Cardiac Network Inc. Confirms LOI for Exclusive License Agreement With Pacific Innovations
Published: Feb 10, 2010
SAN FRANCISCO, CA--(Marketwire - February 09, 2010) -
Under the terms of the agreement, Cardiac Network just paid a deposit towards an upfront license fee, and Pacific Innovations will be entitled to ongoing IP license fees, success based milestones and royalties on product sales. The devices will be proprietary, patented by Pacific Innovations, and available to Cardiac Network exclusively.
As previously announced, the new cardiac monitoring device prototype, expected to be demonstrated during the second quarter of 2010, will include a user-friendly patient online interface to allow access through wireless and WiFi networks to a secure central monitoring database for purposes of uploading and storing electrocardiogram, or ECG, data measuring electrical activity of the heart.
In addition, Cardiac Network will help fund ongoing research work within its current network of hospitals aimed at further validation of the health benefits of using its cardiac monitoring system for early detection and monitoring of at-risk heart patients.
The license agreement and royalties payable to Pacific Innovations under the agreement cover devices sold to hospitals, physicians and patients worldwide, and Cardiac Network will work with national healthcare providers to seek reimbursement coverage for their members under their medical plans.
About Cardiac Network, Inc.
Cardiac Network, Inc. is a medical technology company providing cardiac monitoring and diagnostic services to general practitioners and specialist physicians, for the investigation of patients with abnormal cardiac rhythm and function. The current service uses unique transtelephonic (by telephone) cardiac recorders that monitor and provide diagnostic information to physicians and their patients. Cardiac Network also offers its services to individuals which help them quickly determine if they are having potential cardiac problem so they can obtain immediately needed medical treatment. Learn more about Cardiac Network, Inc. by visiting, www.cardiacnetwork.net.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding Cardiac Network's anticipated economically competitive products and services. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as fluctuations in demand for Cardiac Network's products, Cardiac Network's ability to maintain strategic business relationships, the impact of competitive products and pricing, growth in targeted markets and the adequacy of Cardiac Network's liquidity and financial strength to support its growth. Cardiac Network undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Cardiac Network, Inc.