Pharos I&Bt Co., Ltd.

Establishes New Cardiac Remote Patient Monitoring Platform DALLAS and NASHVILLE, Tenn., Jan. 4, 2024 /PRNewswire/ -- Pharos Capital Group, LLC ("Pharos"), a middle-market private equity firm based in Dallas and Nashville, and RhythMedix (or the "Company"), a leading manufacturer and provider of remote cardiac monitoring systems and related services, jointly announced Pharos' acquisition of a majority stake in the Company. RhythMedix's existing management team is reinvesting alongside Pharos and will remain with the Company in their current roles. Dan Delaney, former CEO of TechLab, a previous Pharos portfolio company, will represent Pharos on the Board of RhythMedix. Terms of the transaction were not disclosed. Based in Mt. Laurel, NJ, RhythMedix was founded in 2013 to improve the remote cardiac monitoring experience for both patients and clinicians. The Company's proprietary RhythmStar® is the first wearable cardiac ECG monitor with built-in 4G cellular connection, providing faster, more comfortable, and overall better arrhythmia detection without the need for additional devices. Joel Goldberg, a Partner at Pharos, said, "We are impressed with RhythMedix's continued focus on driving innovation in the cardiac monitoring market, as evidenced by the RhythmStar platform's ability to give providers near real-time notifications, which allow for life-changing interventions for patients suffering from an event, while also lowering the cost of care by reducing unnecessary hospital admissions for patients who show no abnormalities. Pharos sees attractive opportunities to grow the Company both organically and through acquisitions, and we look forward to working with RhythMedix's esteemed co-founders, Brian Pike and Stan Biletsky, to continue providing convenient, cost-effective care to people across the country." RhythMedix CEO Mr. Pike noted, "We are pleased to partner with Pharos, a firm with a demonstrated track record of success and an exclusive focus on providing access to affordable healthcare while simultaneously improving patient outcomes. With its support, RhythMedix becomes a stronger, more capable company that will achieve higher growth by capturing additional market share, increasing R&D efforts, and expanding into adjacent remote patient monitoring modalities. The combination of Pharos' financial and industry expertise and our advanced technology positions RhythMedix to become an industry stalwart in the remote patient monitoring market." This marks the sixth investment from Pharos' latest flagship fund, Pharos Capital Partners IV, L.P., investing alongside its parallel fund, Pharos Capital Partners IV-A, L.P., a licensed Rural Business Investment Company. The funds will continue Pharos' mission of promoting value-based care by lowering costs, improving outcomes, and expanding access, particularly within underserved communities. About RhythMedix RhythMedix®, a medical device manufacturer and wireless medical technology company, provides innovative technology to transform the cardiac monitoring industry and improve patient outcomes. RhythmStar® is the first wearable cardiac monitor with built-in cellular connectivity, allowing physicians and their patients to remain continuously and comfortably connected for faster arrhythmia detection. Powerful proprietary algorithms alongside the RhythMedix Independent Diagnostic Testing Facility (IDTF) evaluate every heartbeat providing actionable reporting for healthcare providers. Learn more at . About Pharos Capital Group Based in Dallas and Nashville, Pharos Capital Group is a physician-founded investment firm focused on growing healthcare companies that aim to lower the total cost of care, improve patient outcomes and expand access to care in underserved markets. Since inception, Pharos has invested in 59 companies and has $1 billion of private equity assets under management as of September 30, 2023. Pharos typically invests $25-$50 million in rapidly growing middle market companies seeking later stage funding for internal growth, acquisitions, leveraged buyouts, management buyouts, or recapitalizations, predominantly across healthcare sectors. For more information on Pharos, please visit or visit us on LinkedIn at . Media Contact: Caroline Luz 203-570-6462 [email protected] SOURCE Pharos Capital Group