CardioNet Inc., which makes wireless heart monitoring technology, has set the terms on its IPO. The company said it will offer 6 million common shares within the $22 to $24 price range. After expenses and commissions, proceeds from the offering will add up to $61 million, assuming the shares price at the midpoint of their range, CardioNet said in its amended S-1.

As of last year, when it announced a $110 million equity bridge financing round, the startup had raised $165 million in venture financing and $33 million in debt from backers including: Sanderling Ventures, CardioNet's largest holder with 13.5% of its equity; Guidant Corp., which owns 12.6%; and Hambrecht & Quist Capital Managment LLP, which holds a 7.7% stake.

The seven-year-old company offers a patient-monitoring platform that incorporates a wireless data transmission network, software, medical devices and a 24-hour monitoring service center. Lead underwriter is Citigroup; others include Lehman Brothers, Leerink Swann and Thomas Weisel Partners LLC. -- Olaf de Senerpont Domis

See CardioNet's amended S-1 from SEC.gov
See March 2007 story from TheDeal.com
See CardioNet profile from Renaissance Capital's IPOhome