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CardioInsight Technologies Inc. Announces Closing of $7.5 Million Equity Financing


3/14/2012 7:54:39 AM

CLEVELAND, March 14, 2012 /PRNewswire-USNewswire/ -- CardioInsight Technologies Inc., the leading developer of non-invasive electrocardiographic mapping technology, announced today the closing of a $7.5 million Series "C" financing. The proceeds from the financing will help CardioInsight accelerate clinical and commercial efforts related to its ECVUE™advanced 3D cardiac mapping system.

(Logo: http://photos.prnewswire.com/prnh/20110531/DC10432LOGO)

CardioInsight recently announced its CE Mark certification and the successful installation of the ECVUE System at its first clinical customer sites. In the coming months, the Company will focus on securing its FDA regulatory clearance, demonstrating the value of the ECVUE System to improve the mapping of arrhythmias in routine clinical use, and proving its value in Cardiac Resynchronization Therapy (CRT).

"Securing this additional investment provides CardioInsight the ability to accelerate its clinical development and further demonstrate the commercial value of the ECVUE System," said Steve Arless, CEO of CardioInsight. "Over the next twelve to eighteen months, we will present a growing body of evidence demonstrating the strong clinical utility of our system; ultimately laying the foundation for commercial expansion in Europe, and commercial introduction in the U.S." CardioInsight has successfully completed commercial installations at three leading centers in Europe, including St. Mary's Hospital in London, England, the Kerckhoff Clinic in Bad Nauheim, Germany, and the Hopital Cardiologique du Haut-Leveque in Bordeaux, France. This increased clinical use will highlight the ECVUE System's ability to simplify cardiac mapping procedures, reduce procedure time, and expand the use of mapping to new applications, including cardiac resynchronization for heart failure.

About CardioInsight Technologies Inc.

CardioInsight is commercializing a revolutionary technology that non-invasively generates 3D images of the electrical activity of the heart. The images help physicians more accurately treat certain heart ailments such as arrhythmias and congestive heart failure. The Company's ECVUE system non-invasively generates real-time, whole heart images of the electrical activity on the surface of the heart by combining body surface electrical data with 3D anatomical data obtained from imaging scans. It then reconstructs and displays 3D images and other useful measures of cardiac electrical activity as if the measurements were taken directly from the surface of the heart. To date, CardioInsight has completed more than 400 patient studies at leading clinical centers in the United States and Europe, including the Cleveland Clinic Foundation, University Hospitals of Cleveland, Loyola University Medical Center, the University of Pennsylvania Medical Center, and the Hopital Cardiologique du Haut-Leveque in Bordeaux, France. These studies address a broad variety of cardiac arrhythmias, as well as cardiac resynchronization therapy for congestive heart failure, demonstrating the unique clinical value of the ECVUE System. Results of the studies have been published in leading peer-reviewed journals, and presented at international clinical conferences. The Company has received its CE Mark and markets the ECVUE System in Europe.

For more information, visit CardioInsight's website at www.cardioinsight.com, or contact us at 216-453-5950.

SOURCE CardioInsight Technologies Inc.


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