The amount of the transaction was not disclosed. In conjunction with the funding, two of NVP’s Dr. Ryan Harris and Dr. Robert Mittendorff, will join the iCardiac’s board of directors.
The company will leverage the resources to pursue growth opportunities and expand its pharmaceutical and medical device clients worldwide.
Led by Mikael Totterman, chief executive officer, iCardiac has developed proprietary technology that allows CROs and pharmaceutical sponsors to obtain cardiac safety assessment results with less variance of the average (according to Phrma.org 2013, the average cost to develop a new drug is about $1.2B and requires 10 to 15 years of development time). The platform aims to maximize precision and accuracy while decreasing the cost of cardiac safety assessments from First-in-Human studies to Phase III studies, including Thorough QT (TQT) studies.
The company currently serves seven of the world’s 10 largest pharmaceutical companies, as well as numerous medium and small biotech, pharmaceutical and medical device clients.