberts, a member of the investor group. "Rhythmia has been making great strides towards achieving its vision of revolutionizing the way arrhythmias are treated. We look forward to being a part of the company's ongoing success." Roberts is the David Sarnoff Professor of Management of Technology at MIT and Chair of the MIT Entrepreneurship Center.
An estimated eight million people in the U.S. suffer from arrhythmia, a condition that may lead to sudden death, stroke, and heart failure. The medical device market for the treatment of arrhythmia exceeds $12 billion per annum and is growing annually at 20%. Within this market, Rhythmia is addressing an attractive opportunity in interventional cardiology of over $800 million annually, growing at 20-30% per annum.
"We are grateful to our investors for their belief in us and their support of Rhythmia," said Doron Harlev, co-founder of Rhythmia. "We are convinced that the need for a better treatment of complex arrhythmias represents a significant unmet clinical need as well as a highly attractive business opportunity. We are very pleased with the results of the initial development and continue to be driven by the consistent positive feedback we are receiving from our clinical partners."
About Rhythmia Medical
Rhythmia Medical, Inc. was founded in 2004 by Doron Harlev and Leon Amariglio and has engaged an impressive team of developers, clinicians from the Harvard Medical School and Boston University School of Medicine and technical and business advisors. Rhythmia is currently recruiting an engineering team with expertise in signal processing, software development and miniature device fabrication. The company expects to reach the milestone of animal testing within 18-24 months. The company is located in Boston, Massachusetts and additional information can be found at www.rhythmia.com.
You may request Rhythmia's future press releases and additional information by contacting Leon Amariglio: firstname.lastname@example.org , Tel: +1.617.591.9191.
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