Interventional Rhythm Management, Inc. Announces its Revolutionary Technology Platform for Cardiac Electrophysiology Devices
The IRM IID™ represents a major breakthrough technology for the significantly underserved patient population of defibrillator candidates.Richard S. Stack MD, President, IRM
Fundamental Patent Application Published December 4th, 2004.
Research Triangle Park, NC – January 12, 2005 – Interventional Rhythm Management Inc. today announces its revolutionary design for cardiac electrophysiology devices, such as implantable defibrillators and pacemakers. IRM’s ground-breaking design allows implantable defibrillators and pacemakers to be completely introduced and implanted within the vascular system without major surgery. IRM was founded in 2003 by Synecor LLC, a leading medical technology accelerator, and received its initial Series A Preferred Stock Financing in November 2003 from venture capital firms Delphi Ventures and Frazier Healthcare Ventures.
IRM’s initial product will be an Intravascular Implantable Defibrillator™ (IID) designed for the primary prevention of sudden cardiac arrest, an event that has a survival rate of only 5% in the absence of a defibrillator. Randomized trials have shown dramatic survival benefits with implantable defibrillators for patients with a history of heart attack and impaired heart function. These implantable defibrillators, like all traditional electrophysiological devices, require a metallic can containing the electronics be surgically implanted under the skin. IRM’s IID™ offers this large and growing patient population, estimated to be 300,000 patients annually in the US, a truly minimally invasive alternative for a proven treatment.
“The IRM IID™ represents a major breakthrough technology for the significantly underserved patient population of defibrillator candidates,” said Richard S. Stack MD, IRM’s President, “a cardiologist will now be able to implant this life-saving device in less than 15 minutes. Patients will no longer need to deal with the permanent implantation of a metallic box under their skin as now occurs with all other conventional devices.”
In order to address this challenge of delivering the same energy as the larger conventional systems, IRM inked an exclusive development agreement on May 25, 2004 with Wilson Greatbatch Technologies, Inc. (NYSE: GB), a leading industry manufacturer of implantable batteries and capacitors. Wilson Greatbatch is developing a new generation of these components exclusively for IRM based on its proprietary technologies.
“In terms of putting a lot of energy into a very small space, this device is on the cutting edge,” said William N. Starling, IRM’s Chief Executive Officer. “It quickly became clear that, in the area of capacitors, Greatbatch’s wet tantalum technology was the only way we could pack enough energy to reliably defibrillate the heart in a package small enough to be introduced via standard interventional catheterization techniques.”
“We were delighted to be chosen to develop a key, enabling technology by entrepreneurs with track records as impressive as those of Bill Starling and Richard Stack,” said Edward Voboril, Chairman, President, and Chief Executive Officer of Wilson Greatbatch Technologies, Inc.
IRM has also entered into an exclusive technology design and supply agreement with AMI Semiconductor Inc. (NASDAQ: AMIS), the leading developer of low-power mixed-signal and wireless implantable medical semiconductor solutions targeting the MICS medical communications band. The company’s proprietary ASIC technology will enable the IRM device to consume very low power without compromising functionality.
“We are excited to partner with AMIS and leverage their capabilities to provide turnkey semiconductor solutions,” said Starling. “As an emerging player in the medical device field, we carefully considered our partnership options. We are confident that AMI Semiconductor’s excellent technology and performance history will exceed our expectations.”
“AMIS is proud to partner with IRM to facilitate the development of its pioneering electrophysiology technology platform,” said Christine King, President and CEO of AMI Semiconductor. “We look forward to further proving the depth of our experience and helping to bring another revolutionary life-saving medical technology to market to enhance the lives of patients.”
About Interventional Rhythym Management: IRM was founded in 2003 and incubated by Synecor LLC to focus on the management of patients with arrhythmias, or abnormal heart rhythms.
About Synecor LLC: Synecor LLC is an accelerator of innovative medical technology with offices located in Research Triangle Park, NC, Portola Valley, CA, and Santa Rosa, CA. Synecor has assembled significant scientific, financial, and corporate partnerships that participate in the Synecor incubation model.
About Delphi Ventures: Delphi Ventures is a private venture capital firm focusing on early-stage medical device and biotechnology investments throughout the United States. Founded in 1988, the Firm has approximately $600M under management and has invested in over 125 healthcare companies. For more information about Delphi Ventures, please visit the web site at www.delphiventures.com.
About Frazier Healthcare: With over $1 billion under management, Frazier Healthcare Ventures has provided capital to emerging growth companies across the entire spectrum of the healthcare industry, at all stages of development, from incubation to late stage. The firm takes an active role in its investments and has one of the largest healthcare investment teams in the venture capital community. For more information about Frazier Healthcare, please visit the web site at www.frazierco.com.
About Wilson Greatbatch Technologies: Wilson Greatbatch Technologies, Inc. is a leading developer and manufacturer of critical components used in implantable medical devices and other technically demanding applications. Additional information about the Company is available at www.greatbatch.com.
About AMI Semiconductor: AMI Semiconductor (AMIS) is a leader in the design and manufacture of silicon solutions for the real world. As a widely recognized innovator in state-of-the-art integrated mixed-signal products, mixed-signal foundry services and structured digital products, AMIS is committed to providing customers with the optimal value, quickest time-to-market semiconductor solutions. Offering unparalleled manufacturing flexibility and dedication to customer service, AMI Semiconductor operates globally with headquarters in Pocatello, Idaho, European corporate offices in Oudenaarde, Belgium, and a network of sales and design centers located in the key markets of the United States, Europe and the Asia Pacific region.