Cardiac Science Nets Cash From Investor

Cardiac Science Inc. just received an infusion.

The Irvine developer of devices that treat irregular heart rhythms has raised $1 million through a private placement of stock with an individual investor in Switzerland. The company refused to identify the investor.

Officials said the individual also has agreed to contribute an additional $1.5 million if the company can reach an agreement with a separate firm to market and distribute its products. If Cardiac Science lines up a partner, the individual investor could end up as the Irvine company’s largest stockholder, with a 16% stake.

The funds will be used to commercialize the company’s key “Powerheart” device and support marketing activities in advance of its worldwide launch next year.

The company says its device can deliver therapeutic shocks to an irregularly beating heart automatically, in contrast to competing devices that require human intervention. It hasn’t set a price, though competing devices sell for $8,000 to $13,000, the company said.