Two weeks after hiring a new chief executive officer, Greensburg biotechnology firm Cardiac Telecom Corp. filed for Chapter 11 bankruptcy protection yesterday, citing a cash problem.

Founded in 1990 by implantable defibrillator co-inventor Alois Langer, the company monitors irregular heart rhythms for patients at home. Chief Restructing Officer Mel Pirchesky acknowledged that Cardiac Telecom had been losing money in recent months and turned a profit "maybe for a year" during its 17 years in business.

"We have a liquidity crisis," he said.

The firm's 25 employees, he said, will remain, as will the management team led by new CEO Joe Anderson. "We expect our competitors to make hay out of the fact that we have a financial challenge," Mr. Pirchesky said. "But we are here to stay."

The company, he added, has been cutting costs and plans to at least break even soon. Also, more than $100,000 has been raised to fulfill immediate cash needs. Mr. Pirchesky contributed to that emergency infusion, just as he did in part of the original $10 million invested in Cardiac Telecom during its founding -- an investment that "for all practical purposes is lost."

Mr. Pirchesky, who also is president of Shadyside corporate turnaround and venture capital firm Eagle Ventures Inc., now will oversee the company's finances day to day. "We don't want to rehash the past," he said. "We are way more focused on the future and getting through these challenging times."