CardioNet (San Diego), which provides real-time outpatient management solutions for monitoring an individual’s cardiac health, recently reported terms for its IPO in a filing with the SEC. The company plans to offer a total of 6.6 million shares, 3.6 million from selling shareholders, at a range of $22 to $24. The company said it stands to raise about $61 million in proceeds if the offering prices at the midpoint. CardioNet first filed for the offering back in August, which is expected to price next week.

CardioNet has granted its underwriters — which include CitiGroup Global Markets, Lehman Brothers, Lerrink Swann and Thomas Weisel Partners — a 30-day option to purchase up to 990,000 additional shares of common stock to cover any over-allotments.

The CardioNet system incorporates a lightweight patient-worn sensor attached to electrodes that capture two-lead ECG data measuring electrical activity of the heart and communicates wirelessly with a compact, handheld monitor. The monitor analyzes incoming heartbeat-by-heartbeat information from the sensor on a real-time basis by applying proprietary algorithms designed to detect arrhythmias. When the monitor detects an arrhythmic event, it automatically transmits the ECG to the CardioNet Monitoring Center, even in the absence of symptoms noticed by the patient and without patient involvement. At the monitoring center, certified cardiac monitoring specialists analyze the sent data, respond to urgent events and report results in the manner prescribed by the physician.

The company said that since its commercial introduction of the system in January 2003, physicians have enrolled more than 109,000 patients and have secured direct contracts with 169 commercial payors as of Dec. 31, 2007.

The company said it intends to use the net proceeds from the offering to repay in full a term loan to Silicon Valley Bank. The company also said it would make required payments to former stockholders of PDSHeart (West Palm Beach, Florida), which it acquired last March (Medical Device Daily, March 15, 2007). The company also said it would use the funds for R&D; to increase its sales and marketing capabilities for the CardioNet system; to acquire or license products, technologies or businesses and for working capital and general corporate purposes.

The company said it has incurred net losses from its inception through Dec. 31, 2007, including net losses of $11.5 million for the year ended Dec. 31, 2005, $7.6 million for the year ended Dec. 31, 2006 and $400,000 for the year ended Dec. 31, 2007.

The company filed to be listed on the Nasdaq under the ticker symbol BEAT.

In other financing news: Pulse Health (Portland), a company developing a product designed to allow consumers to measure their health status through Exhaled Breath Condensate (EBC), reported that it has secured $2.15M in Series A financing.

A mix of angel investors from California, Washington and Oregon joined to complete the round.

The company said it intends to use the funds for marketing its first suite of products that target the antioxidant supplement channel, as well as funding future product development efforts.

Pulse has invented a method to instantly measure health markers through a simple breath test. Pulse’s flagship product is a handheld device that detects free radicals through a colorimetric reaction, and reactions are measured using a consumer-accessible spectroscope. Pulse’s method of reading the breath — known in the scientific community as EBC — represents a dramatic scientific advancement, it said.

Health markers are almost universally measured through blood or urine tests. The emerging field of EBC measurement is increasingly studied as a noninvasive method of sampling the volatile compounds in the lungs, and is used by scientists to measure important biomarkers such as free radical levels.