BEFORE
In 1998, Larry Ross, was introduced by an investment banker to two entrepreneurs - Karl Kail and William Bloom. These engineers had combined cardiac monitoring, wireless communications, GPS and proprietary information management technologies to create a wireless outpatient telemetry system, with the vision to provide real-time ECG monitoring, analysis and response for patients who are at home, work or on travel. This would be the first time a technology permitted patients to be wirelessly monitored in real time for their heart activity 24 hours a day.

When Mr. Ross heard their story and saw the technology, he recognized that this was a “when” not an “if” solution. Having raised approximately $500, 000 in angel investment from friends and family, Messrs. Kail and Bloom retained Ross & Company to identify and recruit a Chief Executive Officer to Nexicon. After a series of interviews, it became apparent that Nexicon needed to consider a new approach if the founders hoped to realize their dream.

SOLUTION
Under a new agreement, Ross & Company offered to provide additional services: source venture capital, introduce strategic partners, recruit a high-net worth Chief Executive Officer, and/or members to the Board of Directors.

Mr. Ross had known Jim Sweeney for some time and thought he might have an interest in Nexicon. A successful entrepreneur with a strong reputation of building businesses around new technologies, Mr. Sweeney formed Caremark, a home healthcare service, which was sold for $528 million in stock in 1987 and merged with Baxter’s own home-care unit.

When approached about Nexicon, Mr. Sweeney was intrigued by this “On-Star for your heart” business, and he agreed to meet with the founders. At the end of the initial meeting, Mr. Sweeney wrote a check to finance focus groups and, shortly thereafter, registered the CardioNet name in Delaware and California.

AFTER
Later in 1999, Nexicon was launched as CardioNet and Jim Sweeny was now the company’s new Chairman & CEO. The company managed to raise over $250 million in capital since its inception. Investors included the likes of Inglewood, IDEO, Hambrecht & Quist Capital Management, Sanderling Ventures, Biofrontier Partners, Foundation Medical Partners, and Guidant Corporation.

CardioNet went public in March 2008 under the ticker symbol “BEAT” on the NASDAQ, and raised over $81 million.