Gust Bardy, founder and CEO of Bardy Diagnostics, said in a statement.īardy’s chief competitors in the cardiac monitoring wearable space are VitalConnect, maker of the VitalPatch disposable monitor, and iRhythm, which makes the Zio continuous ECG patch.
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"With these funds, we will grow our business by refining and expanding our primary goal of revealing to patients, and their physicians, the full complexity and meaning of their cardiac rhythm,” Dr. Recording from the device can be uploaded to BDxCONNECT, a companion cloud-enabled patient management portal that also boasts secure ECG analysis.Īccording to the announcement, Bardy Diagnostics will be leveraging the funds to expand its sales force and monitoring services, pursue development of augmented intelligence and visualization capabilities, and generally fuel the growth of its platform.
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Designed for adults and children weight more than 22 pounds, the adhesive patch is placed along the sternum. The round also featured participation from newcomers HealthQuest Capital, Aperture Venture Partners, Aphelion Capital, Lumira Ventures and Rex Health Ventures, as well as returning backers SV Health Investors, Health Enterprise Partners and Ascension Ventures.īardy Diagnostics’ primary product is the Carnation Ambulatory Monitor (CAM), a P-wave signal-capturing wearable that can be used to remotely monitor patients’ cardiac activity or detect arrhythmia over a seven-day period. Bill was assisted by Elise Scoles.īardy’s counsel was led by David Berger, Steven Guggenheim, Brad Sorrels, Andrew Cordo, Jessica Hartwell, Lindsay Faccenda Benjamin Potts, Nora Crawford, and Jeremy Gagas of Wilson Sonsini Goodrich & Rosati, P.C.Bardy Diagnostics, maker of an adhesive ambulatory cardiac patch for remote monitoring, has raised $35.5 million in a Series B funding round led by River Cities Capital Funds. The Court relied on the expert testimony of William Jeffers, CFA in ruling that an MAE had not occurred and that Hillrom would have to complete the acquisition as originally agreed. Furthermore, Bardy was not disproportionately affected by the change in the Medicare reimbursement rates, compared with similarly situated companies. Bardy argued that an MAE had not occurred because the risks associated with the Medicare reimbursement were previously known to Hillrom the change in Medicare rates was specifically addressed in the purchase agreement and that Hillrom hedged the effect of a reduction in the Medicare rates that would have resulted in lower earn-out payments. Medical equipment provider Hillrom attempted to back out of its purchase of Bardy, claiming that a reduction in the Medicare reimbursement rate for Bardy’s cardiac-monitoring technology qualified as a “Material Adverse Effect” (MAE) under the purchase agreement.īardy filed suit, seeking a court order to force Hillrom to close the transaction.
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The Griffing Group was retained by Bardy Diagnostics, the seller in a $500 million transaction, and its counsel, Wilson Sonsini, in an expedited trial in the Delaware Court of Chancery. Material Adverse Effect Similarly Situated Companies Disproportional Effect
et al.ĭelaware Court of Chancery, Consol.
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