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[Images: pe-art/; sadajiwa/istockphoto]
Pharos Capital Group has acquired a majority stake in New Jersey-based RythMedix, a manufacturer and provider of remote cardiac monitoring systems and related services.
Pharos is a middle market private equity firm based in Dallas and Nashville.
“We are impressed by Rhythmedix’s continued focus on driving innovation in the cardiac monitoring market, as evidenced by the ability of the RhythmStar platform to provide near real-time notifications to providers. “This enables life-changing interventions for patients suffering from the event, and lowers treatment costs by reducing unnecessary hospitalizations for patients who do not present an abnormality.” said Joel Goldberg, partner at Pharos. he said in a statement.
“Pharos sees an attractive opportunity to grow the company organically and through acquisitions, and in collaboration with Rhythmedix’s esteemed co-founders Brian Pike and Stan Biletsky, we are excited to partner with Rhythmedix’s esteemed co-founders Brian Pike and Stan Biletsky to bring convenience to people across the country. We look forward to continuing to provide cost-effective care in the United States,” Goldberg added.
Rhythmedix’s management team is reinvesting with Pharos and will remain with the company in its current role, the companies said.
Pharos said Dan Delaney, former CEO of TechLab, a former Pharos portfolio company, will join Rhythmedix’s board of directors on behalf of Pharos.
Terms of the transaction were not disclosed.
Aim to reduce costs, improve outcomes, and expand access
RhythMedix, based in Mount Laurel, New Jersey, was founded in 2013 with the goal of improving the remote cardiac monitoring experience for both patients and clinicians.
The company’s proprietary RhythmStar device is the first wearable cardiac ECG monitor with built-in 4G cellular connectivity, offering faster, more comfortable, and overall better arrhythmia detection without the need for additional devices, the company says. Stated.
“We are proud to partner with Pharos, a company with a proven track record of success and a commitment to improving patient outcomes while simultaneously providing access to affordable healthcare,” Rhythmedics CEO Pike said in a statement. We are pleased to be able to partner with the company.” “With its support, RhythMedix will become a stronger and more capable company and achieve higher growth by gaining further market share, strengthening research and development efforts, and expanding into adjacent remote patient monitoring modalities. ” Pharos’ financial and industry expertise combined with our advanced technology positions RhythMedix to become an industry leader in the remote patient monitoring market. ”
Pharos said the transaction is the sixth investment from its latest flagship fund, Pharos Capital Partners IV LP, and a parallel fund, Pharos Capital Partners, a licensed rural business investment firm. He said it will be an investment alongside IV-A LP.
Pharos said the foundation will continue its mission to advance value-based care by lowering costs, improving outcomes and expanding access, especially in underserved communities. Ta.
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