Press Release

Ballard Spahr Advises RhythMedix on Sale of Majority Stake to Pharos Capital Group

January 8, 2024

With Ballard Spahr as its counsel for the transaction, medical device manufacturer RhythMedix recently closed on its sale of a majority stake in the company to Pharos Capital Group, LLC, a health care-focused private equity firm.

The combination of Pharos' financial and industry expertise and RhythMedix’s advanced technology positions creates opportunities for expansion in the remote patient monitoring market, and to provide convenient, cost-effective care nationwide, company executives said. RhythMedix's existing management team is reinvesting alongside Pharos and will remain with the company in their current roles.

The Ballard Spahr team that advised RhythMedix was led by Ryan J. Udell, co-leader of the firm’s Life Sciences Industry Group, and includes Zachary Gorman, Adam J. Chelminiak, John J. Eagan, Shauna Pierson, Eric K. Temmel, and Philip E. Legendy of the firm’s Business and Transactions Department, along with Gregory Szewczyk, co-leader of Ballard Spahr’s Privacy and Data Security Group.

Based in Mount Laurel, New Jersey, RhythMedix is a leading manufacturer and provider of remote cardiac monitoring systems and related services. Its proprietary RhythmStar product is the first wearable cardiac ECG monitor with built-in, 4G cellular connection.

Pharos Capital Group, with headquarters in Dallas and Nashville, is a physician-founded, middle-market private equity investment firm focused on growth-stage health care companies.

For more information, read the news release from Pharos Capital.

For media inquiries, please contact Bill Shralow at 215.864.8195.

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