St. Jude Medical and iRhythm Technologies have inked a deal to co-market iRhythm's Zio Patch, an wearable, single-use continuous ambulatory cardiac rhythm monitor. The Zio patch recently received 510(k) clearance from the FDA and is prepping for a commercial launch in the US, which is where the company's new cash infusion comes in:

iRhythm also announced a $10 million round of financing that was led by St. Jude Medical with participation from previous investors Mohr Davidow Ventures and Synergy Life Science Partners. iRhythm has now raised close to $30 million in total funding.

“As a global leader in the treatment of cardiovascular disorders, St. Jude Medical has developed many important innovations to improve patient care,” said Bill Willis, President and Chief Executive Officer of iRhythm. “We’re pleased to begin this partnership which aims to identify patients with arrhythmias earlier, ultimately improving outcomes.”

“With their breakthrough technology, iRhythm aims to simplify the complexities of cardiac rhythm monitoring in order to streamline the referral process and promote timely access to specialty care and treatment,” said Michael Rousseau, Group President of St. Jude Medical. “Through this partnership with iRhythm, St. Jude Medical will provide physicians a way to more easily and cost-effectively triage and diagnose patients potentially experiencing arrhythmias.”

For more, read the press release here