Norwest has sold iCardiac Technologies to ERT, a global data and technology company that minimizes uncertainty and risk in clinical trials.
iCardiac Technologies is a leading provider of centralized cardiac safety and respiratory solutions. Norwest’s Dr. Ryan Harris led the investment in iCardiac in 2014 to help the company pursue significant growth opportunities and serve the rapidly growing needs of its pharmaceutical and CRO clients worldwide. Financial terms of the transaction were not disclosed.
“Over the years, iCardiac’s innovative and superior technology has offered clear measured benefits, helping its partners more effectively develop medications to improve human health,” said Dr. Ryan Harris, General Partner, Norwest.
“We’re fortunate to have worked with such a creative and experienced team. We’re very proud of the company’s growth and know the team is positioned for continued success with ERT.”
The acquisition enables ERT to expand its portfolio of proven cardiac safety solutions, specifically through the addition of iCardiac’s sophisticated, algorithm-driven technology, which supports efficient, cost-effective and regulatory-compliant methods of conducting QT assessments in early phase clinical trials.
Through these expanded capabilities, ERT is better positioned to meet its customers’ unique needs at every phase of clinical development.
Norwest chose to partner with iCardiac because of the company’s best-in-class product, expansive global services operation, and stellar team of medical and scientific experts with more than 100 collective years of cardiology, electrophysiology, drug development and regulatory experience.
“This is a natural fit between two organizations with rich histories of innovation that have shaped the clinical trial landscape,” said James Corrigan, President & CEO, ERT.
“The iCardiac acquisition expands ERT’s ability to deliver solutions that help our customers create novel therapies in the fastest, most efficient and cost-effective manner possible. This includes greater flexibility in early phase trials, as well as a stronger partner who can support the entire development lifecycle.”
Alex Zapesochny, President and CEO of iCardiac, will join ERT’s 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.
“iCardiac has introduced several breakthrough innovations over the past decade, including High Precision QT and Early Precision QT methodologies,” said Zapesochny. “I look forward to continuing this tradition of helping customers navigate an increasingly complex clinical development landscape and bring new treatments to market faster.”