CardiOx has developed a new system for diagnosing the existence and magnitude of a PFO in a patient. PFO is the small opening in the wall of the heart that separates the two upper chambers, more commonly known as a “hole in your heart”. Approximately 20% of the adult population has this condition. CardiOx’s method of detecting the PFO is believed to be superior and unique to the current standard, as it is easier to perform, less expensive, more accurate and can be performed by a trained technician.
The Company was incorporated in 2006 and over the next three years developed its proprietary noninvasive method and system for detecting a right-to-left shunt, completing its development in mid-2009. The Company validated its technology by conducting pre-clinical animal studies and completed a first in-man clinical trial in January 2010, along with a clinical trial at Columbia University Medical Center in March 2010. Subsequent pivotal clinical trials are scheduled for the Riverside Methodist Hospital, UCLA Medical Center, and a third yet to be determined site.
The Company was founded by Philip Eggers, who has over 37 years of medical industry experience. He is the founder of 5 medical device companies. Larry Heaton is the President and CEO, and adds 28 years’ experience with medical device businesses, including a role as President and COO of $2.1 billion US Surgical/Tyco.