Newcomers Deerfield, Qiming, Cormorant, and Invus be part of present buyers Third Rock and Google Ventures; Funding will allow Element Science to finish medical research, start commercialization and develop a household of merchandise
SAN FRANCISCO–(BUSINESS WIRE)–March 3, 2020–
Element Science, an progressive well being expertise firm pioneering a next-generation digital wearable platform targeted on high-risk cardiovascular sufferers transitioning from the hospital-to-home, introduced as we speak that it had raised $145.6 million in Series C financing. The funding spherical, led by Deerfield Healthcare and Qiming Venture Partners USA, contains Cormorant Asset Management and Invus Opportunities, in addition to participation from present buyers Third Rock Ventures and Google Ventures. The new funds will allow completion of medical research by means of industrial launch of the Company’s preliminary product, the Jewel Patch Wearable Cardioverter Defibrillator (P-WCD), an unobtrusive, low-profile private defibrillator designed to detect and deal with life-threatening arrhythmias in sufferers with an elevated non permanent threat of Sudden Cardiac Death (SCD), a situation for which greater than 500,000 sufferers within the US are in danger yearly.
Element Science has been led since its inception by Uday N. Kumar, MD, a cardiac electrophysiologist, who serves as school at Stanford University’s Byers Center for Biodesign and was a former Entrepreneur-in-Residence at Third Rock Ventures in addition to the Founder of iRhythm Technologies (NASDAQ: IRTC), a number one digital healthcare firm pioneering the usage of wearables in cardiac rhythm monitoring.
“Given Dr. Kumar’s background, the Jewel P-WCD was designed with patients and physicians foremost in mind and truly represents a significant advancement in therapeutic digital wearables,” stated Neil Exter, Board member, Element Science and Partner, Third Rock Ventures, an preliminary investor within the firm. “We are excited to have this new group of prominent investors join the Company to help ensure this life-saving therapy reaches patients.”
The Jewel P-WCD is the primary product to be constructed on Element’s novel Jewel platform, which unites patient-centric human issue engineering and complicated machine studying algorithm improvement rules upon a basis of rigorous electromechanical medical system improvement requirements.
“Our next-generation digital wearable is a unique breakthrough in personalized digital healthcare based on years of extensive research and testing. The Jewel platform supports both therapeutic and diagnostic capabilities and is designed for ease of wearability to facilitate high compliance and efficacy,” stated Dr. Kumar, Founder, President and CEO. “Given the broad potential for the Jewel platform to save and improve the lives of patients worldwide, we welcome the strong support of this impressive consortium of investors.”
The new funds will even be used to develop a household of digital wearables based mostly on the modular Jewel platform, together with options that handle associated unmet wants such because the remedy of SCD in inpatient settings in addition to the prognosis of coronary heart failure exacerbations in just lately discharged sufferers.
“We believe that Element Science’s ability to apply cutting-edge principles of data science and patient-centered design holds great potential in disrupting the way these cardiovascular patients are monitored, diagnosed, and treated” stated Andrew ElBardissi, MD, Partner, Deerfield Management. “We are delighted to support the company as it works to bring life-saving therapies to patients, while changing the paradigm of treatment in multi-billion dollar global markets.”
The Jewel platform has the potential to be simply tailored to a wide range of medical settings and care supply fashions. “We see massive opportunities to significantly impact patient health with the proprietary Jewel platform in the US and Europe, as well as large, underserved markets such as China,” stated Christopher Shen, MD, Managing Partner, Qiming Venture Partners USA. “We are excited to partner with Element Science in leading the effort to make this important life-saving technology available for patients globally.”
The staff at Element Science has deep experience in wearable patches, user-centered design and superior algorithms, and a Scientific Advisory Board with distinguished leaders together with Dr. Robert Harrington, Chair of Stanford University’s Department of Medicine, Dr. Jeremy Ruskin, Founder and Director Emeritus, Massachusetts General Hospital Cardiac Arrhythmia Service and Dr. Harlan Krumholz, Director, Center for Outcomes Research and Evaluation, Yale-New Haven Hospital.
“Given the seriousness of the conditions Element Science is addressing, this important level of funding is needed to support the efforts needed to scale Element Science’s manufacturing, quality and clinical infrastructure in the appropriate manner necessary for the next stage of the Company’s development,” stated William (“Hank”) Kucheman, former CEO of Boston Scientific Corporation and long-standing member of Element Science’s Board of Directors. “Everyone at the Company is focused on successfully completing our clinical studies and beginning commercialization, and is looking forward to broadly providing these needed solutions to patients to help save lives.”
About Element Science, Inc.
Element Science, Inc. is a medical system and digital well being firm targeted on growing options on the intersection of clinical-grade wearables, machine studying algorithms, and lifesaving therapies as a way to handle main causes of demise and hospitalization in sufferers with coronary heart illness, primarily as they transition from the hospital-to-home. By placing the wants of sufferers and physicians first, our customized digital gadgets, that are designed for perform, consolation and ease-of-use, purpose to redefine the paradigm of take care of these sufferers. Our first product, a wearable patch defibrillator, is initially focused at treating the greater than 500,000 sufferers within the US with an elevated non permanent threat of probably experiencing a deadly coronary heart rhythm. Based in San Francisco, our funders embody Third Rock Ventures, Google Ventures, Deerfield Healthcare, Qiming Venture Partners USA, Cormorant Asset Management, and Invus Opportunities. For extra info please go to www.elementscience.com.
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