PALO ALTO, Calif.--(BUSINESS WIRE)--Norwest today announced it has sold iCardiac Technologies to ERT, a global data and technology company that minimizes uncertainty and risk in clinical trials. iCardiac Technologies is a leading provider of centralized cardiac safety and respiratory solutions. Norwest’s Dr. Ryan Harris led the investment in iCardiac in 2014 to help the company pursue significant growth opportunities and serve the rapidly growing needs of its pharmaceutical and CRO clients worldwide. Financial terms of the transaction were not disclosed.
“Over the years, iCardiac’s innovative and superior technology has offered clear measured benefits, helping its partners more effectively develop medications to improve human health,” said Dr. Ryan Harris, General Partner, Norwest. “We’re fortunate to have worked with such a creative and experienced team. We’re very proud of the company’s growth and know the team is positioned for continued success with ERT.”
The acquisition enables ERT to expand its portfolio of proven cardiac safety solutions, specifically through the addition of iCardiac’s sophisticated, algorithm-driven technology, which supports efficient, cost-effective and regulatory-compliant methods of conducting QT assessments in early phase clinical trials. Through these expanded capabilities, ERT is better positioned to meet its customers’ unique needs at every phase of clinical development.
Norwest chose to partner with iCardiac because of the company’s best-in-class product, expansive global services operation, and stellar team of medical and scientific experts with more than 100 collective years of cardiology, electrophysiology, drug development and regulatory experience.
“This is a natural fit between two organizations with rich histories of innovation that have shaped the clinical trial landscape,” said James Corrigan, President & CEO, ERT. “The iCardiac acquisition expands ERT’s ability to deliver solutions that help our customers create novel therapies in the fastest, most efficient and cost-effective manner possible. This includes greater flexibility in early phase trials, as well as a stronger partner who can support the entire development lifecycle.”
Alex Zapesochny, President and CEO of iCardiac, will join ERT’s executive team to lead the company’s Cardiac Safety business, which includes ERT’s existing Cardiac Safety services as well as those offerings recently acquired via Biomedical Systems. “iCardiac has introduced several breakthrough innovations over the past decade, including High Precision QT and Early Precision QT methodologies,” said Zapesochny. “I look forward to continuing this tradition of helping customers navigate an increasingly complex clinical development landscape and bring new treatments to market faster.”
Norwest is a leading Silicon-Valley based venture capital and growth equity investment firm managing more than $6 billion in capital. Since our inception, we have invested in more than 600 companies. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders advance on their journey. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. For more information, please visit Norwest. Follow Norwest on Twitter @NorwestVP.
ERT is a global data and technology company that minimizes uncertainty and risk in clinical trials so that its customers can move ahead with confidence. With nearly 50 years of clinical and therapeutic experience, ERT balances knowledge of what works with a vision for what’s next, so it can adapt without compromising standards.
Powered by the company’s EXPERT® technology platform, ERT’s solutions enhance trial oversight, enable site optimization, increase patient engagement and measure the efficacy of new clinical treatments while ensuring patient safety. Since 2014, more than half of all FDA drug approvals came from ERT-supported studies. Pharma companies, biotechs and CROs have relied on ERT solutions in 1,000+ studies, spanning more than three million patients to date. By identifying trial risks before they become problems, ERT enables customers to bring clinical treatments to patients quickly — and with confidence.
About iCardiac Technologies
iCardiac Technologies, Inc. is an industry-leading centralized core laboratory for cardiac safety, respiratory, and eCOA clinical trial services. iCardiac serves eight of the top 10 global pharmaceutical companies, as well as numerous small and mid-sized pharma and biotechnology firms. For more information, please visit www.icardiac.com.