ERT, a Philadelphia, PA-based global data and technology company that minimizes uncertainty and risk in clinical trials, acquired iCardiac Technologies, a Rochester, NY-based provider of centralized cardiac safety and respiratory solutions.
The amount of the deal was not disclosed.
iCardiac Technologies is a centralized core laboratory for cardiac safety, respiratory, and eCOA clinical trial services, which serves eight of the top 10 global pharmaceutical companies, as well as numerous small and mid-sized pharma and biotechnology firms.
The acquisition enables ERT to expand its portfolio of proven cardiac safety solutions, specifically through the addition of iCardiac’s algorithm-driven technology, which supports regulatory-compliant methods of conducting QT assessments in early phase clinical trials.
Following the deal, Alex Zapesochny, President and CEO of iCardiac, will join ERT’s President & CEO James Corrigan and 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.
Norwest, a Silicon-Valley based venture capital and growth equity investment firm managing more than $6 billion in capital, sold iCardiac to ERT. Norwest’s Dr. Ryan Harris led the investment in iCardiac in 2014 to help the company pursue significant growth opportunities and serve the needs of its pharmaceutical and CRO clients worldwide.