Preventice Solutions, a maker of wearable cardiac monitors with deep Rochester roots, is getting a major boost from a medical giant.
Boston Scientific Corp. announced Tuesday that it is now "a significant shareholder" in Preventice as well as its "exclusive worldwide sales and marketing representative."
Preventice, which has a large development center in northwest Rochester, makes the wearable BodyGuardian Remote Monitoring System, developed from research licensed from Mayo.
The new deal clears the way for Preventice to reach the remote monitoring market estimated to total $19 to $21 billion by 2016. Experts anticipate almost 5 million patients will be using some type of wireless monitoring by then.
"As our healthcare environment continues to evolve, healthcare practitioners, administrators and payors are looking for solutions that identify relevant clinical insights from large volumes of patient data and integrate those insights to improve clinical decision-making," said Boston Science Executive Vice President Joe Fitzgerald in Tuesday's announcement.
Fitzgerald described Preventice as having "an infrastructure optimized to monitor hundreds of thousands of patients each year."
The privately owned firm has grown quickly since being launched in 2007 with only its founders on staff. Preventice evolved from Boost Information Services. It was founded by Jon Otterstatter, Greg Wobig, Dan Spors and Scott Burrichter.
Preventice started as a developer of medical information smart phone apps, in collaboration with Mayo Clinic and Merck. Then it shifted gears to begin developing wearable cardiac monitors. The U.S. Food and Drug Administration approved its wireless BodyGuardian monitor to be prescribed to track nonlethal arrhythmia, or irregular heartbeats, in 2012.
In 2013, Preventice began shipping out its BodyGuardian systems to feed what CEO Otterstatter described then as the health care industry's growing "fever" for remote medical-monitoring. That year, it grew to about 100 employees, with about half in Preventice's Rochester offices. Based in Minneapolis, Preventice also has an office in Fargo, N.D.
Preventice Solutions merged with Houston, Texas-based eCardio Diagnostics in 2014, under the holding company of Preventice Inc.