US-based medical device companies Preventice and ECardio Diagnostics have agreed a strategic merger and will now operate as subsidiaries under a holding company called Preventice, Inc.
Founded in 2007, Preventice specialises remote monitoring systems and mobile health apps, and development of its BodyGuardian remote monitoring system was funded by Merck Global Health Innovation Fund, pharmaceutical company Merck’s corporate venturing unit, and medical care non-profit Mayo Clinic.
ECardio, founded in 2004, develops remote cardiac monitoring technology, and its investors include venture capital firm Sequoia Capital. Merck will however be the primary shareholder in the new merged company.
The merger is going ahead in order to combine Prevenetice’s innovative technology with ECardio’s nationwide sales capabilities.
Jon Otterstatter, the new company’s president and global strategy officer, said: “The Merck Global Health Innovation Fund and Mayo Clinic have been exemplary partners. I am pleased that they will continue to partner with the new holding company.”
– Image courtesy of Preventice