Interventional Rhythm Management Changes Name To InnerPulse And Announces A Move To A New Expanded Office, Lab, Manufacturing Facility
We believe our life-saving PICD device is a revolutionary technology that will redefine how we treat patients at risk of Sudden Cardiac Death and save thousands of lives of patients with heart rhythm disorders each year.Daniel A. Pelak, President and Chief Executive Officern, InnerPulse, Inc.
RESEARCH TRIANGLE PARK, NC (June 26, 2006). . . InnerPulse, Inc, a privately held company developing unique technologies for the treatment of abnormal heart rhythms, announced today that it will move into a new 19,000-square-foot complex in Research Triangle Park in mid-July. The new facility will accommodate its growing research and development activities and the upcoming commercialization of its first product, an innovative implantable defibrillator that can be placed in the body quickly and without surgery. InnerPulse, Inc. was formerly called Interventional Rhythm Management, Inc.
The first InnerPulse product, the Percutaneous Implantable Cardioverter Defibrillator (“PICD”), is designed for the treatment of sudden cardiac arrest, an event that claims the lives of more than 330,000 Americans each year and has been reported to have a survival rate of only five percent in the absence of a defibrillator.
“We believe our life-saving PICD device is a revolutionary technology that will redefine how we treat patients at risk of Sudden Cardiac Death and save thousands of lives of patients with heart rhythm disorders each year,” said Daniel A. Pelak, President and Chief Executive Officer.
The PICD is an alternative to the currently available technology that requires a more invasive surgical procedure. The InnerPulse defibrillator is entirely encapsulated in a catheter and will be inserted intravenously through a vein in the leg.
Pelak pointed out that although implantable defibrillators have been available for almost 20 years, they remain one of the most underutilized medical innovations of our generation. Recent studies have demonstrated that only 15% to 20% of patients who should receive an implantable defibrillator actually receive such a device. The issue of access and cost contribute to the underutilization of this life saving technology. InnerPulse’s technology addresses both access and cost by making the implantation procedure simpler and cost effective.
“Since the Company was founded, we have assembled a management team of industry veterans who have deep knowledge of the cardiac rhythm management industry,” said William N. Starling, the Company’s Chairman. Mr. Starling went on to explain “our management group represents senior executives from the premier companies in the cardiac rhythm management industry.”
InnerPulse has raised $35.2 million in two rounds of private financings and investors include Delphi Ventures, Frazier Healthcare Ventures, Johnson & Johnson Development Corporation and Boston Scientific Corporation.
InnerPulse’s technology partners include Wilson Greatbatch Technologies, Inc., a developer and manufacturer of batteries and capacitors that has created an exclusive new generation of components for the PICD; and AMI Semiconductor, Inc., whose low-power, mixed-signal, wireless implantable medical-semiconductor technology will provide the PICD with ultra low-power solutions.
The new InnerPulse facility, located at 4025 Stirrup Creek Drive, Research Triangle Park, NC, will include administrative offices, laboratories, and manufacturing facilities.
About InnerPulse, Inc
InnerPulse, Inc. (www.inner-pulse.com), an early stage company, has created a disruptive technology platform for cardiac rhythm management (CRM) devices using interventional technology. InnerPulse’s mission is to better serve cardiac arrhythmia patients by developing cardiac devices that will offer reduced implantation time, simplified implantation procedures, increased patient comfort, and expanded access to therapy. Analysts estimate the worldwide CRM market, comprised of pacemakers and implantable defibrillators, exceeded $8 billion in 2005.